Kenya has been ranked fourth in the top wealthiest countries in Africa, according to a report by Henly and Partners in 2024.
According to the Report, Kenya has 7,200 dollar millionaires and 10 dollar centi-millionaires. Most of these high net-worth individuals are located in Nairobi, with over 60% of people with a fortune of over US$1 million living in the city.
The report also indicates Nairobi, which is home to rich neighborhoods including Muthaiga and Karen, accounts for 48% of the country’s total wealth.
However, no single person in the country has a fortune worth USD 1 billion or more.
Henly and Partners compiled a list of Africa’s top 10 wealthiest nations and cities, revealing trends in economic mobility, wealth management, and investment on the continent.
Overall, Africa has US$ 2.5 trillion in liquid investable wealth, 21 billionaires, 342 centi-millionaires, and 135,000 millionaires.
Top of the list, as shown in the report, is South Africa, has five billionaires, 102 centi-millionaires, and 37,400 millionaires. While South Africa had the highest net-worth individuals in the continent, the number of millionaires in the country between 2013 and 2023 declined by 20%.
Egypt, which comes second on the list, boasts of 7 billionaires, 52 centi-millionaires, and 15,600 millionaires.
Nigeria came third, having 3 billionaires, 16 centi-millionaires, and 8,200 millionaires. However, although Nigeria boasts of having three billionaires, it registered a 45% decline in the number of millionaires over the last decade.
Mauritius posted a significant millionaire growth of 87% between 2013 and 2023 and ranked sixth on the list with 15 centi-millionaires and 5,100 millionaires.
Other countries on the list included Morocco, Algeria, Ghana, Ethiopia, and Namibia. No other East African countries made it to the top 10 wealthiest countries in the continent.
Read more: Top 16 Profitable Side Hustles in Kenya in 2024
Growth in Future
Africa’s millionaire population is expected to increase by 65% in the next decades, mainly driven by growth in various sectors such as eco-tourism, fintech, software development, wealth management, rare metals mining, and green tech.
However, the growth is fraught with challenges. Underperforming stock markets and currency depreciation have reduced the continent’s wealth. Dramatic currency depreciations have been recorded in Egypt, Nigeria, Zambia, Angola, and South Africa over the past ten years.
