Nairobi — The number of super-rich in Nairobi grew by 25 percent to 4,400 last year compared to more than 10 years ago, indicating a growing preference for high-net-worth individuals (HNWIs) to set their bases in the capital city.
Data from the Africa Wealth Report 2024 shows that the above individuals had a net worth of between $100 million and $1 billion.
Consequently, the report ranks Nairobi fourth in Africa with the number of HNWIs, behind Johannesburg and Cape Town in South Africa and Cairo in Egypt.
However, Nairobi outshone Nigeria's Lagos on the list.
The report highlights Nairobi's unique position as East Africa's economic hub, housing some of the continent's most prestigious and long-standing luxury residential areas, like Karen and Muthaiga.
"It accounts for a high 48% of Kenya's total wealth and over 60% of the country's millionaires," the Henley % Partner report stated.
"The city is located at an altitude of around 1,800 meters above sea level, which helps to keep temperatures there relatively cool."
Despite this surge in personal fortunes, Nairobi's luxury real estate market did not reach the heights of its African counterparts, with Cape Town leading the pack with the most expensive prime residential spaces.
The city's economic significance, coupled with its pleasant living conditions, continues to attract the wealthy, making it a key player in Africa's evolving wealth landscape.
An anticipated growth rate of over 85 percent for millionaires in the next decade positions Nairobi, along with other African cities such as Cape Town, the Whale Coast, Kigali, Windhoek, Swakopmund, Tangier, and Marrakech, as emerging wealth hubs.
Mauritius, in particular, is projected to witness a 95 percent growth in its millionaire population, positioning it as one of the fastest-growing wealth markets in the world.
This comes even as the Henley & Partners Top 10 Wealthiest Countries ranked Kenya fourth country in Africa with the most dollar centimillionaires, behind South Africa, Egypt, and Nigeria.
The latest data from Africa shows that the country has 16 centimillionaires ($100 million+), which is about Sh13.1 billion and above.
