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Nairobi City Comes Fifth With Most Dollar Millionaires In Africa

SK 2 years ago 2 min read

On a list of African cities with the most millionaires, Nairobi came in fifth place.

According to a recent survey by the London-based investment migration consulting firm Henley & Partners, over 5,000 high-net-worth people (HNWIs) with incomes of Ksh. 120 million ($1 million) or more reside in Nairobi, the capital of Kenya.

Additionally, the city is home to about 240 multi-millionaires ($10 million or more) and 11 centi-millionaires ($100 million or more), according to the third-quarter 2022 Henley Global Citizens Report.

There are no billionaires in Nairobi.

With a startling 15,200 HNWIs, 800 multi-millionaires, 28 centi-millionaires, and two dollar billionaires, Johannesburg, South Africa, has the largest concentration of millionaires on the continent.

Cairo, Egypt, ranks second in Africa and is home to 7,800 HNWIs, 420 millionaires, 28 centimillionaires, and four $1 billionaires.

Lagos, with 6,300, and Cape Town, with 6,800, both of South Africa, came in second and third, respectively.

No African city was among the top 20 worldwide in terms of the number of millionaire residents.

With 345,600 HNWIs, New York is the global hub for millionaires, taking the lead among US cities. There are 304,900 people living in Tokyo and 276,400 in the San Francisco Bay Area, respectively.

The Henley Global Citizens Report tracks trends in private wealth and investment migration from high-net-worth investors and their advisors to business people and policymakers wishing to take advantage of citizenship or residency by investment schemes.

“Being able to relocate yourself, your family, or your business to a more favourable city or have the option to choose between multiple residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients,” Henley & Partners Chief Executive Juerg Steffen said.

He said that the majority of the top 20 wealthiest cities in the world are located in nations that actively promote foreign direct investment in exchange for residence or citizenship and host explicit investment migration programs.

However, the number of millionaires in dollars in Nairobi has decreased by 7% so far this year, highlighting the financial challenges facing investors in a challenging climate fueled by inflation and COVID-19-related disruptions.

According to a 2021 wealth report by consulting company Knight Frank, the economic downturn of 2020 had excluded 912 Kenyans from the club of millionaire Americans.

According to a report based on a survey given to investment banks and fund managers, Kenya had 3,323 millionaires at the time, down from 4,235 in 2019.