The Kenya Forum | Nairobi is 4th Wealthiest City in Africa - Report - The Kenya Forum

April 19, 2023

Summary

Mombasa, Kenya’s second-largest city ranked 93rd in the global wealth ranking, toppling other large East African cities such as Kampala that did not make it on the list of 97 wealthiest cities.

More by Winnie Kabintie

Nairobi is 4th Wealthiest City in Africa – Report

Nairobi is 4th Wealthiest City in Africa – Report

Nairobi skyline Image Co: Willy Abuga

Nairobi has been ranked as the 74th wealthiest city in the world and fourth in Africa, in The World’s Wealthiest Cities 2023 report by consultancy New World Wealth and Henley Partners.

Kenya’s capital christened; the City in the Sun was listed among the top cities globally with the fastest-growing numbers of dollar millionaires, boosted by growth in the number of High Net Worth Individuals (HNWI) by 30 percent in the last decade.

According to the Wealthiest Cities 2023 report, 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).

Mombasa, Kenya’s second-largest city ranked 93rd in the global wealth ranking, toppling other large East African cities such as Kampala that did not make it on the list of 97 wealthiest cities.

South Africa and Egypt dominated the list and had the most cities featured in the ranking.

Johannesburg which has 14,600 dollar millionaires topped the list as Africa’s wealthiest city, followed by Cairo(,800 HNWI) and Cape Town, South Africa’s largest city which recorded 7,200 millionaires.

Nigeria’s most populous city, Lagos, ranked fifth after Nairobi with 5,400 High Net Worth Individuals in the review period.

New York Tops World’s Wealthiest Cities

Globally, New York City ranked top in the world, followed by Tokyo, Silicon Valley’s Bay Area and London.

The 2023 Wealthiest Cities list was dominated by cities in the United States and China, with the exception of London, no European city that made it to the top 10.

The World’s Wealthiest Cities Report 2023 covered 97 cities across the world, using data from wealth intelligence firm, New World Wealth, which tracks the movements and spending habits of high-net-worth individuals with the work titles like Founder, Chairperson, CEO, and Director. It also considered the number of highly-priced homes in the area, said Henley & Partners, on their website.

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