Elijah Ntongai, a journalist at TUKO.co.ke, has more than three years of financial, business, and technology research expertise, providing insights into Kenyan and global trends.
London - Henley and Partners has released the Africa Wealth Report 2024, ranking Africa's top 20 wealthiest cities.
According to the 2024 Africa Wealth Report, published by the international wealth advisory firm in collaboration with global wealth intelligence partner New World Wealth, the total investable wealth currently held on the African continent is valued at USD 2.5 trillion (KSh 330 trillion).
Additionally, the report forecasts a 65% increase in the millionaire population over the next ten years.
Speaking on challenges to wealth in Africa, Dominic Volek, group head of private clients at Henley & Partners, said:
“Currency depreciation and underperforming stock markets have chipped away at Africa’s wealth compared to global benchmarks. The South African rand fell 43% against the US dollar from 2013–2023, and even though the JSE All Share Index, which makes up well over half of Africa’s listed company holdings, rose in local currency terms, it was down 5% in US dollar terms over that period. Currencies in most other African countries also performed poorly compared to the dollar over the past 10 years, with dramatic depreciations of over 75% recorded in Nigeria, Egypt, Angola, and Zambia.”
Africa is currently home to 135,200 high-net-worth individuals with liquid investable wealth exceeding USD 1 million.
Additionally, the continent boasts 342 centi-millionaires, each possessing USD 100 million or more, and 21 billionaires.
Africa's 'Big 5' wealth markets, comprising South Africa, Egypt, Nigeria, Kenya, and Morocco, collectively hold 56% of the continent's millionaires and over 90% of its billionaires.
According to the report, Nairobi hosts a significant number of millionaires and billionaires, with 4,400 residents possessing a net worth of US dollars one million and above (KSh 130 billion).
Earlier on TUKO.co.ke Nairobi city jumped 26 spots in the Global Start-up Ecosystem Index 2023 ranking, returning to the global top 150 cities.
The city ranked 137 globally in the top 1,000 cities and 4th in Africa, with a ranking score of 5.185.
The report indicated that Kenya preserved its position in the Index as the 62nd ecosystem globally and 3rd in Africa.
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