Nairobi Ranks 5th Richest City In Africa

The latest Henley & Partner World’s Wealthiest Cities Report 2023 has ranked Nairobi city as the fifth richest city in Africa.

Nairobi trails Johannesburg at number one, Cairo at number two, Cape Town at number three, and Lagos at number four respectively.

According to the report, the number of high-net-worth individuals (HNWI) in the nation grew 30 percent in the last decade. Nairobi 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).

On a global scale, Nairobi was ranked the 74th wealthiest city in the world. The report also listed Mombasa 93rd in the global wealth ranking.

The coastal city is known as a tourist destination that attracts the richest people in the country and globally. From 2012 and 2022, the number of high net-worth individuals grew by 35 percent, which is even higher than Nairobi’s which increased by 30 percent.

“Seven of the World’s Top 10 cities listed are in countries that host formal investment migration programs and actively encourage foreign direct investment in return for residence or citizenship rights,” the report stated.

Global Recession, a decrease in foreign currency, and overall inflation across several regions have been major contributors to the number of dollar millionaires in Africa.

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