Kenya has fallen to fifth place in Africa’s millionaire rankings, losing 400 dollar millionaires over the past 18 months, according to new data from Henley & Partners. This decline sees Kenya, once among the top four wealth hubs, overtaken by Nigeria, reflecting challenges in the investment climate.

• As of June 2025, Kenya counted 6,800 high-net-worth individuals (HNWIs), down from 7,700 in 2022.
• The top positions in Africa are now held by South Africa (41,000 millionaires), Egypt (14,800 millionaires), Morocco (7,500 millionaires), and Nigeria (7,200 millionaires).
• The decline is attributed to slower economic growth, high borrowing costs, and capital outflows impacting Kenya’s investment climate.