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Nairobi Ranked 4th Richest City In Africa

BY Getrude Mathayo · April 19, 2023 01:04 pm

KEY POINTS

The data was supplied by wealth intelligence firm New World Wealth, an independent wealth research firm that tracks global wealth migration trends between countries and cities.

According to a new report, Nairobi has been ranked as the 4th richest city in Africa and 74^th in the world, boosted by growth in the number of high net worth individuals (HNWI) by 30 percent in the last decade.

The latest Henley and Partner World’s Wealthiest Cities Report 2023 shows that the number of HNWI in the nation grew 30 percent in the last decade.

The report, which tracks private wealth migration trends worldwide, shows Nairobi has 4,700 highly wealthy individuals with at least $1 million in net worth, and 11 centi-millionaires (people with a net worth of over $100 million).

Kenya did not have a single-dollar billionaire in the rankings. Mombasa emerged 93^rd in the global wealth ranking, toppling other large East African cities such as Kampala that did not make it to the wealthiest 97 cities sampled in the survey.

The second spot was taken by Egypt’s capital Cairo, which has 7,800 HNWIs but also recorded a decline from 7,400 in the previous report.

South Africa’s second-largest city Cape Town emerged third in the continent with 7,200 millionaires, followed by Nigeria’s most populous city, Lagos, which has 5,400 HNWI in the review period.

The number of dollar millionaires in Africa has been impacted by the global recession, a shortage of foreign currency, and galloping inflation in most of the economies in the region. These economic challenges highlight the difficulties facing investors amid a tough business environment driven by inflation.

The data was supplied by wealth intelligence firm New World Wealth, an independent wealth research firm that tracks global wealth migration trends between countries and cities.

It tracks the movements and spending habits of over 150,000 HNWI in its in-house database (with a special emphasis on individuals with over $10 million in investable assets).

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