Nairobi is the fourth wealthiest city on the continent by number of dollar millionaires, according to the Africa Wealth Report 2025 by Henley & Partners and New World Wealth.
- •The continent’s millionaire population is set to grow by 65% over the next decade, with Nairobi playing an increasingly prominent role.
- •Kenya’s capital now hosts 4,200 resident dollar millionaires and 10 dollar centi-millionaires (worth US$ 100mn+), ranking 4th among Africa’s richest cities, behind Johannesburg, Cape Town, and Cairo.
- •The concentration of high-net-worth individuals reflects both the strength of Kenya’s financial and tech sectors and Nairobi’s role as a regional headquarters for multinationals.
“Sub-Saharan Africa’s economy is forecast to grow by 3.7% in 2025, outpacing Europe and the U.S.,” said Dominic Volek, Group Head of Private Clients at Henley & Partners. “The sustained growth in millionaire populations positions cities like Nairobi as key players in the global wealth landscape.”
Kenya counts 6,800 dollar millionaires and 16 centimillionaires in total, placing it fifth among Africa’s “Big 5” wealth markets after South Africa, Egypt, Morocco, and Nigeria. While South Africa still dominates with 41, 100 millionaires, Nairobi’s steady expansion highlights East Africa’s rising profile in private wealth creation. The data also shows that about 400 people in Kenya slipped from the dollar millionaires list between 2024 and 2025.
The report shows Nairobi’s growth is underpinned by technology, finance, real estate, and professional services, with new inflows of wealth increasingly tied to fintech and green investment. By comparison, Cape Town has emerged as the continent’s top city for ultra-wealthy centi-millionaires, while Cairo leads on billionaires.
Mauritius continues to be the continent’s star performer, with millionaire numbers rising 63% over the past decade, aided by political stability and favorable tax regimes. Rwanda (+48%) and Morocco (+40%) also posted strong gains, while Nigeria, Angola, and Algeria saw steep declines.
Nairobi’s rise coincides with shifting global wealth patterns. Andrew Amoils, Head of Research at New World Wealth, said Africa’s dollar millionaire growth will likely be led by lifestyle-driven destinations and sectors such as fintech, eco-tourism, green tech, and e-commerce.
For Kenya, the challenge will be translating private wealth gains into broad-based economic progress at a time when rising debt costs are straining government budgets.
