500 Kenyans who were previously ranked as dollar millionaires are no longer worth this much. This is according to a wealth report that is contained in the Africa Wealth Report 2024.
According to the report, the number of Kenya s who qualified as dollar millionaires decreased from 7,700 in the year 2022 to 7,200 in the year 2023.
Despite this slump though, Kenya was still able to rank among the top five rich countries in Africa with the most High-Net-Worth Individuals (HNWIs).
The 2024 Africa Wealth Report was the ninth in the editions that are prepared by international wealth advisory firm Henley & Partners. The report found out that Kenya together with South Africa, Egypt, Nigeria, and Morocco account for 56 per cent of Africa’s millionaires and over 90 per cent of its billionaires.
South Africa topped the list with the most HNWIs with 37,400 millionaires, 102 centi-millionaires, and 5 billionaires.
Egypt was ranked second with 15,600 millionaires, 52 centi-millionaires, and 7 billionaires followed by Nigeria with 8,200 HNWIs. Kenya came fourth and was followed in the fifth position by Morocco.
Mauritius was sixth with 5,100 dollar Millionaires, Algeria seventh with 2,800, Ethiopia eighth with 2,700, Ghana with 2,700, and Namibia ninth with 2,300.
“Going forward, over the next decade (to 2033), the likes of Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda are all expected to experience over 80 per cent millionaire growth,” the report stated.
On ratings and affordability, Cape Town continued to lead the way, with prime residential spaces valued at USD 5,600 per m2. Grand Baie in Mauritius came a close behind at USD 5,000 per m2Â for a prime 200 to 400m2Â apartment.
Cape Town, the Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier and Marrakech are all expected to enjoy over 85 per cent millionaire growth over the next ten years
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“South Africa has five contenders in Africa’s Top 10 Most Expensive Cities including Plettenberg Bay (2,400 per m2), Hermanus (2,300 per m2), Umhlanga (2,000 per m2), and Sandton (1,800 per m2),” the report stated.
“Morocco’s Marrakech (2,200 per m2), Tangier (1,600 per m2), and Casablanca (1,400 per m2) all make it into the exclusive club along with Egypt’s capital Cairo (1,500 per m2), which is also one of Africa’s largest cities.”