Only 10 people living in Nairobi are estimated to have a networth of over Ksh12 billion.
This was revealed in the Centi-Millionaire Report 2024 which was authored by Henley and Partners and released Monday, September 16.
However, Nairobi was listed among the cities that will witness significant growth in the number of people whose networth is 100 million US dollars and above.
As detailed in the cities to watch list, Nairobi is expected to witness a high wealth growth of between 100-150 per cent between 2024 and 2040.
This prediction was attributed to several factors including the technological advancement within the city.
"These wealth hubs are worth keeping an eye on for companies operating in the luxury goods, wealth management, and hi-tech spaces," read the report in part.
Other notable cities set to witness significant growth of centi-millionaires alongside Kenya include Durban, Umhlanga, and Ballito in South Africa.
Perth (Australia), Casablanca (Morocco), and Budapest (Hungary) will also witness a high wealth growth alongside the Kenyan Capital.
Meanwhile, with respect to the city with the highest number of centi-millionaires in the world, New York City emerged at the top with 744 tycoons.
New York was followed by The Bay Area (675) and Los Angeles (496). Both cities are in the US.
"There are currently 29,350 individuals worldwide with liquid investable assets of USD 100 million or more, according to the Centi-Millionaire Report 2024 released today by wealth and investment migration advisors Henley & Partners and featuring exclusive data from global wealth intelligence firm New World Wealth.
"This exclusive club has grown globally by 54% over the last decade but the geographic distribution of this super-rich explosion across different regions is revealing. America and China have experienced what can only be described as a centi-millionaire boom, significantly outperforming their European counterparts," read the report in part.
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