This archive report was first published on 21 September 2019.
Published on September 21, 2019, the Africa Wealth Report by AfrAsia Bank ranked Kenya as the fourth African country with the highest number of super wealthy individuals.
The report revealed that South Africa topped the list with 2,169 billionaires, followed by Egypt with 932 and Nigeria with 531 billionaires in 2018.
Kenya's capital, Nairobi, was ranked fifth in cities grading, behind Johannesburg and Cape Town, both in South Africa.
According to the report, Nairobi accounted for 73% of Kenya's billionaires, with the bulk of the country's billionaires making their wealth from manufacturing, real estate, and technology sectors.
The report noted that Kenya's wealth increased by 64% over the past decade, but took a knock in 2018 due to the loss of market value of the Nairobi Securities Exchange.
However, the report remains optimistic, stating that Nairobi is expected to break into the top five wealthiest cities in Africa soon, possibly replacing Lagos.
Kenya was also ranked top in eastern Africa, followed by Ethiopia, Tanzania, Uganda, and Rwanda, with 154, 99, 67, and 30 billionaires respectively.
