Kenya has cemented its position as one of the wealthiest nations in Africa, ranking fifth in the Africa Wealth Report 2025, which was released earlier this week.
According to the report by Henley & Partners in collaboration with the wealth intelligence firm New World Wealth, the country is home to 6,800 high net worth individuals (HNWIs). HNWIs are defined as individuals holding over USD 1 million in liquid assets.
Only four countries have more dollar millionaires than Kenya: Nigeria (7,200), Morocco (7,500), Egypt (14,800) and South Africa (41,100). Notably, South Africa continues to dominate the continent, accounting for a third of Africa's millionaires.
Collectively, these five countries account for 63 per cent of Africa's dollar millionaires and 88 per cent of its billionaires.
At the city level, Nairobi ranks fourth in Africa with 4200 millionaires. This figure accounts for nearly half of Kenya's total HNWI base. Notably, Nairobi continues to attract wealthy individuals due to its regional financial importance, improving infrastructure, and tech innovation ecosystem.
Despite Kenya ranking impressively high in the tier of dollar millionaires, it is also worth noting that the number of dollar millionaires in the country dropped from 7,200 in April 2024 to 6,800 as of June 2025.
While Kenya's position in the top five is fairly steady, other African countries are seeing dramatic shifts, with the likes of Mauritius, who ranked sixth, recording the strongest millionaire growth over the past decade at 63 per cent. Mauritius has 4800 millionaires as of 2025.
Nigeria, despite being ahead of Kenya, saw its millionaire number drop by 47 per cent, a figure which highlights the volatility and risk associated with West Africa's largest economy.
Amid the dynamics, the report projects Africa's millionaire population to grow by 65 per cent over the next decade. This growth is expected to be projected by different sectors like fintech, green tech, e-commerce, eco-tourism, and wealth management.
While Kenya’s position in the top five remains steady, other African countries are seeing dramatic shifts. Mauritius, now ranked sixth, recorded the strongest millionaire growth over the past decade at 63per cent, driven by political stability, investor-friendly policies, and a robust residence-by-investment program
Another interesting factor in the report is the growing 'mobility gap' faced by wealthy Africans. With increased global visa restrictions, many millionaires are being pushed to acquire alternative citizenship through investment migration.
African millionaires, including those from Kenya, are constantly looking at countries like Portugal, Grenada, and Latvia as popular destinations for securing global mobility and access to international markets.
