A new report by Henley & Partners ranks Kenya at 5th in terms of country wealth coming after South Africa, Egypt, Nigeria and Morocco respectively. Together, these five countries account for over 50% of Africa’s total wealth which refers to the private wealth held by all the individuals living in a country including all their assets (property, cash, equities and business interests) less any liabilities.
In numbers, Kenya has a total private wealth of US$ 91 billion against South Africa’s US$ 651 billion, Egypt’s US$ 307 billion, Nigeria’s US$ 228 billion and Morroco’s US$125 billion.
The report also shows that Kenya has 8,500 High Networth Individuals (HNWIs) – individuals worth over US$ 1m+ or Sh 115,820,000.
“HNWIs in Africa are extremely mobile and their movements provide a valuable insight into future economic trends in each country.” read the report.
There are 850 multimillionaires (individuals worth over US$ 10m+ or Sh 1,158,200,000) and 15 centimillionaires (individuals worth over US$ 100m+ or Sh 11,582,000,000). There are however no dollar billionaires.
According to the report, the growth rate of total wealth in Kenya for the last 10 years has grown by 43% despite the total wealth held in Africa falling by 7% over the past decade (2011 to 2021).
In city rankings, Nairobi came 6th having 5,400 High Networth Individuals (HNWIs), 260 multimillionaires and 12 centimillionaires. Mombasa came in at number 23 having Mombasa 800 HNWIs, 40 multimillionaires and 2 centimillionaires.
“Nairobi is the economic hub of East Africa and one of the fastest growing cities in the world. Affluent parts of Nairobi include Runda Estate, Lavington, Kitisuru, Karen and Muthaiga. Major industries there include financial services, real estate, tourism, media, clothing, textiles, processed foods, beverages and cigarettes.” read the report.
The report also forecast Kenya among the countries that are expected to have a 50% growth rate in terms of total wealth alongside Morocco, Mozambique and Zambia.
Private wealth held in Africa is expected to leap 38% over the next decade to $3 trillion, fueled by growth in the technology and professional services sectors.
Note: All figures are against today’s exchange rates.