Five hundred Kenyans were dropped from the exclusive list of dollar millionaires in 2023. This comes as a result of a weak Shilling against the US Dollar, according to a new report, writes the online magazine Business Daily.
The ultra-wealthy were also affected by instability in the real estate market, as property investments declined, according to the Africa Wealth Report 2024.
The report, released on Tuesday, shows that the number of dollar millionaires—individuals with liquid, investable wealth exceeding one million USD (131.5 million Shillings)—fell from 7,700 in 2022 to 7,200 in 2023.
Top Ten African Countries by Number of Dollar Millionaires
South Africa: 37,400
Egypt: 15,600
Nigeria: 8,200
Kenya: 7,200
Morocco: 6,800
Mauritius: 5,100
Algeria: 2,800
Ghana: 2,700
Ethiopia: 2,700
Namibia: 2,300
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