According to the latest report by New World Wealth and Henley Partners, Nairobi, the Kenyan capital city, has been ranked as the 74th wealthiest city in the world and the 4th in Africa.
The report, titled “The World’s Wealthiest Cities 2023,” tracks private wealth migration trends worldwide and reveals that Nairobi has seen a 30% growth in the number of high net worth individuals (HNWI) in the last decade.
The city has 4,700 highly wealthy individuals with at least $1 million in net worth and 11 centi-millionaires (people with a net worth of over $100 million).
Mombasa, another Kenyan city, emerged 93rd in the global wealth ranking, beating other large East African cities such as Kampala.
The report attributes Mombasa’s ranking to the significance of tourism in the port city. South Africa and Egypt had the most cities in Africa in the ranking, with Johannesburg topping the list with 14,600 dollar millionaires – the most in Africa, followed by Cairo and Cape Town, respectively.
Meanwhile, the number of dollar millionaires in Africa has been impacted by global recession, a shortage of foreign currency, and galloping inflation in most of the economies in the region, highlighting the difficulties investors face amid a tough business environment driven by inflation.