The latest Africa Wealth Report has revealed that Nairobi is Africa’s 6th wealthiest city, and constitutes almost 53 percent of Kenya’s Gross Domestic Product (GDP).
The report which was published by a Mauritius based AfrAsia Bank revealed that Kenya’s Capital (Nairobi) also known as the ‘Green City In The Sun’ commands a total of $49 billion (5.05 trillion Kenyan Shillings) of the East African Nation’s $93 billion (9.6 trillion Kenyan Shillings).
Stated that, “Nairobi is the economic hub of East Africa and one of the fastest growing cities in the world. We expect it to break into top five cities in Africa soon, possibly replacing Lagos which has been slipping down the list.”
Xenophobia ridden South Africa dominated the list however, with four of its cities; Cape Town, Durban, Johannesburg and Pretoria making to the top ten list.
Lagos, Nigeria made the list at Number 3 and Cairo, Luanda, Casablanca and Accra at number 10.
According to the report, 6200 (an astonishing 72 percent) of the 8,600 dollar millionaires in Kenya, are in Nairobi.
In addition, 240 of the 340 billionaires in Kenya reside in Nairobi while a majority of the 16 multi billionaires in the country make their fortune in the city.
The report also revealed that the city of Nairobi is blessed with robust real estate, clothing and processed food industries, media, financial services, as well as beverage and cigarette companies from which those wealthy people make their fortune.
Karen, Kitisuru, Lavington, Muthaiga, and Runda were named by the report, as the most affluent parts of the city where it wealthiest people reside.
One interesting fact however is, neither Nairobi nor its home county Kenya, have a dollar billionaire.
East Africa’s only dollar billionaire resides in Tanzania’s Dar Es Salaam, Tanzania. The city of Dar Es Salaam is ranked way below Nairobi and is the 13th wealthiest city in the continent of Africa.
Although Kenya was ranked as the 5th richest country in Africa behind South Africa, Egypt, Nigeria, and Morocco, the East African nation’s wealth dropped by 10 percent at the Nairobi Securities Exchange.
Its cumulative wealth since 2008, has however increased by 64 percent.
This development according to the Africa Wealth Report ‘’… shows that Kenya is still probably the most resilient market in Africa, among the traditional ‘big five’.”
