Nairobi Ranked 6th Richest City in Africa by New World Wealth Report
Nairobi is the richest city in East Africa and stands at position 6 as the wealthiest urban centre in Africa.
In a report prepared by New World Wealth in conjunction with AfrAsia Bank, the city took the top position thanks to its big number of High Net Worth Individuals (HNWI).
Nairobi’s wealth is largely in private hands with the report estimating that approximately Kshs5.4 trillion is held by private investors.
The growth is driven by the sectors of financial services, retail operations, fast-moving consumer goods, telecommunications, real estate activities and the construction sub-sector.
The report hails Kenyan open-ended policy that allows capital inflows and facilitates the investment entry of African billionaires. Relaxed visa rules easen the business environment and amplify Intra-Africa trade.
The injection of investment by the creme of African entrepreneurs has pushed the demand for property over the roof.
As a consequence, Nairobi is East Africa’s most expensive city with commercial space selling for approximately Kshs 190,000 per square meter.
The report further indicates that Africa’s elite class has a shopping preference for high-end designer clothes, exotic vehicles and luxury items such as helicopters and private jets.
This lifestyle pathway is more prominent in Nairobi than in all the other East African Cities.
In Africa, Nairobi is behind Durban, Cape Town, Cairo, Lagos and Johannesburg.
The East African scene has Nairobi leading followed by Dar es Salaam, Kampala, Mombasa, Kigali, Bujumbura and Juba.
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