A report by Henley and Partners has revealed that there are only 10 people in Nairobi who have a networth of Ksh12 billion and above.
In the report released on Monday, April 7, Nairobi was also listed as a city with high potential of growing the number of centimillionaires - people who have a networth of USD100 million (Ksh12B).
Notable African cities which had more individuals with a networth of Ksh12 billion were Cape Town (34), Cairo (27), Johannesburg (24) and Lagos (12).
Meanwhile, New York has the highest number of centimillionaires at 818, followed by the Bay Area (756) and Los Angeles (516).
Read More
"The centi-millionaires are arguably the most important wealth band when it comes to wealth creation due to the large percentage of entrepreneurs in this segment," read the report in part.
"It is worth noting that most of the companies on the Fortune 500, S&P 500, FTSE 100, and Nikkei 225 were started by individuals who went on to become centi-millionaires.
Regarding the sectors that are generating wealth for the 10 centimillionaires in Kenya and others across the world, the report highlighted investments in export businesses and the hospitality industry.
The billionaires were also investing in the film industry to generate wealth for themselves and their generations.
"The global film industry generates tens of billions in forex revenue every year. This is especially relevant to the USA and the UK, which have successfully exported their films and TV series for almost a century," reads the report in part.
"More recently, countries such as Australia, China, and India have also seen tremendous growth in this sector. According to New World Wealth’s latest figures for December 2024, 480 centi-millionaires and 35 billionaires have been created by the global film industry."
