NAIROBI, Kenya – Kenya has lost 300 dollar millionaires in one year, according to the newly released Africa Wealth Report 2026, with the country’s population of high-net-worth individuals falling amid a challenging economic environment.
The report by global wealth intelligence firm New World Wealth shows Kenya’s dollar-millionaire population declined by 4.41 per cent, from 6,800 in 2025 to 6,500 in the 12 months to June 2026.
New World Wealth defines millionaires or high-net-worth individuals as people with at least $1 million in liquid wealth. Its calculation includes assets such as equities, exchange-traded funds, cash, bonds, gold and cryptocurrency.
The firm excludes illiquid assets including property, family businesses and private equity. As a result, a person can own valuable property or a private company while falling below the report’s millionaire threshold.
Nairobi accounted for most of Kenya’s decline.
The capital’s dollar-millionaire population dropped by 200 people, falling from 4,200 to 4,000 over the year. That represents a 5 per cent decline and means Nairobi still accounts for the majority of Kenya’s dollar-millionaire population.
The number of Nairobi residents with more than $100 million in liquid wealth, however, remained unchanged at 10.
At the national level, Kenya’s centi-millionaire population fell from 16 to 15. The country also had no dollar billionaires in the 2026 Africa Wealth Report.
The decline comes against a backdrop of economic pressures that have affected businesses, investments and household finances.
New World Wealth’s methodology uses several indicators to estimate wealth levels, including household income statistics, stock-market capitalisation, tax data, family-office numbers, prime property data and its own database of high-net-worth individuals.
Despite the decline, Kenya retained its position as Africa’s fifth-largest millionaire market.
South Africa remained far ahead of the rest of the continent with 48,200 dollar millionaires, alongside 131 centi-millionaires and 10 billionaires.
Nigeria followed with 8,100 millionaires, 22 centi-millionaires and three billionaires.
Kenya’s 6,500 millionaires placed it behind South Africa, Egypt, Morocco and Nigeria in the continental rankings.
The report also identifies Nairobi as one of the African cities expected to experience strong millionaire growth in the longer term.
While Kenya recorded a decline over the latest 12-month period, New World Wealth expects the broader African wealth market to expand significantly.
“Going forward, Africa’s wealth is projected to rise sharply, with millionaire numbers on the continent forecast to more than double by 2040,” the report states.
New World Wealth specifically lists Nairobi among the lifestyle destinations where it expects strong millionaire growth, alongside cities and regions including Cape Town, Marrakech, Tangier, the Cape Winelands, Windhoek and Swakopmund.
Andrew Amoils, head of research at New World Wealth, identified sectors including eco-tourism and eco-estates, music and film, fintech, e-commerce, software development, artificial intelligence, green technology, biotechnology and wealth management as industries expected to create significant wealth in Africa over the next decade.
“Over the next decade, we expect the key wealth-creating industries in Africa to be eco-tourism & eco-estates, music & film, fintech, ecommerce, software development, AI, business process outsourcing, green tech, rare metals mining, biotech, and wealth management,” Amoils said.
