- 404 views
A new report has ranked Nairobi among the cities with the highest number of dollar millionaires in Africa.
The Kenyan capital has a total of 5,400 High-Net-Worth Individuals (HNWIs) whose wealth is over $1 million (Sh120 million), according to the 2022 Henley Global Citizens Report for the third quarter.
Nairobi is also home to 240 multi-millionaires with a net worth of more than $10 million (Sh1.2 billion) and 11 centi-millionaires with a net worth of over $100 million (Sh12 billion). The city does not have any dollar billionaires.
“Nairobi is becoming a main economic hub in East Africa thanks to growth of industries like financial services, real estate and tourism,” reads the report.
Nairobi was ranked fifth on the continent behind Johannesburg (South Africa), Cairo (Egypt), Cape Town (South Africa), and Lagos (Nigeria).
Johannesburg hosts 15,200 dollar millionaires, 800 multi-millionaires, 28 centi-millionaires, and two dollar billionaires while Cairo boasts 7,800 HNWIs, 420 multi-millionaires, 28 centi-millionaires, and four dollar billionaires. Cape Town is home to 6,800 dollar millionaires followed by Lagos which has 6,300.
Globally, New York (USA) leads the pack with 345,600 HNWIs followed by Tokyo (Japan) and the San Francisco Bay Area (USA) with 304,900 and 276,400 dollar millionaires respectively. No African city made it to the top 20 cities with the highest number of HNWIs.
The Henley Global Citizens Report tracks private wealth and investment migration trends from high-net-worth investors and their advisors, to industry professionals, and policy makers looking to leverage residence or citizenship by investment programs.
“Being able to relocate yourself, your family, or your business to a more favourable city or have the option to choose between multiple residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients,” Henley & Partners Chief Executive Juerg Steffen said.
He noted that a majority of the world’s top 20 wealthiest cities are in countries that host formal investment migration programs, and actively encourage foreign direct investment in exchange for residence or citizenship.