Kenya’s number of dollar millionaires has declined from 7,200 in April 2024 to 6,800 as of June 2025, according to new data from wealth intelligence and market research firm New World Wealth.
Dollar millionaires are defined as individuals with investable assets of at least $1 million (approximately Sh129 million).
This decline has caused Kenya to drop from fourth to fifth place in the 2025 ranking of African countries with the highest number of high-net-worth individuals, as reported in the latest Africa Wealth Report by international advisory firm Henley & Partners.
It is now behind South Africa, which tops the continent with 41,100 millionaires, Egypt (14,800), Morocco (7,500), and Nigeria (7,200).
At the same time, the number of Kenya’s centi-millionaires, those with investable wealth over $100 million (Sh13 billion), remains at 16. South Africa has 112, Egypt 49, Morocco 35, and Nigeria 20.
In 2023, Kenya had 7,700 millionaires and 15 centi-millionaires.
Still, Kenya has no dollar billionaire (investable wealth of $1 billion/Sh129 billion or more), the report says, unlike the top four wealthy countries, which have 8,7,4, and 3, respectively.
Some 4,200 of Kenya’s millionaires live in Nairobi alone, which is ranked the fourth-wealthiest city on the continent behind 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 per cent of Kenya’s total wealth and over 60 per cent of the country’s millionaires,” the report says.
The other top cities preferred by Africa’s ultra-rich are South Africa’s Cape Winelands, Umhlanga & Ballito, The Garden Route, and Pretoria, as well as Lagos in Nigeria, and Morocco’s Casablanca.
Henley & Partners says over the next decade, Mombasa is among African cities expected to attract high numbers of wealthy residents.
“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.
While Henley & Partners did not give reasons for the drop in Kenya’s super-rich, a recent separate Knight Frank report indicated that dollar millionaires have been moving cash abroad over uncertainty in the wake of Kenya’s slowing economy and deadly anti-government protests.
Kenya’s economy grew 4.7 per cent in 2024, compared to growth of 5.7 per cent in 2023, according to the National Bureau of Statistics.
This year, President William Ruto has said the economy is expected to grow by 5.6 per cent, which is above the Treasury’s forecast of 5.3 percent and CBK’s projection of 5.2 per cent.
