Nairobi, the capital of Kenya, is one of Africa’s top eight wealth hubs to watch for investors in the luxury goods, wealth management, and technology industries.
Nairobi is ranked eighth in Africa and 65th in the world in the most recent “Centi-millionaire Report 2024” by British investment migration consultant Henley and Partners, citing the city’s explosive expansion and development.
The emergence of expensive developments in neighbourhoods like Westlands and Upper Hill is also mentioned in the report as a direct result of the city’s wealthiest residents’ growing demand.
“These upgrades are designed to attract high net-worth individuals and international businesses, further accelerating growth,” it read in part.
Henley & Partners CEO Juerg Steffen attributes Nairobi’s increasing wealth creation to the tech sector, citing the city as home to 10 of Africa’s 342 cent-millionaires.
Cairo, the capital of Egypt, has the highest number of centi-millionaires on the continent (30), followed by Cape Town, 28 and Johannesburg, 25 in South Africa.
Lagos, Nigeria, has twelve, and Durban, Umhlanga, and Ballito, South Africa, have 11 each.
According to the estimate, by 2040, there will be 150 per cent more 100-million-dollar millionaires on the continent.
A person with a net worth of at least $100 million, or around 13 billion, is referred to as a centi-millionaire.
As per the survey, there exist 29,350 individuals globally who possess liquid investable assets valued at $100 million or more.
Over the past ten years, this class of people has expanded by 54% worldwide, but the geographic dispersion of this growth of super-rich people across various countries is telling.
