NAIROBI has been ranked as the wealthiest city in East Africa, boasting a growing population of millionaires, according to The Africa Wealth Report by Henley & Partners. The Kenyan capital leads the region with 4,400 millionaires, 10 centi-millionaires (individuals worth over $100 million), but no billionaires.
The report, which assesses Africa’s wealthiest cities based on high-net-worth individuals, also found that Nairobi saw a 25 percent increase in millionaires between 2013 and 2023, highlighting its economic resilience and growth.
Other East African cities join the wealth list
Three other East African cities made the ranking, including Dar es Salaam in Tanzania and Kigali, the capital of Rwanda. While these cities have a smaller number of ultra-wealthy individuals than Nairobi, they are fast-emerging economic hubs attracting investment and business opportunities.
In comparison, Johannesburg, South Africa, topped the overall African rankings with 12,300 millionaires, 25 centi-millionaires, and two billionaires. The city, a key financial hub, remains the continent’s wealthiest. Cape Town followed with 7,400 millionaires, 28 centi-millionaires, and one billionaire.
Nairobi’s growing influence in East Africa
Nairobi, home to more than five million people, serves as Kenya’s economic and industrial centre. The city’s strong financial sector, growing real estate market, and status as a regional business hub have helped attract wealth and investment.
The figures, sourced from New World Wealth, reflect individuals’ net worth in US dollars and include only city residents. The report highlights Nairobi’s increasing appeal as a destination for business and innovation in East Africa.
Africa’s wealth landscape shifting
As economies across the continent continue to grow, more cities are emerging as wealth hubs. Kenya’s expanding middle class, rapid urbanisation, and increased foreign investment are likely to drive further economic growth in Nairobi and beyond.
With its strategic position as East Africa’s business nerve centre, Nairobi is expected to see continued millionaire growth, reinforcing its position as the region’s leading wealth hub.
