Kenya Millionaire Numbers Drop
Recent data from New World Wealth, a firm specializing in wealth intelligence and market research, reveals that the number of dollar millionaires in Kenya has fallen from 7,200 in April 2024 to 6,800 by June 2025.
For context, dollar millionaires are defined as individuals with investable assets of at least $1 million (or Ksh.129 million).
This decline has caused Kenya to drop to fifth place in this year’s ranking of African countries with the highest number of high-net-worth individuals, down from fourth place last year, according to the 2025 Africa Wealth Report published by the international wealth advisory firm Henley & Partners.
Kenya is currently trailing behind South Africa, which leads the continent with a whopping 41,100 millionaires, followed by Egypt with 14,800, Morocco at 7,500, and Nigeria with 7,200.
When it comes to centi-millionaires—those boasting investable wealth over $100 million (or Ksh.13 billion)—Kenya holds steady at 16. In comparison, South Africa has 112, Egypt has 49, Morocco has 35, and Nigeria has 20.
As of 2023, Kenya counts 7,700 millionaires and 15 centi-millionaires.
However, the report highlights that Kenya still lacks a dollar billionaire (defined as having investable wealth of $1 billion or more, which is Ksh.129 billion). In contrast, the top four wealthiest countries have 8, 7, 4, and 3 billionaires, respectively.
Interestingly, about 4,200 of Kenya’s millionaires reside in Nairobi, which ranks as the fourth-wealthiest city on the continent, following 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 says.
When it comes to the favorite spots of Africa’s ultra-rich, the list includes South Africa’s stunning Cape Winelands, the beautiful Umhlanga and Ballito, the scenic Garden Route, and Pretoria. Not to be overlooked are Lagos in Nigeria and the vibrant Casablanca in Morocco.
According to Henley & Partners, Mombasa is set to be one of the African cities that will draw in a significant number of wealthy residents over the next decade.
“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 didn’t provide specific reasons for the decline in Kenya’s wealthy elite, a recent report from Knight Frank shed some light on the situation. It revealed that many dollar millionaires are relocating their funds abroad due to the uncertainty stemming from Kenya’s sluggish economy and the ongoing anti-government protests.
According to the global real estate consultancy, the number of high-net-worth individuals in Kenya has dropped by 10 percent, as investors seek safer havens in countries like the U.K. and the U.A.E.
In 2024, Kenya’s economy saw a growth of 4.7 percent, a dip from the 5.7 percent growth recorded in 2023, as reported by the National Bureau of Statistics.
Looking ahead, President William Ruto has expressed optimism, stating that the economy is projected to grow by 5.6 percent this year, surpassing the Treasury’s estimate of 5.3 percent and the Central Bank of Kenya’s forecast of 5.2 percent.
Kenya Millionaire Numbers Drop
