Kenya's capital, Nairobi, has been ranked among the top eight wealth hubs in Africa to watch, targeting investors in technology, wealth management and luxury goods sectors.
The latest 'Centi-millionaire Report 2024,' by British-based investment migration consultancy Henley and Partners puts Nairobi at position eight in the continent and 65 globally for cities to watch due to its rapid growth and development.
"The tech sector is driving rapid wealth creation in Nairobi, with the city now hosting 10 of Africa's 342 cent-millionaires,'' Juerg Steffen, CEO of Henley & Partners said.
It also cites the rise of upscale developments in areas like Upper Hill and Westlands as a direct response to the increasing demand from the city's wealth elites.
"These upgrades are designed to attract high net-worth individuals and international businesses, further accelerating growth."
Egypt's capital Cairo leads the continent with 30 centi-millionaire, followed by the South African cities of Cape Town 28 and Johannesburg 25.
Nigeria's Lagos has 12 followed by a host of South African cities of Durban, Umhlanga and Ballito with 11 each.
The report projects the continent's 100 million dollar millionaires to grow by 150 per cent by 20240.
Centi-millionaire refers to an individual who has a net worth of at least $100 million, an equivalent of approximately 13 billion.
There are currently 29,350 individuals worldwide with liquid investable assets of $100 million or more, according to the report.
This exclusive club has grown globally by 54 per cent over the last decade but the geographic distribution of this super-rich explosion across different regions is revealing.
America and China have experienced what can only be described as a centi-millionaire boom, significantly outperforming their European counterparts.
China’s ascent has been the most dramatic, with its centi-millionaire population expanding by 108 per cent over the past 10 years — outpacing even the US, whose super-wealthy ranks swelled by 81 per cent over the same period.
Even so, the US continues to dominate the centi-city landscape, claiming positions 1,2 and 3 in the top 50 cities for centi-millionaires, boasting 15 metropolises on the elite list.
New York City reigns supreme with 744 resident centi-millionaires, followed closely by the Bay Area (which includes San Francisco and Silicon Valley) with 675, and Los Angeles with 496 super-rich residents.
These cities have maintained their leading positions globally over the past decade and are expected to see significant growth of over 50 per cent in their ultra-wealthy populations over the next 10 years.
Asian cities are rapidly ascending the super-wealthy ranks, with four cities and territories now among the world’s Top 10 centi-millionaire hotspots.
Beijing sits in fifth position worldwide with 347 centis, while Singapore, a city-state punching well above its weight, follows closely in sixth place with 336.
Shanghai comes in seventh place with 322 centi-millionaires and Hong Kong (SAR China) ranks eighth, boasting 320 ultra-wealthy residents.
Paris claims the 10th spot on the latest centi-rich city index with 286 ultra-wealthy residents.
In contrast, Europe’s centi-millionaire growth has been anaemic, increasing by only 26per cent over the past decade.
"The sluggish performance in Europe can be attributed to the slow growth of major markets such as the UK, Germany, and France.
“Pockets of dynamism exist, with smaller European markets such as Monaco, Malta, Montenegro, and Poland seeing their centi-millionaire populations surge by 75 per cent or more," the report read.