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Nairobi and Mombasa have the fastest-growing millionaire populations

Nairobi and Mombasa have been named among the world’s wealthiest cities, according to the 2023 World’s Wealthiest City Report by intelligence firm New World Wealth.

The report analyzed the high-net-worth individuals (HNWIs) population in 97 cities across nine regions. Nairobi has 4700 HNWIs and 11-cent millionaires, making it the fifth-wealthiest city in Africa.

Meanwhile, Mombasa has a total of 700 HNWIs and only 2 centimillionaires. The report states that no dollar billionaires live in either city, despite a 30 per cent and 33 per cent growth in the number of HNWIs in Nairobi and Mombasa, respectively, in the past decade.

Centi-millionaires are individuals who have a net worth of at least one hundred million dollars.

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Centi-millionaires are part of the ultra-high-net-worth (UHNW) group, which also includes billionaires (those with a net worth of at least one billion dollars) and multi-millionaires (those with a net worth of several million dollars).

Centi-millionaires are among the wealthiest individuals in the world, and their wealth often comes from business ventures, investments, or inheritance. They may have significant influence over the economy, politics, and society due to their vast wealth and resources.

New World Wealth tracks the movements and spending habits of over 150,000 HNWIs in its in-house database, which also takes into account public prime property statistics, property registers, and property sales. The data specifically considers the number of highly priced homes in each area.

Globally, New York City is ranked as the wealthiest city, with 340,000 HNWIs, 724 centimillionaires, and 58 dollar billionaires. Tokyo, the Bay Area (USA), London, and Singapore round out the top five wealthiest cities in the world.

The report indicates that the number of HNWIs continues to increase globally, reflecting the growth of wealth worldwide. These wealthy individuals significantly impact the global economy, particularly in terms of investments, spending, and job creation.

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