Nairobi and Mombasa Ranked Among World’s Wealthiest Cities

Nairobi and Mombasa have been ranked among the world's wealthiest cities in the latest report published by Henley & Partners and New World Wealth.

The 2023 World's Wealthiest City Report covers the population data of High-Net-Worth Individuals (HNWIs) in 97 cities across nine regions namely; Africa, Australasia, CIS, East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia.

New World Wealth tracks the movements and spending habits of over 150,000 high-net-worth individuals in their in-house database. 

“The data also takes into account public prime property statistics (property registers and property sales). Specifically, it considers the number of highly priced homes in each area," the report reads in part.

Nairobi, the capital of Kenya, has 4,700 HNWIs, comprising individuals with investable wealth of $1 million (Sh134 million) or more, according to the report. The city also has a total of 11 centi-millionaires, persons with investable wealth over $100 million (Sh13 billion).

Despite the number of High-Net-Worth Individuals (HNWIs) in Nairobi growing by 30 percent from between 2012 and 2022, no dollar billionaires live in the Kenyan capital.

Continentally, Nairobi is the fifth wealthiest city after Johannesburg (South Africa), Cairo (Egypt), Cape Town (South Africa), and Lagos (Nigeria).

On the other hand, Mombasa has a total of 700 HNWIs, two centi-millionaires, and no dollar billionaires. The population of HNWIs in the coastal city grew by 33 percent in the past decade.

Globally, New York City was ranked the world's wealthiest city with a total of 340,000 HNWIs, 724 centi-millionaires, and 58 dollar billionaires. Tokyo, the Bay Area (USA), London and Singapore closed the list of the top five wealthiest cities on the globe.