Kenya has lost a significant share of its millionaire class over the past year. The number of dollar millionaires dropped from 7,200 in April 2024 to 6,800 by June 2025, according to new data from wealth intelligence and market research firm New World Wealth.
A dollar millionaire is defined as someone with investable assets worth at least $1 million (about Ksh.129 million).
The decline placed Kenya at fifth rank in the top list of Africa’s high-net-worth nations, as quoted by the 2025 Africa Wealth Report by international advisory firm Henley & Partners. Kenya dropped from fourth rank in the last year and is now behind South Africa at the summit with 41,100 millionaires, trailed by Egypt (14,800), Morocco (7,500), and Nigeria (7,200).
Centi-Millionaires and Billionaires
Kenya’s ultra-rich remain few in number. The country boasts 16 centi-millionaires – individuals whose assets exceed $100 million (around Ksh.13 billion) – the same as in the previous year. South Africa tops this category with 112 centi-millionaires, followed by Egypt (49), Morocco (35), and Nigeria (20).
There were slightly more millionaires in Kenya in 2023 at 7,700 and 15 centi-millionaires.
The country, however, has no dollar billionaire (investable wealth of at least $1 billion/Ksh.129 billion). In contrast, South Africa has 8 billionaires, Egypt 7, Morocco 4, and Nigeria 3.
Nairobi: The Wealth Hub
Despite the overall decline, Nairobi remains Kenya’s biggest magnet for the wealthy. Out of the country’s 6,800 millionaires, about 4,200 call the capital city home, making it the continent’s fourth wealthiest city after Johannesburg, Cape Town, and Cairo.
“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 notes.
Other African Cities Favored by the Rich
Beyond Nairobi, Africa’s ultra-rich are drawn to several other hubs. Popular destinations include South Africa’s Cape Winelands, Umhlanga and Ballito, the Garden Route, and Pretoria, along with Lagos in Nigeria and Casablanca in Morocco.
Henley & Partners projects that Mombasa could soon join this league of wealthy cities.
“There are several eco-estates on its outskirts that are attracting high-net-worth individuals, including the well-known Vipingo Ridge,” the advisory firm says.
Why Kenya’s Wealthy Are Leaving
While Henley & Partners did not directly explain Kenya’s millionaire decline, a separate report by global property consultancy Knight Frank highlighted key drivers. The firm stated that Kenya’s high-net-worth-individual numbers dropped 10 percent because investors withdrew some of their capital to other countries, primarily the U.K. and the U.A.E., amid economic uncertainty at home.
Much of that uncertainty has been driven by a slowing economy and fatal anti-government protests, which have shaken investor confidence.
Economic Outlook
The economy expanded 4.7 percent in 2024, down from 5.7 percent in 2023, the Kenya National Bureau of Statistics reported.
In spite of that, President William Ruto is hopeful about the potential. He forecasts the economy to grow 5.6 percent in 2025, which is a projection that surpasses both the Treasury’s estimate of 5.3 percent and the Central Bank of Kenya’s forecast of 5.2 percent.
The post Kenya Loses Ground in Africa’s Wealth Rankings as Dollar Millionaires Decline appeared first on Bossnana.
