Nairobi has the fifth highest number of dollar millionaires according to New World Wealth and Henley & Partners. Henley Global Citizens Report shows that Nairobi has 5,000 high net worth individuals (HNWI) with at least $1 million (Sh120 million).
South Africa’s business hub Johannesburg has 15,200 dollar millionaires, the highest in Africa, followed by Egypt’s capital Cairo, which has 7,800 HNWIs, the report suggests. Cape Town has the third with 6,800 dollar millionaires followed by Lagos, Africa’s most populous city with 6,300.That captured, no African city made it to the list of top 20 cities globally that have the highest number of dollar millionaires.
New York has the largest concentration of dollar millionaires in the world; with some 345,600 of dollar millionaires living in what is America’s most populous city. Tokyo and the San Francisco Bay Area come third with 304,900 and 276,400, respectively.
Juerg Steffen, the Chief Executive Office of Henley & Partners, noted that 14 of the top 20 wealthiest cities in the world are in countries that host formal investment migration programs, and actively encourage foreign direct investment in return for residence or citizenship.
“The rights to live, work, study, and invest in leading international wealth hubs such as investment. Individuals of talent and means should not limit their lives and business interests to one country,” Dr Steffen said.
Similarly, Kenya has 8,500 dollar millionaires, according to the Africa Wealth Report 2022 that was released in April. It means Nairobi is home to 59 per cent of Kenya’s dollar millionaires, cementing its position as the country’s economic hub.
Additionally, the report shows that Nairobi is also home to 240 multi-millionaires, who have a net worth of more than Sh1.2 billion and 11 centi-millionaires, who are worth more than Sh12 billion. Curiously, Nairobi does not have a dollar billionaire.
“Being able to relocate yourself, your family, or your business to a more favorable 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.
