By Samuel Ouma
Nairobi has been ranked fifth in Africa’s cities with the most dollar millionaires.
According to a new report by the London-based investment migration consultancy firm Henley & Partners, Kenya’s capital is home to more than 5,000 high-net-worth individuals (HNWIs) with Ksh.120 million ($1 million) or more.
The 2022 Henley Global Citizens Report for the third quarter shows that the city also hosts 240 multi-millionaires ($10 million+) and 11 centi-millionaires ($100 million+).
However, the report shows that there are no dollar billionaires in Nairobi.
Johannesburg, South Africa’s city, is ranked first in Africa with 15,200-dollar millionaires, followed by Cairo, Egypt’s capital, which has 7,800 HNWIs.
Meanwhile, South Africa’s Cape Town ranked third with 6,800 HNWIs, with Lagos of Nigeria emerging fourth with 6,300.
On the global stage, New York leads with 345,600 HNWIs, followed by Tokyo and the San Francisco Bay Area, home to 304,900 and 276,400, respectively.
The Henley & Partners CEO Juerg Steffen said 14 of the top cities are in countries that host formal investment migration programs and actively encourage foreign direct investment in exchange for residence or citizenship.
“Being able to relocate yourself, your family, or your business to a more favourable city or have the option to choose between multiple residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients,” he said.