The number of Kenya’s dollar millionaires has dropped from 7,200 in April 2024 to 6,800 as of June 2025, new data from the wealth intelligence and market research firm New World Wealth shows.

Dollar millionaires are individuals with investable wealth of $1 million (Ksh.129 million) or more.

The drop saw Kenya slide to fifth place in this year’s ranking of the African countries with the most high-net-worth individuals, down from fourth last year, per the 2025 Africa Wealth Report by international wealth advisory firm Henley & Partners.

It is now behind South Africa, which tops the continent with 41,100 millionaires, Egypt (14,800), Morocco (7,500), and Nigeria (7,200).

At the same time, the number of Kenya’s centi-millionaires, those with investable wealth over $100 million (Ksh.13 billion), remains at 16. South Africa has 112, Egypt 49, Morocco 35, and Nigeria 20.

In 2023, Kenya had 7,700 millionaires and 15 centi-millionaires.

Still, Kenya has no dollar billionaire (investable wealth of $1 billion/Ksh.129 billion or more), the report says, unlike the top four wealthy countries, which have 8,7,4, and 3, respectively.

Some 4,200 of Kenya’s millionaires live in Nairobi alone, which is ranked the fourth-wealthiest city on the continent behind Johannesburg, Cape Town, and Cairo.

“Nairobi is home to some of Africa’s oldest and most well-established luxury residential neighbourhoods, including Karen and Muthaiga. It accounts for a high 47% of Kenya’s total wealth and over 60% of the country’s millionaires,” the report says.

The other top cities preferred by Africa’s ultra-rich are South Africa’s Cape Winelands, Umhlanga & Ballito, The Garden Route, and Pretoria, as well as Lagos in Nigeria, and Morocco’s Casablanca.

Henley & Partners says over the next decade, Mombasa is among African cities expected to attract high numbers of wealthy residents

“There are several eco-estates on its outskirts that are attracting high-net-worth individuals, including the well-known Vipingo Ridge,” the advisory firm says.

While Henley & Partners did not give reasons for the drop in Kenya’s super-rich, a recent separate Knight Frank report indicated that dollar millionaires have been moving cash abroad over uncertainty in the wake of Kenya’s slowing economy and deadly anti-government protests.

The global real estate consultancy said the number of Kenya’s high-net-worth individuals shrank by 10 percent as investors moved part of their investments to countries like the U.K. and the U.A.E.

Kenya’s economy grew 4.7 percent in 2024, compared to growth of 5.7 percent in 2023, according to the National Bureau of Statistics.

This year, President William Ruto has said the economy is expected to grow by 5.6 percent, which is above the Treasury’s forecast of 5.3 percent and CBK’s projection of 5.2 percent.