New data from the wealth intelligence firm New World Wealth, published in the 2025 Africa Wealth Report, reveals a concerning trend for Kenya: a decline in its number of dollar millionaires. The country's population of high-net-worth individuals, defined as those with investable wealth of at least $1 million, dropped from 7,200 in April 2024 to 6,800 by June 2025. This 5.6% decrease has caused Kenya to slip from fourth to fifth place among African countries with the most millionaires, now ranking behind economic powerhouses like South Africa, Egypt, Morocco, and Nigeria.
While the report doesn't offer a specific reason for the decline, a key factor that analysts have previously pointed to is the fluctuation of the Kenyan shilling against the US dollar.
A devaluing local currency erodes the dollar-based value of assets, causing some individuals to fall below the millionaire threshold. Additionally, a slowing economy and business uncertainty have been cited as reasons why some wealthy Kenyans have moved their investments abroad. The country also remains without a dollar billionaire, unlike the top four countries, which have a combined 22.
The concentration of wealth in Nairobi remains a defining feature of Kenya's economy, with the capital city being home to 4,200 of the country's millionaires. Nairobi accounts for a significant 47% of Kenya's total wealth and over 60% of its high-net-worth individuals, cementing its status as the fourth-wealthiest city on the continent. However, the drop in millionaires raises important questions about the broader economic landscape. A decline in this demographic could signal a slowdown in wealth creation, which can have ripple effects on investments, job creation, and overall economic growth. It suggests that while Nairobi continues to be a hub of prosperity, the rate of new wealth being generated may be slowing down.
This trend carries significant implications for the Kenyan economy and the African continent at large. A declining number of high-net-worth individuals can reduce capital for local investments, especially in sectors that drive growth like real estate, technology, and private enterprises. On a positive note, the report highlights that the number of centi-millionaires (individuals with over $100 million in investable wealth) in Kenya has remained stable at 16, and Mombasa is projected to attract a high number of wealthy residents in the coming decade. These figures suggest that while the base of millionaires may have shrunk, the ultra-rich are still present and have a positive outlook on the country’s future potential. The challenge for Kenya's economy will be to create a more stable and attractive environment that not only retains its current wealth but also fosters the creation of new millionaires to drive sustainable, long-term growth.
