Kenya Ranks Among Africa’s Top Wealthiest Countries with 6,800 Millionaires

Kenya ranks fifth among Africa’s wealthiest countries, hosting 6,800 high net worth individuals (HNWIs) with over USD 1 million in liquid assets, according to the Africa Wealth Report 2025.

The report, produced by Henley & Partners in collaboration with New World Wealth, details private wealth distribution across Africa. Kenya remains behind Nigeria, Morocco, Egypt, and South Africa, the latter leading with 41,100 millionaires, approximately one-third of the continent’s total HNWI population. Together, these top five countries hold 63 per cent of Africa’s millionaires and 88 percent of its billionaires, highlighting a significant concentration of wealth.

Nairobi stands out as a key financial centre, ranking fourth among African cities with 4,200 millionaires. This accounts for nearly half of Kenya’s total HNWIs and reflects Nairobi’s growing role as an investment and entrepreneurial hub, supported by infrastructure improvements and a booming technology sector.

Kenya’s number of dollar millionaires declined slightly from 7,200 in April 2024 to 6,800 by mid-2025. This reduction points to economic challenges amid regional competition and global market uncertainty. Mauritius has seen the fastest growth in millionaire numbers, increasing by 63 percent over the past decade to 4,800 millionaires, placing it sixth on the continent. 

This growth is attributed to political stability, favourable tax policies, and a successful residence-by-investment programme, making it attractive to private wealth. Nigeria’s millionaire population fell sharply by 47 per cent, despite remaining ahead of Kenya in total HNWIs. The decline illustrates the volatility faced by wealthy individuals amid political and economic instability.

Looking forward, the report forecasts a 65 per cent rise in Africa’s millionaire population over the next ten years, driven by sectors such as fintech, green technology, e-commerce, eco-tourism, and wealth management. However, wealth remains unevenly distributed and susceptible to external shocks. The report also highlights a growing ‘mobility gap’ affecting Africa’s affluent, as visa restrictions and geopolitical tensions limit international travel. 

In response, many wealthy Africans are pursuing investment migration to countries like Portugal, Grenada, and Latvia to secure alternative citizenship and broader global access.