In the latest Africa Wealth 2023 report released on Tuesday, March 28, by Henley & Partners, Kenya was ranked among the top five wealthiest countries in the continent.
Kenya moved up one position from 2022 edging out Morocco to position four.
Kenya was listed to have 7,700 dollar millionaires, and 15 centi-millionaires, however, no dollar billionaires were reported in the country.
A dollar millionaire is an individual with a net worth of at least Ksh130.8 million (USD1 million), while a centi-millionaire is an individual whose wealth is estimated at Ksh13.16 billion (USD 100 million) while dollar billionaires are individuals with a Ksh131.6 billion (USD1 billion).
Additionally, in the past decade, Kenya recorded a millionaire growth of about 30 per cent.
The report further detailed that classic car collecting will gain popularity among the rich in Kenya, Egypt, and Morocco.
"The following models are expected to be in high demand: the original Porsche 911 Turbo (1970s), the Ferrari 355 (1990s), the Porsche 911 Carrera RS (1970s), the Aston Martin DB5 (1960s), the Lamborghini Countach (1980s), and the Mercedes-Benz 300 SL ‘Gullwing’ (1950s)," read part of the report.
Two luxury camps were listed among the top ten safari lodges preferred by the wealthy- & Beyond Bateleur Camp and Cottars 1920s Camp in the Masai Mara.
It was also reported that Rwanda was the top-performing market in Africa between 2012 to 2022 with millionaire growth of 72 per cent followed by Kenya, Mauritius, Seychelles, the Democratic Republic of Congo, and Morocco's high-net-worth individual populations growing steadily.
From the report, the continent's big five- South Africa, Egypt, Nigeria, Kenya, and Morocco- were listed to account for 56 per cent of Africa's high net-worth individuals and over 90 per cent of the continent's billionaires.
Some of the factors listed that encourage wealth growth in a country include strong safety and security, growth in key sectors, media freedom, robust ownership rights, a well-developed banking system and the stock market, wealth migration, and tax rates.
"We consider wealth to be a far better measure of the financial health of an economy than GDP," the report emphasised.
Henley and Partners is the global leader in residence and citizenship by investment with its headquarters in London, England.
