Uganda, Rwanda to beat Kenya in dollar millionaires growth

Wednesday October 19 2022

Dollars. Kenya remains strong in wealth creation partly due to well-developed and neutral news media outlets that form investment decisions. PHOTO | SHUTTERSTOCK


Kenya will trail Uganda and Rwanda in terms of growth in the number of super-rich individuals with investible assets worth more than $100 million over the next decade, due to more conducive business environments in the two East Africa Community states.

Kenya is projected to post a 55 percent growth in the number of centi-millionaires over the next 10 years to 2032, trailing Rwanda at 70 percent and Uganda at 65 percent, said a report by research firms New World Wealth and Henley & Partners.

Globally, Vietnam, India and Mauritius are expected to post the fastest growth in centi-millionaires in the decade at 95 percent, 80 percent and 75 percent, respectively.

The report said Kenya remains strong in wealth creation partly due to well-developed and neutral news media outlets that form investment decisions.

“It is important that most major outlets in a country are neutral and objective. A well-developed financial media space is especially important as it helps disseminate information to investors,” the report says.

Besides a favourable financial media, Kenya remains a favourable holiday destination for the centi-millionaires. The country is ranked the 9th top holiday destination for the mega-rich, with the Hamptons in the US, leading the pack.


Read: Tanzania has the only dollar billionaire in East Africa: report

“American centi-millioanires travelling to Kenya for the annual migration boosts the nation’s tourism industry, with luxury hotels and lodges such as Giraffe Manor (the most Instagrammed hotel), Kichwa Tembo tented and Angama Mara cashing in to accommodate the moneyed guests” Maryanne Maina, the chief executive officer of Swan Maison Concierge Paris, said in a comment in the report.

A separate report by New World Wealth and Henley & Partners last month ranked Nairobi fifth in terms of the number of dollar millionaires. The report showed Nairobi has 5,000 high net worth individuals (HNWI).

The report showed Nairobi is also home to 240 multi-millionaires, who have a net worth of more than $10 million, and 11 centi-millionaires, who are worth more than $100 million. It, however, does not have a dollar billionaire.

Kenya has 8,500 dollar millionaires, according to the Africa Wealth Report 2022, which was released by the same firm in April. This means that Nairobi is home to 59 percent of Kenya’s HNWIs, underlining its status as Kenya’s economic hub and richest city.

However, no African city made it to the list of the top 20 cities globally that have the highest number of dollar millionaires, which was dominated by US cities.

Henley & Partners Chief Executive Juerg Steffen noted that 14 of the Top 20 wealthiest cities in the world are in countries that host formal investment migration programmes, and actively encourage foreign direct investment in return for residence or citizenship rights.