Only ten Kenyans have more than Ksh.12 billion in assets - Report

The 'Centi-millionaire Report 2024,' by British-based investment migration consultancy Henley and Partners, places Nairobi in position 65 globally for cities to watch due to its rapid growth and development. 

According to the report, Nairobi has ten centi-millionaires, ranking seventh in Africa and first in the East African region. 

Centi-millionaire refers to an individual who has a net worth of at least USD 100 million, an equivalent of approximately Ksh.12.9 billion..

Their wealth mainly comes from four sources; inheritance, investing in stock markets, leading multi-national tech companies, and selling off their small to medium sized enterprises. 

For centi-millionaires in less developed countries, it's a common trend that the individuals seek residency in other countries through investments in what is often referred to as golden Visas. 

Currently, there are over 29,350 individuals globally who fall on the centi-millionaire list, with unequal distribution of the wealth.

The report shows that one-third of the wealth hubs are located in 50 key cities, with USA and China dominating the landscape.

"The past decade has witnessed a remarkable divergence in wealth accumulation patterns across different regions. America and China have experienced what can only be described as a centi-millionaire boom, significantly outperforming their European counterparts," the report read in part.

On the other hand, African cities are projected to have a positive growth trajectory in the years leading to 2040, marked by an emerging new class of tech centi-millionaires as well as industrial titans. 

The data mirrors another survey conducted in January last year by Oxfam, which showed that the number of dollar multimillionaires in Kenya has doubled in the past decade. 

Dollar millionaires, who have a net worth of at least Ksh.620 million, rose by 72 per cent. Despite the potential for growth, the data also highlights the huge inequality between the super rich and the low-income earners in Kenya. 

A past report indicated that 46 per cent of Kenyans live below the poverty line and survive on less than Ksh.172 a day.