17 Sep Nairobi ranked East Africa’s wealthiest city in new study
Nairobi has been named East Africa’s wealthiest city and the sixth richest in Africa, according to a new study by New World Wealth and AfrAsia Bank from Mauritius.
The report estimated that there is approximately KES5.4 trillion of privately held wealth in Kenya’s capital, with growth driven by financial services, retail, tourism, fast moving consumer goods, telecoms, real estate and construction.
In particular, the injection of funds into local investments by wealthy billionaires has pushed demand for lettable space in Nairobi, where space sells for an average of KES190,000 per metre square.
Elsewhere in East Africa, Tanzania’s Dar es Salaam is home to KES2.5 trillion of privately held wealth, followed by Kampala in Uganda with KES1.6 trillion and Kenya’s second largest city Mombasa, which has KES800 billion worth of investment.
Kenya’s open-ended policy allowing capital inflows and property ownership for African billionaires with easy visa regulations has attracted several investments from high net worth individuals (HNWIs).
Johannesburg was crowned Africa’s most wealthy city in the study, followed by Lagos, Cairo, Cape Town and Durban.