Nairobi Named Sixth Wealthiest City in Africa

A new report has named Nairobi as the sixth wealthiest city in Africa and the richest in the East African region.

The study conducted by New World Wealth and AfrAsia Bank from Mauritius shows that Nairobi’s privately held wealth stands at a whooping Sh5.4 trillion.

The report says the Kenyan capital city's growth is buoyed by financial services, retail, tourism, fast moving consumer goods, telecommunications, real estate and construction sectors.

Durban (South Africa) was ranked the richest city in the continent followed by Cape Town (South Africa) and Cairo (Egypt). Lagos (Nigeria) and Johannesburg (South Africa) closed the list of top five wealthiest cities in Africa.

Privately held wealth in Dar es Salaam (Tanzania) is estimated at Sh2.5 trillion followed by Kampala (Uganda) with Sh1.6 trillion and Mombasa (Sh800 billion).

Nairobi endears high Net Worth Individuals ((HNWIs) for business and investments while Mombasa attracts investors in hospitality and luxury industries.

The report mentions that wealthy individuals in East Africa and Kenya adore shopping for designer clothes, expensive cars, helicopters and private jets.