Kenya's capital, Nairobi is seen from the air. [Jenipher Wachie, Standard]
Nairobi has placed fifth in Africa as the city with the wealthiest people, a new report by Henley and Partners shows.
It follows Johannesburg (South Africa) ranking number one on the continent, Cairo (Egypt) coming in second, Cape Town, third; and Lagos (Nigeria) coming in at Position Four.
According to the 2022 New World Wealth report, Kenya's capital has eleven (11) centi-millionaires- individuals worth over Sh12 billion ($100 million).
There are also 240 people worth over Sh1.2 billion ($10 million), who are classified as multi-millionaires in the report.
Some 5,000 people are worth over Sh120.4 million, rounding out the composition of the High Net Worth Individuals (HNWIs).
"Of the 25 cities with fastest growing-millionaire population, 12 are in countries that host formal investment migration programs and actively encourage foreign direct investment in return for residence or citizenship rights," the firm said in its ranking methodology.
Five African cities were ranked among 25 cities globally with the fastest millionaire-growing population. They are Zambia's capital Lusaka, Lagos, Luanda (Angola), Abuja (Nigeria), and Marrakesh in Morocco.
The firm attributed the cities' growth in the six months to June 30, to oil and gas industries in their respective countries.
"Cities with strong oil and gas industries performed especially well, including Riyadh, Sharjah, Luanda, Abu Dhabi, Doha, and Lagos. US cities in Texas and Florida also performed well, with American companies increasingly moving their head offices to these states."
New York, Tokyo, San Francisco Bay Area in the US, London and Singapore are ranked as the Top Five cities in the world with a high number of wealthy people.
