Nairobi has 5,000 millionaires

A view of Nairobi.
Aerial view of a section of Nairobi. PHOTO/FILE
Kenyan capital Nairobi is home to 5,000 dollar millionaires, according to a research by New World Wealth, a wealth consultancy based in Oxford, UK.

The “city in the sun” was ranked fifth in Africa’s rich list with 5,000 millionaires at December 2012, behind Johannesburg, Cairo, Lagos and Cape Town whose populations of high-net-worth (HNWI) individuals stood at 23, 400; 12 300; 9 800; 9,000 respectively.

New World Wealth,  which tracks 120,000 HNWIs worldwide, said it expected the population of Nairobi millionaires to grow 6.3 per cent annually to 8,000 by 2020.

A millionaire in this case refers to an individual with net assets of US$1 million (Sh87 million) or more excluding an individual’s primary residence.

New World Wealth draws its data from deal announcements, stockbrokers, private bankers and interviews with the rich individuals.

The firm places the number of wealthy Nairobi residents at 65. These are individuals with net assets of over $30 million (Sh2.6 billion).

Members of this class of super-rich include Industrialist Manu Chandaria (a dollar billionaire), Naushad Merali (Chairman, Sameer Group), Chris Kirubi (Chairman, Capital Group), Pradeep Paunrana (CEO, ARM Cement) and James Mwangi (CEO, Equity Bank).

(READ: 7 Tips for success from Chris Kirubi)

A city’s population of HNWIs s understood to reflect its relative economic strength. A large number of wealthy individuals is seen to be a key growth driver arising from a huge demand for luxury goods, high-end  properties and services such as private banking and wealth management.