By Kennedy Nalyanya
NAIROBI — The latest data from the 2025 Africa Wealth Report, published by international wealth advisory firm Henley & Partners, reveals a significant contraction in Kenya’s high-net-worth individual (HNWI) population. The report indicates a drop in the number of dollar millionaires, causing Kenya to slip in the continental rankings.
According to the report, Kenya’s count of dollar millionaires has fallen from 7,200 in April 2024 to 6,800 by June 2025, marking a loss of 400 individuals with investable wealth of $1 million or more. This decline has seen Kenya fall to 5th place in Africa's ranking of countries with the most HNWIs, placing it behind South Africa, Egypt, Morocco, and Nigeria.
Despite the national dip, Nairobi continues to solidify its position as a major financial hub. The capital city remains home to nearly 4,200 millionaires, accounting for a substantial portion of the nation’s total private wealth. Nairobi is ranked as the 4th-wealthiest city in Africa, following Johannesburg, Cape Town, and Cairo.
While the Henley & Partners report does not explicitly detail the reasons for the decline, a separate analysis by global real estate consultancy Knight Frank points to several contributing factors. These include a slowing economic environment, political uncertainty linked to protests, and a trend of capital flight as wealthy investors move assets to destinations like the UK and the UAE.
On a more positive note, the report highlights Kenya’s resilience in other wealth categories. The country still boasts 16 centi-millionaires—individuals with investable wealth exceeding $100 million. The report also signals a promising future for wealth creation in the country, noting that Kenya remains a key market poised for future growth. Specifically, the coastal city of Mombasa is identified as an emerging hotspot for wealthy residents, driven by attractive developments like eco-estates on its outskirts.
The findings underscore the complex dynamics of private wealth in Kenya, balancing a recent decline against the enduring strength of its capital and the emergence of new growth areas.
Add comment
Comments