Nairobi is the sixth wealthiest city in Africa, forming almost 53 per cent of Kenya’s Gross Domestic Product (GDP), latest Africa Wealth Report has revealed.
The report published by a Mauritius based AfrAsia Bank shows the Kenyan capital known as the ‘green city in the sun’ commands a total of $49 billion (Sh5.05 trillion) at Friday’s exchange rate of Sh103.85 per dollar of the country’s $93 billion (Sh9.6 trillion).
South Africa dominated the list, with four of its cities: Johannesburg, Cape Town, Durban, and Pretoria making to the top ten list.
Other cities in the list are Lagos at position three, Cairo, Luanda, Casablanca and Accra at number 10.
"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,’’ the report said.
According to the report, of 8600 a million-dollar people in Kenya, 6200 are in Nairobi, a whopping 72 per cent.
Furthermore, 240 of 340 billionaires in Kenya reside in Nairobi while most of the 16-multi billionaires in the country make their money in the city.
The report shows that Nairobi has robust financial services, real estate, media, clothing, processed food industries, beverage and cigarette firms from which those wealthy people make their money.
Even so, neither the country nor the city has a billion-dollar billionaire. Tanzania’s Dar Es Salaam has the only $1 billionaire in East Africa despite being ranked way below Nairobi at position 13 in the continent.
The report named Runda, Muthaiga, Karen, Kitisuru, and Lavington as affluent part of the city where wealthiest people live.
Generally, Kenya was ranked as the fifth richest country in Africa after South Africa, Egypt, Nigeria, and Morocco.
Although Kenya’s wealth dropped 10 per cent on the bear run at the Nairobi Securities Exchange, its cumulative wealth has increased by 64 per cent since 2008.
‘’This shows that Kenya is still probably the most resilient market in Africa, among the traditional ‘big five’, ‘’ the report said.
