Survey: Nairobi’s superrich numbers up

Nairobi is among African cities with the highest population of dollar millionaires. [PHOTO: COURTESY]

By NYAMBEGA GISESA

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Nairobi is among African cities with the highest population of dollar millionaires referred to as high-net-worth (HNWI) individuals.

The newly ranking released by New World Wealth indicates Nairobi is growing at the fastest rate only second to Ghana’s Accra.

According to that report done early this year, the Kenyan capital had 5,000 dollar millionaires coming after Cairo, Lagos, and Cape Town whose wealthy residents stood at 12,300, 9,800, and 9,000 respectively, in Africa.

According to the report, the leading countries with the super-rich are South Africa (48,000), Egypt (23,000), Nigeria (15,900) and then Kenya having 8,400 dollar millionaires.

The survey is done from data obtained from private bankers, stockbrokers, deal announcements and interviews with the rich individuals themselves.

It excludes an individual’s primary residence in calculating their net worth.

Nairobi accounts for 60 per cent of the country’s HNWIs with the New World Wealth estimating number of Nairobi's super rich – those with a net worth exceeding $30 million (Sh2.6 billion) – residents to be 65.

Among Nairobi's richest people include the Moi family, Kenyatta family, former Central Bank Philip Ndegwa’s family, former minister Simeon Nyachae, Industrialist Manu Chandaria, and  stock market billionaires Chris Kirubi (a director of Centum), James Mwangi (Equity Bank CEO) and Baloobhai Patel (a director of Pan Africa Insurance).

The city's middle class is also rising with labour earnings expanding by Sh70 billion to Sh231.4 billion in 2009 from a low of Sh161.9 billion in 2005.