Kenya has lost some of its super-rich individuals over the past year, with the number of individuals holding at least $1 million in investable wealth dropping from 7,200 in April 2024 to 6,800 by June 2025. These individuals, often referred to as dollar millionaires, each control assets worth at least Ksh 129 million.
Meanwhile, the number of Kenyans worth over $ 100 million, known as centi-millionaires, has held steady at 16. Despite this, Kenya has no individual with a net worth of at least one billion dollars. In comparison, South Africa has eight billionaires, Egypt seven, Morocco four, and Nigeria three.
The decline has seen Kenya slip from fourth to fifth place among African countries with the highest number of wealthy residents. South Africa leads with over 41,000 millionaires, followed by Egypt with 14,800, Morocco with 7,500, Nigeria with 7,200, and now Kenya with 6,800. Together, these five countries host more than 60 per cent of Africa’s total millionaire population and nearly 90 per cent of its billionaires.
Nairobi remains Kenya’s wealthiest city, with about 4,200 millionaires living there. The city ranks as the fourth richest on the continent, after Johannesburg, Cape Town, and Cairo. Nairobi accounts for nearly half of Kenya’s private wealth and more than 60 per cent of the country’s millionaires. The city’s old, affluent neighbourhoods, such as Karen and Muthaiga, remain prime residential areas for the wealthy.
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“Nairobi is home to some of Africa’s oldest and most well-established luxury residential neighbourhoods, including Karen and Muthaiga. It accounts for a high 47% of Kenya’s total wealth and over 60% of the country’s millionaires,” the report said.
Henley & Partners projected that Mombasa will be one of the African cities drawing a significant influx of wealthy residents in the coming ten years. “There are several eco-estates on its outskirts that are attracting high-net-worth individuals, including the well-known Vipingo Ridge,” the report noted.
Other African cities that continue to attract large numbers of the rich include South Africa’s Cape Winelands, Umhlanga, Ballito, and Pretoria, as well as Lagos in Nigeria and Casablanca in Morocco. Mombasa is also expected to rise as a preferred destination for the wealthy in the coming decade, thanks to the development of luxury eco-estates such as Vipingo Ridge.
While the Africa Wealth Report does not provide specific reasons for the decline in Kenya’s millionaire numbers, a separate survey by Knight Frank has linked the trend to political uncertainty, slowing economic growth, and unrest caused by anti-government protests.
The report found that many of Kenya’s wealthy have been moving cash and investments abroad, with the United Kingdom and the United Arab Emirates emerging as preferred destinations.
Kenya’s economy grew by 4.7 per cent in 2024, a slowdown compared to the 5.7 per cent growth recorded in 2023. President William Ruto has projected growth of 5.6 per cent in 2025, slightly higher than the Treasury’s forecast of 5.3 per cent and the Central Bank’s projection of 5.2 per cent.
Across Africa, there are currently about 122,500 millionaires, 348 centi-millionaires, and 25 billionaires. Experts predict that the continent’s millionaire population will increase by more than 60 per cent over the next decade, driven by growth in sectors such as technology, tourism, e-commerce, green energy, healthcare, and financial services.
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Some regions have already experienced significant growth. The Black River district in Mauritius recorded a 105 per cent increase in millionaires over the past decade. Marrakech in Morocco grew by 67 per cent, the Whale Coast in South Africa by 50 per cent, and Cape Town by 33 per cent. These shifts reflect how wealth is gravitating toward cities and regions that combine lifestyle appeal with investment opportunities.
Globally, the story is different. The United States added more than 379,000 new millionaires in 2024 alone, fueled by rising real estate prices and strong financial markets. Other parts of the world, such as the United Kingdom, have seen wealthy individuals moving capital elsewhere due to rising taxes and political changes.
For Kenya, the challenge remains how to create a stable environment that encourages wealthy individuals to keep their investments within the country. Despite the recent decline, the nation still holds a strong position as one of Africa’s top wealth markets, and with its youthful population and diverse economy, it has the potential to regain momentum in the years ahead.
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