A new report by Henley and Partners lists Nairobi to be among the five wealthy Cities in Africa with a significant number of Billionaires.
Nairobi has emerged as one of Africa’s leading cities in terms of the number of wealthy inhabitants in the 2022 Africa Wealth report by Henley and Partners, in conjunction with New World Wealth.
South Africa’s Johannesburg ranks number one in the continent, while Cairo, Egypt comes in second, Cape Town third; Lagos, Nigeria comes in at position four and the capital of Kenya, Nairobi in fifth place.
It reports that 50% of Africa’s wealth is currently concentrated in just five countries — South Africa, Egypt, Nigeria, Kenya and Morocco.
The 2022 New World Wealth report shows that Kenya’s capital, Nairobi has eleven individuals worth over Ksh12 billion, $100 million roughly.
The total number of multimillionaires in this country stands at 340, with 15 centi millionaires out of a total of 305 centi millionaires (i.e., individuals with net worths of over $100 million and more) living in Africa at the moment.
And the number of dollar billionaires in Africa currently stands at 21 with zero billionaires from Kenya.
“New World Wealth has predicted a healthy wealth growth of 38% for Africa in the next decade, and several Eastern African countries stand out — with over 60% growth expected in Uganda and Rwanda by 2031, and over 50% in Kenya and Zambia,” said a part of the report.
Around 5,000 people have a worth of over Ksh120.4 million, rounding out the composition of the High Net Worth Individuals (HNWIs).
“Among the 2 cities with a mushrooming-millionaire population, 12 are in countries which participate in formal investment migration programs and encourage foreign direct investment to pay off for residence or citizenship rights,” the firm said in its ranking methodology.
Five cities from Africa are ranked among the top 25 globally as the fastest millionaire-growing population. They are Zambia’s capital Lusaka, Lagos, Luanda (Angola), Abuja (Nigeria), and Marrakesh in Morocco.
The research firm observed the growth within a period of six months to June 30, in the oil and gas industries in their respective countries.
“Cities with strong oil and gas industries performed especially well, including Riyadh, Sharjah, Luanda, Abu Dhabi, Doha, and Lagos. US cities in Texas and Florida also performed well, with American companies increasingly moving their head offices to these states.”
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New York, Tokyo, San Francisco Bay Area in the US, London, and Singapore are listed as the Top Five cities in the world with a high number of wealthy people.