Nairobi has been categorized among the cities with the wealthiest people globally, according to a report by Henley and Partners, a global investment company based in the United Kingdom.
According to the report, Nairobi has ten centimillionaires, ranking fifth in Africa and first in the East African region. A centimillionaire refers to a person with a net worth of at least Ksh12 billion ($100 million).
The investment firm also listed Nairobi among the cities globally with a high growth rate in the number of billionaires, classifying the city as one of the wealth hubs with potential for business investment.
As per the report, Kenya's capital is expected to experience a 100 percent growth in the super-wealthy community before 2035.
However, the leading African nations with the most centimillionaires include South Africa’s Cape Town (34), Cairo in Egypt (27), Johannesburg in South Africa (24), and Lagos in Nigeria (12).
Globally, New York, a city in the United States, leads with the highest number of centimillionaires at 818, followed by the Bay Area (756) and Los Angeles (516), both of which are also located in the US.
England’s capital, London, also ranks among the top ten cities with the most centimillionaires at 352, followed by Hong Kong in China (346), Singapore (333), and Beijing in China (316).
To identify the number of centimillionaires in a city, the investment company tracks the movements of over 150,000 high-net-worth individuals in its in-house database, with a special focus on those with over $100 million in listed company holdings.
The research focuses on entrepreneurs, company founders, and individuals from high-value companies who hold positions such as chairperson, chief executive officer, president, director, and managing partner.
The firm uses various public sources to check city locations, including LinkedIn and other business portals. Its statistics are therefore primarily based on the work locations of the individuals.
Meanwhile, the latest development came a month after Nairobi was ranked as the wealthiest city in East Africa, recording 4,400 millionaires in the past year.
In comparison, Johannesburg, South Africa, topped the overall African rankings with 12,300 millionaires, followed by Cape Town, which has 7,400 millionaires.
