Kenya Loses 400 Millionaires, Govt Proposes Paid VIP Service on eCitizen

Hello and welcome to the Money Weekly Newsletter, where we dissect the drop of dollar millionaires in Kenya.

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Kenya has lost 400 dollar millionaires (individuals with a networth of Ksh129 million and above) in the last 18 months.

In the 2025 Africa Wealth Report by Henley and Partners, the number of dollar millionaires stood at 6,800 in June 2025. This was a 400 drop from the 7,200 that was reported in December 2023.

The main reason why the number of millionaires dropped was not revealed in the report. However, a separate report by Knight Frank in May 2025 detailed that dollar millionaires in Kenya were moving their cash abroad to countries like Dubai. This was mostly witnessed at a time when there was economic uncertainty in the country owing to the June 2024 protests.

During the anti-Finance Bill 2024 protests, over 100 people lost their lives in the Gen Z protests. The push by the Gen Zs also saw the government make a raft of changes, including a Cabinet reshuffle and the withdrawal of the tax bill. 

Regarding the locations of the superrich in Kenya, Nairobi still emerged at the top city. However, Mombasa has been projected to be the next frontier for millionaires in Kenya.

"East Africa’s economic engine Nairobi, is home to some of Africa’s oldest and most well-established luxury residential neighborhoods, including Karen and Muthaiga. It accounts for a high 47% of Kenya’s total wealth and over 60% of the country’s millionaires. 

"Unlike other cities near the equator, Nairobi is known for its mild and temperate climate — the city is located at an altitude of around 1,800 m above sea level, which helps to keep temperatures relatively cool," read the report in part.

Meanwhile, in the ranking for Africa, South Africa topped at 41,100 dollar millionaires, followed by Egypt, which has 14,800 dollar millionaires.

Morocco, which has overtaken Kenya, now has 7,500 dollar millionaires, followed by Nigeria at 7,200. Kenya is fifth in Africa.

For centi-millionaires (individuals with a networth of Ksh12 Billion), Kenya has 16 individuals. The number of centi-millionaires has not changed between December 2023 and June 2025. Read more on the report here.

Here is a quick recap of the top money news for the week:

Govt Proposes Paid VIP Service on eCitizen  

• On Friday, Immigration PS Belio Kipsang revealed that the government is planning to introduce premium services on the eCitizen platform for Kenyans who require expedited processing for urgent passports and government certificates.

• The PS added that public consultations are ongoing, with rollout expected soon. Kipsang assured Kenyans that standard services will remain available at regular rates, with the premium option being voluntary.

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KRA Introduces New System That Automatically Files Taxes for Salaried Kenyans 

From Jan 2026, KRA will roll out an automated system where salaried Kenyans only need an ID to file taxes. The system will pull income and tax data automatically.

This will ease queues, cut delays, and reduce penalties that hit nearly 1M taxpayers last year. For more updates, you can try out Lua, a free AI assistant on WhatsApp, that can keep you up to date with the latest news and help you achieve more tasks.

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That’s a wrap for this week’s Money Weekly!

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