Uganda and Rwanda beat Kenya in dollar millionaire growth


Kenya will lag Uganda and Rwanda in growth in the number of the super-rich with assets in excess of $100 million over the next decade, driven by more favorable business conditions in the two East African Community states.

According to a report by research firms New World Wealth and Henley & Partners, over the next 10 years to 2032, Kenya will see 55 percent growth in the number of hundred millionaires, behind Rwanda at 70 percent and Uganda at 65 percent.

Globally, Vietnam, India and Mauritius are expected to record the fastest growth in hundred millionaires this decade at 95 percent, 80 percent and 75 percent respectively.

According to the report, Kenya remains strong in wealth creation, partly due to well-developed and neutral news media making investment decisions.

“It is important that most major outlets in a country are neutral and objective. A well-developed financial media space is particularly important as it helps disseminate information to investors,” the report said.

Favorable financial media aside, Kenya remains a cheap holiday destination for the hundred millionaires. The country ranks 9th among the top vacation destinations for the mega-rich, with the Hamptons leading the field in the US.


Read: Tanzania has East Africa’s only dollar billionaire: report

“American centi-millions traveling to Kenya for the annual migration are boosting the country’s tourism industry, with luxury hotels and lodges like Giraffe Manor (the most Instagrammed hotel), Kichwa Tembo Tented and Angama Mara making money, to accommodate the wealthy guests,” Maryanne Maina, the chief executive officer of Swan Maison Concierge Paris, said in a comment in the report.

A separate report by New World Wealth and Henley & Partners last month ranked Nairobi fifth in terms of the number of dollar millionaires. The report showed that Nairobi has 5,000 high net worth individuals (HNWI).

The report revealed that Nairobi is also home to 240 multi-millionaires with net worth in excess of $10 million and 11 centi-millionaires with net worth in excess of $100 million. However, it does not have a dollar billionaire.

Kenya has $8,500 millionaires Africa Wealth Report 2022, which was released by the same company in April. This means Nairobi is home to 59 percent of Kenya’s HNWIs, underscoring its status as Kenya’s economic hub and wealthiest city.

However, no African city made it onto the list of the top 20 cities in the world with the most dollar millionaires, which was dominated by US cities.

Jürg Steffen, chief executive of Henley & Partners, noted that 14 of the world’s 20 wealthiest cities are in countries that operate formal investment migration programs and actively encourage foreign direct investment in exchange for residency or citizenship rights.

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