steven maseka 
Nairobi is the fourth-richest city in Africa and has a high number of high-net-worth individuals (HNWI), a new report shows.
Kenya’s capital center trails Cairo in Egypt at number one, followed by Cape Town in South Africa (two) and Lagos in Nigeria (three).
The latest Henley & Partner World’s Wealthiest Cities Report 2023 shows that the number of HNWI in the nation grew 30 percent in the last decade.
It also shows that the East African state has 4,700 U.S. dollar centimillionaires as well as 11 billionaires.
Mombasa is also emerging as a top destination for HNWI, with the coastal city ranking 93rd globally.
Between 2012 and 2022, its HNWI grew by 35 percent, which is even higher than Nairobi’s.
Its appearance on the list is attributed to it being a popular tourist destination that attracts the richest people in the country and globally.
Globally, New York in the United States is the richest city, followed by Tokyo in Japan, London in the United Kingdom, Singapore and Hong Kong, and Sydney in Australia.
“New York City wears the crown as the world’s top city with the most millionaires in 2023,” the report states.
In the financial services industry, a high-net-worth individual (HNWI) is a person who maintains liquid assets at or above a certain threshold. Typically the criterion is that the person’s financial assets (excluding their primary residence) are valued over US$1 million
A secondary level, a very-high-net-worth individual (VHNWI), is someone with a net worth of at least US$5 million.
The terminal level, an ultra-high-net-worth individual (UHNWI), holds US$30 million in investible assets (adjusted for inflation).
Individuals with a net worth of over US$1 billion are considered to occupy a special bracket of the UHNWI These thresholds are broadly used in studies of wealth inequality, government regulation, investment suitability requirements, marketing, financing standards, and general corporate strategy.
