Kenya’s Nairobi City has been ranked as the sixth Wealthiest City in Africa after Durban, Cape Town, Lagos and Johannesburg.
The city which is ranked the wealthiest in East Africa is said to privately hold wealth at Ksh, 5.4 trillion with its growth financial services, retail, tourism, first moving consumer goods, telecommunications, real estate and construction as per study by New world wealth and AfrAsia Bank of Mauritius.
Nairobi attracts high Net Worth Individual ((HNWIs) for business and investments while Mombasa is mentioned as home to hospitality and luxury investments along its expansive beaches as well as highly preserved buildings recognized globally as World Heritage Sites.
Wealthy billionaires’ injection of funds into local investments has propelled demand for lettable space making Nairobi the most expensive city in East Africa where space goes for an average of Sh190,000 per metre square. Mombasa’s lettable space is charged at Sh170,000.
This installs back hopes for Kenya to receive more investors after being at a verge of losing them following a report released in February said that Kenya may loose investor if the borrowing trends would continue.
The debt Kenya owes lenders hit 4.6 trillion last year November with reports that it may have hit Ksh. 5 trillion after it acquired more funds recently for the extension of Standard Gauge Railway.