Nairobi remained the sixth wealthiest city on the continent according to the AfrAsia Bank Africa wealth report, making no movements from its 2018 ranking by the same firm. The top five cities include Johannesburg, Capetown, Cairo, Lagos and Durban/Umhlanga.
However, the report expects Nairobi to move up the list possibly replacing a faltering Lagos. ‘We expect Nairobi to break into the top five wealthiest cities in Africa soon, possibly replacing Lagos, which has been slipping down the list of late’, the report reads in part.
Total wealth is defined as ‘the private wealth held by all the individuals living in each city. It includes all their assets (property, cash, equities, business interests) less any liabilities.’
The report also highlights that Nairobi is the fourth most expensive location in Africa for prime real estate, after Cape Town, Umhlanga and Johannesburg (Sandton). Average prime property prices in Nairobi are $1,800 per sqm, a paltry figure in comparison to Cape Town’s $5600 per sqm (the highest according to the report).
The 2019 AfrAsia Bank Africa Wealth Report provides a comprehensive review of the wealth sector in Africa, including high net-worth individual (HNWI) trends, luxury trends and wealth management trends in 17 countries and 20 cities across the continent.
‘We expect Mauritius, Ghana, Rwanda, Ethiopia and Uganda to be the strongest performing wealth markets in Africa during this period (100%+ growth rates). Our projections for Kenya are also strong at 80%. Solid growth is also forecast in Namibia, Botswana, Mozambique and Zambia (50%+ growth rates)’, says the report, speaking on the general wealth outlook for the continent.