Nairobi has been named among the top 15 emerging cities in the latest wealth report.
In the World’s Wealthiest Cities Report 2024 by Henley and Partners, Nairobi was among the cities with the potential of becoming among the top 50 wealthiest cities in the world.
The report highlighted that Kenya's capital was unique with two factors listed as the driving forces behind its emergence.
Among the driving forces identified for Nairobi were the thriving middle class and the growing technological space.
"While no cities from Africa or South America make it into the Top 50 Cities for Millionaires, the report identifies several rising stars that could join the ranks of global wealth hubs in the years to come.
"Nairobi, Kenya's bustling capital, now has 4,400 millionaires, a 25 per cent increase over the past decade, driven by its thriving tech ecosystem and growing middle class," read the report in part.
Notably, only Nairobi and Cape Town were listed as the cities to watch out for in Africa.
"Cape Town, South Africa's stunning coastal gem, has also seen a 20 per cent rise, now home to 7,400 millionaires who flock to its pristine beaches and vibrant cultural scene," read the report in part.
Other cities on the emerging list were Abu Dhabi (UAE), Athens (Greece), Lisbon (Portugal), Riyadh (Saudi Arabia), Luxembourg City (Luxembourg), Monaco (Monaco) and Calgary (Canada).
Scottsdale (USA), Bengaluru (India), Greenwich & Darien (US), Palm Beach & West Palm Beach (US), Jeddah (Saudi Arabia), Cape Town (South Africa) and Ho Chi Minh City (Vietnam) were also listed as emerging cities.
Meanwhile, the city with the most millionaires worth Ksh130 million in 2024 was New York City with 349,500 people.
The Bay Area, Tokyo, Singapore and London made it to the top five.
