Nairobi was ranked fifth in Africa with the most number of millionaires in the latest Henley Global Citizens Report beating its East African counterparts, Uganda and Tanzania.
The report was compiled by New World Wealth and Henley & Partners, a wealth intelligence firm that tracks global private wealth migration trends.
Henley highlighted five cities in the continent with the highest number of millionaires and the growth rate.
Nairobi reported 5,000 high net worth individuals (HNWI) with approximately Ksh120.4 million and 240 multimillionaires with Ksh1.2 billion.
According to the report, the HNWI growth in the country’s capital dropped in the third quarter by seven per cent.
Nairobi however has no billionaires living in the city.
Uganda had 1,500 high net worth individuals (HNWI) with approximately Ksh120.4 million and 240 multimillionaires with Ksh1.2 billion while Tanzania had 24 HNWI and 80 multimillionaires with Ksh1.2 billion.
"New World Wealth has predicted a healthy wealth growth of 38 per cent for Africa in the next decade, and several Eastern African countries stand out — with over 60 per cent growth expected in Uganda and Rwanda by 2031, and over 50 per cent in Kenya and Zambia.
"We expect Mauritius, Rwanda and Uganda to be the strongest performing wealth markets in Africa during this period (60 per cent + growth rates)," Henley stated.
South Africa was leading with two cities Johannesburg in 1st position and Capetown in 3rd position, Cairo in Egypt was in 2nd position and Lagos in Nigeria was in 4th position.
South Africa's Johannesburg had 15,200 HNWI with two billionaires and 800 multi-millionaires. Notably, HNWI growth dropped by five per cent.
On the other hand, Cape Town recorded 6,800 HNWI, 410 multimillionaires, and 1 billionaire. It also recorded a drop of two per cent.
Lagos in Nigeria registered the highest high net worth individuals (HNWI) growth in Africa by 15 per cent. It recorded three billionaires.
No African city was listed in the top 20 globally. New York, Tokyo and San Francisco dominated in the first three.
“The right to live, work, study, and invest in leading international wealth hubs such as New York, London, Singapore, Sydney and Toronto can be secured via residence by investment.
"Individuals of talent and means should not limit their lives and business interests to one country,” Henley & Partners Chief Executive Juerg Steffen stated.
“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,” he added.
