Kenya’s pool of dollar millionaires has shrunk, dropping from 7,200 in April 2024 to 6,800 by June 2025, according to data from wealth intelligence firm New World Wealth. Dollar millionaires are individuals with investable assets of at least $1 million (Ksh.129 million).
Where Does Kenya Rank in Africa’s Wealth Report?
The 2025 Africa Wealth Report by Henley & Partners shows Kenya has slid from fourth to fifth place in the continental ranking of high-net-worth individuals. South Africa leads with 41,100 millionaires, followed by Egypt with 14,800, Morocco with 7,500, and Nigeria with 7,200.
Kenya currently has 16 centi-millionaires, defined as those with wealth exceeding $100 million (Ksh.13 billion), the same as in 2023. South Africa, Egypt, Morocco, and Nigeria again dominate the top positions. However, unlike these countries, Kenya still has no dollar billionaire.
How Wealth Is Distributed Across Kenyan Cities
Nairobi remains the country’s economic hub. With 4,200 millionaires, it accounts for 47 percent of Kenya’s total wealth and over 60 percent of its millionaire population. The report highlights Karen and Muthaiga as among Africa’s oldest luxury neighborhoods. Nairobi ranks as the fourth-wealthiest city on the continent, behind Johannesburg, Cape Town, and Cairo.
Henley & Partners also identifies Mombasa as a rising hotspot expected to attract high-net-worth individuals over the next decade. Eco-estates on the city’s outskirts, including Vipingo Ridge, are drawing growing interest.
Why Are Millionaires Leaving?
While the Henley report does not state reasons for the decline, a recent Knight Frank study links the drop to Kenya’s slowing economy and ongoing anti-government protests. According to the consultancy, dollar millionaires have been moving cash abroad, particularly to the U.K. and U.A.E. Kenya’s high-net-worth population is estimated to have shrunk by 10 percent as a result.
The National Bureau of Statistics reports that Kenya’s economy grew 4.7 percent in 2024, down from 5.7 percent in 2023. President William Ruto has projected 5.6 percent growth in 2025, slightly above forecasts from the Treasury and the Central Bank of Kenya.
By Yockshard Enyendi