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HomeAfricaConcern as 600 Nairobi Tycoons Lose Super Rich Status

Concern as 600 Nairobi Tycoons Lose Super Rich Status

The number of wealthy individuals in Nairobi has continued to drop in the past four years, with some tycoons’ net worth falling below the Ksh130 million mark.

According to a spot check by Kenyans.co.ke on past Africa Wealth Reports, Nairobi has lost an average of 600 dollar millionaires yearly from 2021 to 2024.

Dollar millionaires are individuals with liquid assets worth more than Ksh130 million. They are classified as High-Net-Worth Individuals (HNWI).

According to the report, the majority of the tycoons hire wealth managers to invest in key assets. Services that are in high demand from the HNWI include asset management, financial planning and inheritance planning.

In 2024, the number of dollar millionaires in Nairobi stands at 4,400 and ten individuals with a net worth of over Ksh13 billion.

With an estimated population of 4.3 million in Nairobi, the tycoons account for 0.1 per cent of the residents.

In contrast, 6,000 dollar millionaires were recorded in 2021, with the county registering a total wealth of 47 US billion.

Overall, Kenya lost 1,100 dollar millionaires as 8,300 were registered in 2021, as compared to 7,200 this year.

The major factor attributed to the decline involved the instability of domestic private investments in the country.

This was an issue that President William Ruto recently addressed, promising to review tax reforms to create a conducive environment that would be favourable to the private sector.

Overview

Kenya is ranked among the big markets in Africa, with the top five countries (South Africa, Egypt, Nigeria, Kenya and Morocco) accounting for 90 per cent of the continent’s billionaires.

Kenya’s super-rich are highlighted for living a lavish lifestyle and are fond of engaging in purchasing classic cars as an art.

Some of the models in high demand include the 1970 Porsche 911 Turbo, the 1990s Ferrari 355, the 1970 Porsche 911 Carrera, the 1960 Aston Martin DB5, the 1980 Lamborghini Countach and the 1950 Mercedes-Benz 300 SL.

Other activities include purchasing expensive art, visiting rainforest lodges and vacations.

President William Ruto speaking at the Global Trade Centre in Nairobi on March 26, 2024

PCS