Kenya now ranks among the continent’s five wealthiest nations, with 6,800 individuals holding over Sh131 million each in liquid assets, according to the Africa Wealth Report 2025, released earlier this week by Henley & Partners in collaboration with New World Wealth.

The study places South Africa at the top with 41,100 millionaires, followed by Egypt with 14,800, Morocco with 7,500 and Nigeria with 7,200.

Together with Kenya, these countries account for nearly two-thirds of all Africa’s millionaires and close to nine out of ten of its billionaires.

Nairobi alone houses 4,200 of Kenya’s wealthy, making the capital the fourth-richest city on the continent.

The report credits the city’s attraction to its role as East Africa’s financial hub, its infrastructure upgrades, and its growing reputation as a technology centre.

Read More

  1. Haydn Porteous headlines Sh3.2 million SportsBiz Africa Golf Championship in Kigali
  2. Kenya unveils junior golf team for Africa Region IV championship in Mauritius
  3. Google launches AI-powered search mode in Kenya, Nigeria and South Africa

Despite its strong showing, Kenya’s pool of dollar millionaires has slightly reduced.

The country counted 7,200 in April 2024, compared to 6,800 recorded in June 2025. By contrast, Mauritius, which ranked just below Kenya, has been experiencing a remarkable surge.

The island nation’s millionaire population climbed by 63 per cent over the past decade, reaching 4,800 in 2025, growth that analysts attribute to political stability, business-friendly policies, and a thriving residence-by-investment programme.

Nigeria’s experience has been far less positive. Although still ranked ahead of Kenya, its millionaire count has fallen sharply, dropping by 47 per cent, signalling the risks tied to West Africa’s largest economy.

Looking to the future, the report anticipates robust growth across Africa. It

projects a 65 per cent increase in the number of high net worth individuals in the coming decade, powered by sectors such as fintech, renewable technologies, e-commerce, eco-tourism, and wealth management.

The authors also highlight a growing challenge faced by Africa’s wealthy: restricted mobility. “Another interesting factor in the report is the growing 'mobility gap' faced by wealthy Africans,” the report states.

It explains that many millionaires are increasingly turning to alternative citizenship options to secure international access.

Countries such as Portugal, Grenada, and Latvia have become popular among Africans seeking to expand their global reach.

For Kenya, holding steady among the top five reflects both resilience and vulnerability.

While Nairobi continues to attract wealth and cement its place as a continental powerhouse, the country’s slight decline in millionaire numbers points to the shifting tides shaping Africa’s economic landscape.