Saturday, June 15, 2024

Kenya: Nairobi Ranked 4th Richest African City, 74th Globally

Nairobi — Nairobi is the fourth-richest city in Africa and has a high number of high-net-worth individuals (HNWI), a new report shows.

Kenya’s capital center trails Cairo in Egypt at number one, followed by Cape Town in South Africa (two) and Lagos in Nigeria (three).

The latest Henley & Partner World’s Wealthiest Cities Report 2023 shows that the number of HNWI in the nation grew 30 percent in the last decade.

It also shows that the East African state has 4,700 U.S. dollar centimillionaires as well as 11 billionaires.

Mombasa is also emerging as a top destination for HNWI, with the coastal city ranking 93rd globally.

Between 2012 and 2022, its HNWI grew by 35 percent, which is even higher than Nairobi’s.

Its appearance on the list is attributed to it being a popular tourist destination that attracts the richest people in the country and globally.

Globally, New York in the United States is the richest city, followed by Tokyo in Japan, London in the United Kingdom, Singapore in Singapore, Hong Kong in Hong Kong, and Sydney in Australia.

“New York City wears the crown as the world’s top city with the most millionaires in 2023,” the report states.

“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 HNWI population data covered 97 cities in Africa, Australasia, the CIS, East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia.

The data was supplied by wealth intelligence firm New World Wealth, an independent wealth research firm that tracks global wealth migration trends between countries and cities.

It tracks the movements and spending habits of over 150,000 HNWI in its in-house database (with a special emphasis on individuals with over $10 million in investable assets).


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