Kenya’s population of dollar millionaires has shrunk, with 400 high-net-worth individuals (HNWIs) falling off the list in the past year, according to a new report. The latest data from wealth intelligence firm New World Wealth, as published in the Henley & Partners 2025 Africa Wealth Report, indicates that the number of millionaires dropped from 7,200 in April 2024 to 6,800 as of June 2025.
Experts attribute the decline to a combination of local and global economic pressures. A weakened Kenyan shilling against the US dollar has eroded wealth when measured in foreign currency, while turbulence in the Nairobi Securities Exchange (NSE) has reduced the value of listed shares. In addition, Kenya’s once-booming real estate sector has faced stagnation, with property values either plateauing or dipping in some prime areas.
The country has also grappled with rising inflation, higher interest rates, and a slowdown in private sector investment. Together, these factors have dampened wealth accumulation and discouraged capital inflows. Some wealthy individuals are believed to have shifted assets abroad in search of more stable investment environments, further contributing to the decline.
Despite the drop, Kenya remains among Africa’s top five countries for dollar millionaires, alongside South Africa, Nigeria, Egypt, and Morocco. Experts suggest that long-term prospects remain positive, citing Kenya’s role as a regional business hub, a growing technology sector, and expected benefits from infrastructure projects.
Related: Kenya Ranked Fourth in Africa’s Wealthiest Countries
