The latest African Wealth Report for 2024 shows places Nairobi as fourth wealthiest City as South Africa cities and regions dominate the Top 10 wealthiest on the African continent.
According to the report, the number of super-rich in Kenya’s Capital City increased by 25 per cent to 4,400 in 2023 compared to more than 10 years ago, indicating a growing preference for High-Net-Worth Individuals (HNWIs) to dwell in the capital city.
The above individuals had a net worth of between $100 million and $1 billion.
The wealth report is published by international wealth advisory firm Henly and Partners in collaboration with global wealth intelligence partnerHenly and Partners
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The latest edition is the ninth published.
HNWIs, according to the report are individuals with “liquid, investable wealth” exceeding $1 million.
Johannesburg topped as the wealthiest in Africa, with 12 300 millionaires, 25 centi-millionaires, and two billionaires. Cape Town was second with having 7 400 millionaires, 28 centi-millionaires, and one billionaire as Cairo, Capital City of Egypt scooped third position.
Centi-millionaires are worth $100 million or more.
According to the report, Nairobi has curved a niche as the East Africa’s economic hub, having continent’s most prestigious and long-standing luxury residential including Muthaiga and Karen.
“The city is located at an altitude of around 1,800 metres above sea level, which helps to keep temperatures there relatively cool. It accounts for a high 48 per cent of Kenya’s total wealth and over 60 per cent of the country’s millionaires,” the report stated in part.
By our reporter
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