Nairobi Emerges as Africa’s 4th Wealthiest City, Securing 74th Spot on Global List

Nairobi Emerges as Africa's 4th Wealthiest City, Securing 74th Spot on Global List

The bustling metropolis of Nairobi, Kenya, has been making waves as it rises to prominence as the fourth-richest city in Africa, according to the recently published Henley & Partner World’s Wealthiest Cities Report 2023. This vibrant capital city comes in behind Cairo, Egypt, which tops the list, followed by Cape Town, South Africa, and Lagos, Nigeria.

The comprehensive report reveals that over the last decade, the number of high-net-worth individuals (HNWI) in Nairobi has increased by an impressive 30%. With 4,700 US dollar cent millionaires and 11 billionaires now calling the city home, Nairobi has solidified its position as an economic powerhouse in the East African region.

But Nairobi isn’t the only Kenyan city experiencing a surge in wealth. Mombasa, a picturesque coastal city, ranks 93rd globally as an emerging destination for HNWI. With its HNWI population growing by 35% between 2012 and 2022 – a growth rate even higher than Nairobi’s – Mombasa is quickly gaining recognition as a hotspot for the rich and affluent. The city’s popularity as a tourist destination is a major factor contributing to its rise, as it attracts wealthy individuals from both within Kenya and across the globe.

On the international stage, New York City in the United States continues to reign supreme as the world’s richest city, closely followed by Tokyo, Japan; London, United Kingdom; Singapore, Singapore; Hong Kong, Hong Kong; and Sydney, Australia. As the report states, “New York City wears the crown as the world’s top city with the most millionaires in 2023.”

The data for the report, which covered 97 cities across Africa, Australasia, the CIS, East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia, was supplied by New World Wealth, an independent wealth research firm that specializes in tracking global wealth migration trends between countries and cities. The firm maintains an in-house database of over 150,000 HNWI and places particular emphasis on individuals with more than $10 million in investable assets.

The findings of this report highlight the increasingly influential role of Nairobi and Mombasa on the African continent and underscore the potential for continued growth and development in these thriving urban centers. With the influx of wealth and investment, these cities are poised to make a significant impact on the global stage in the years to come.

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