Kenya predicted to be behind Rwanda, and Uganda in dollar millionaires growth
Kenya is predicted to be behind Rwanda, and Uganda in dollar millionaires growth over the next decade.
Over the next ten years, Uganda and Rwanda will overtake Kenya in terms of an increase in the number of extremely wealthy people with investible assets of more than Sh12.1 billion ($100 million).
This is because the business climates in these two East Africa Community states are more favorable.
According to a survey by research firms New World Wealth and Henley & Partners, Kenya is expected to register a 55% growth in the number of dollar millionaires over the next 10 years to 2032, after Rwanda at 70% and Uganda at 65%.
Globally, Vietnam, India, and Mauritius are predicted to have the highest percentages of Centi-millionaires during the next ten years, at 95%, 80%, and 75%, respectively.
The report said Kenya remains strong in wealth creation partly due to well-developed and neutral news media outlets that form investment decisions.
“It is important that most major outlets in a country are neutral and objective. A well-developed financial media space is especially important as it helps disseminate information to investors,” the report says.
Besides having favorable financial media, Kenya continues to be a popular vacation spot for millionaires.
The Hamptons in the US heads the pack of top vacation spots for the super-rich, placing the nation at number nine.
“American Centi-millionaires traveling to Kenya for the annual migration boosts the nation’s tourism industry, with luxury hotels and lodges such as Giraffe Manor (the most Instagrammed hotel), Kichwa Tembo tented and Angama Mara cashing in to accommodate the moneyed guests”
Maryanne Maina, the chief executive officer of Swan Maison Concierge Paris, said in a comment in the report.
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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 Nairobi has 5,000 high-net-worth individuals (HNWI).
The report showed Nairobi is also home to 240 multi-millionaires, who have a net worth of more than $10 million (Sh1.2 billion), and 11 Centi-millionaires, who are worth more than $100 million (Sh12.1 billion). It, however, does not have a dollar billionaire.
Kenya has 8,500 dollar millionaires, according to the Africa Wealth Report 2022, which was released by the same firm in April.
This means that Nairobi is home to 59 percent of Kenya’s HNWIs, underlining its status as Kenya’s economic hub and richest city.
However, no African city made it to the list of the top 20 cities globally that have the highest number of dollar millionaires, which was dominated by US cities.
Henley & Partners Chief Executive Juerg Steffen noted that 14 of the Top 20 wealthiest cities in the world are in countries that host formal investment migration programmes, and actively encourage foreign direct investment in return for residence or citizenship rights.
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