Nairobi, Mombasa ranked among world’s wealthiest cities with 5,400 High-Net-Worth Individuals

Nairobi and Mombasa have been ranked among the world's wealthiest cities, according to the 2023 World's Wealthiest City Report.

The report, compiled by intelligence firm New World Wealth, covers the population data of High-Net-Worth Individuals (HNWIs) in 97 cities across nine regions namely; Africa, Australasia, CIS, East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia.

"The firm tracks the movements and spending habits of over 150,000 high-net-worth individuals in their in-house database. The data also takes into account public prime property statistics (property registers and property sales). Specifically, it considers the number of highly priced homes in each area," the report reads in part.

According to the report, Nairobi has 4700 HNWIs, individuals with investable wealth of USD 1 million (Ksh134 million) or more.

The report adds that a total of 11 centi-millionaires, persons with investable wealth over USD 100 million (Ksh.13 billion), also reside in Nairobi.

No dollar billionaires live in Nairobi despite High-Net-Worth Individuals (HNWIs) in the city growing by 30 percent from between 2012 and 2022.

Continentally, Nairobi is the fifth wealthiest city after Johannesburg, Cairo, Cape Town and Lagos.

Mombasa, on the other hand, has a total of 700 HNWIs and only 2 centi-millionaires. Just like Nairobi, no dollar billionaires live in the coastal town whose number of HNWIs grew by 33 percent in the past decade.

Globally, New York City was ranked the world's wealthiest city with a total of 340,000 HNWIs, 724 centi-millionaires and 58 dollar billionaires.

Tokyo, the Bay Area (USA), London and Singapore rounded off the top five wealthiest cities on the globe.