Nairobi Ranked Africa’s Fourth Richest City, 74th Globally

Nairobi has been ranked the fourth wealthiest city in Africa and 74th globally, thanks to a 30 percent increase in high net-worth individuals (HNWI) during the last decade.

According to the World’s Wealthiest Cities, 2023 report by consultancy New World Wealth and Henley Partners, Nairobi is among the top cities in the world with the fastest-growing number of dollar millionaires.

According to Private Wealth Migration trends worldwide, in their most recent estimate, Nairobi has 4,700 extraordinarily wealthy persons with at least $1 million in net worth and 11 centi-millionaires (those with a net worth of more than $100 million).

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Kenya, on the other hand, did not have a single billionaire.

Mombasa, Johannesburg, Cairo, and Cape Town among the top on the list

Mombasa ranked 93rd in the global wealth ranking, surpassing other major East African towns such as Kampala, which did not make the list of the wealthiest 97 cities examined in the study.

Mombasa’s latest position as a millionaire hotspot underscores the importance of tourism in the port city.

South Africa and Egypt had the most cities in Africa in the ranking, where Johannesburg emerged top with the most millionaires in Africa (14,600), the highest in Africa.

This is, however, a decrease from the 15,200 millionaires indicated in the 2022 report.

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Egypt’s capital Cairo came in second with 7,800 HNWIs, a decrease from 7,400 in the previous edition.

Cape Town, South Africa’s second-largest city, came in third with 7,200 millionaires, followed by Lagos, Nigeria’s most populated metropolis, which had 5,400 HNWI during the study period.

Economic Crisis

The number of African dollar millionaires has been impacted by the global crisis; a lack of foreign money especially the USD; and soaring inflation in most of the countries’ economies.

These economic concerns underscore the difficulties that investors face in a harsh business environment characterized by inflation.