JOHANNESBURG – Durban, Cape Town and Johannesburg are three of Africa’s six wealthiest cities according to a new report by New World Wealth and AfrAsia Bank in Mauritius.
The Kenyan capital Nairobi is East Africa’s wealthiest city and the sixth in Africa after Durban, Cape Town, Cairo, Lagos and Johannesburg, the new report says.
Nairobi’s wealth, which stands at Sh5.4 trillion (over R700 billion), comes on the heels of growth driven by financial services, retail, tourism, fast moving consumer goods, telecoms, real estate and construction.
Nairobi attracts high Net Worth Individual (HNWIs) for business and investments while Mombasa has attracted hospitality and luxury investments along its expansive beaches as well as highly preserved buildings recognised globally as World Heritage Sites, the Daily Nation reported on Monday.
The Kenyan capital is the most expensive city in East Africa with billionaires injecting funds into local investments propelling demand for rental property.
Kenya’s liberal policy which allows capital inflow and property ownership for African billionaires with easy visa regulations appear to have endeared it to HNWI individuals.
However, its politics adversely affected growth in the past year recording the lowest growth in the region at two per cent.