About 356 individuals with net assets above $10 million (Sh1 billion) are living in Kenya, placing the country at number four in a ranking of top African cities based on the super-wealthy persons.
The Africa Wealth report for 2019 report published this month by Mauritius based AfrAsia Bank ranked South Africa top with 2,169 billionaires, Egypt 932 and Nigeria 531 billionaires.
The report says the total wealth held by Kenyans increased by 64 per cent over the past decade, the majority of the Kenya billionaires’ wealth was made from the manufacturing, real estate and technology sectors.
Nairobi accounted for 73 per cent of Kenya’s billionaires, reflecting the capital city’s economic dominance over the other 46 devolved units created in 2013 to address the wealth imbalance.
The heavy concentration of billionaires in Nairobi indicates inequality in the country’s economic development, which has partly been attributed to the previous centralised system of government which guided sharing of resources since independence.
According to AfrAsia Bank;
“We expect Nairobi to break into the top five wealthiest cities in Africa soon possibly replacing Lagos which has been slipping down on the list,”
While Kenya is ranked fourth in the ranking of billionaires, Nairobi is placed fifth in cities grading as Johannesburg and Cape Town which are at number one and two respectively are both located in South Africa.