Kenya ranks 4th among African countries with most dollar billionaires and millionaires

Kenya has been ranked among the top five rich countries in Africa with the most High-Net-Worth Individuals (HNWIs).

In its ninth edition, the 2024 Africa Wealth Report by international wealth advisory firm Henley & Partners said that Kenya together with South Africa, Egypt, Nigeria, and Morocco account for 56% of Africa's millionaires and over 90% of its billionaires.

South Africa tops the list with the most HNWIs with 37,400 millionaires, 102 centi-millionaires, and 5 billionaires.

Egypt was ranked second with 15,600 millionaires, 52 centi-millionaires, and 7 billionaires followed by Nigeria with 8,200 HNWIs.

Kenya came in at fourth place with 7,200 millionaires followed by Morocco with 6,800.

Other countries that were listed in the top 10 rich countries include Mauritius at the 6th position with 5,100 millionaires, Algeria (2,800), Ghana (2,700), Ethiopia (2,700) and Namibia (2,300).

At the city level, South Africa's Johannesburg tops with 12,300 millionaires, 25 centi-millionaires, and 2 billionaires. Cape Town follows closely with 7,400 millionaires, 28 centi-millionaires, and 1 billionaire.

Cairo has 7,200 millionaires, Nairobi has 4,400, and Lagos (4,200).

Henley & Partners say that the aforesaid nations stand out as key African urban wealth hubs and there are currently 135,200 HNWIs with investable wealth of $1 million or more living in Africa.

The firm projects that Africa's millionaire population is set to rise by 65% over the next 10 years as the total investable wealth currently held on the African continent amounts to USD 2.5 trillion.

"Over the next decade (to 2033), the likes of Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda and Rwanda are all expected to experience 80%+ millionaire growth," said the report.

Head of Research at New World Wealth Andrew Amoils says that African nations are also losing large numbers of HNWIs to migration which is eroding the continent's wealth.

"Approximately 18,700 high-net-worth individuals have left Africa over the past decade. There are currently 54 African-born billionaires in the world, including one of the world's richest, Elon Musk, but only 21 of them still live on the continent," he said as quoted.