Johannesburg, Durban and Cape Town 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 wealthiest in Africa after Durban, Cape Town, Cairo, Lagos and Joburg.

Nairobi’s wealth, which stands at Sh5.4trillion (over R700billion), 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 individuals (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 yesterday.

The Kenyan capital is the most expensive city in East Africa, with billionaires injecting funds into local investments, thus propelling demand for rental property.