2022 Africa Wealth Report: Kenya Emerges Fourth In Dollar Millionaires Rank

U.S. dollar (USD), one of the world's strongest currencies PHOTO/UGC

A research by New World Wealth and Henley & Partners has ranked Kenya fourth in terms of the number of dollar millionaires.

The report dubbed, Africa Wealth Report 2022 indicated that 8,500 Kenyans have a net worth of over KSh 115.7 million.

The reports comes after the Knight Frank Wealth Report indicated that there were 3,323 dollar millionaires in Kenya.

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This shows how difficult it is to track wealth in Africa.

With 39,300 dollar millionaires, South Africa was ranked first followed by Egypt and Nigeria with 16,900 and 10,000 dollar millionaires respectively.

At the same time, the report showed that Kenya has 340 individuals with a net worth of over KSh 1.1 billion behind Nigeria which has 540 such individuals.

South Africa was ranked first with 2,080 billionaires followed by Egypt with 880.

In terms of the population of individuals with a net worth exceeding KSh 11.5 billion, Kenya was ranked fifth with 15 behind Morocco (22), Nigeria (28), Egypt (57) and South Africa (94).

Although the report did not identify any Kenya based dollar billionaires, Egypt led with seven dollar billionaires, followed by South Africa (five), Nigeria (four) and Morocco (three).

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Nairobi was ranked the sixth richest in Africa with a total private wealth of KSh 5.5 trillion.

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