Nairobi, April 17 -- Five hundred Kenyans fell off the exclusive list of dollar millionaires in 2023 as a weak shilling cut the valuation of their liquid investable wealth in dollar terms, a new report shows.

The super-rich were also affected by instability in the property market and a bear run at the stock exchange, according to Africa Wealth Report 2024.

The report, which was released on Tuesday, shows the number of dollar millionaires - individuals with liquid investable wealth of more than $1 million (Sh131.5 million) - in Kenya dropped from 7,700 in 2022 to 7,200 in 2023.

The report was released by international wealth advisory firm Henley & Partners in collaboration with global wealth intelligence partner, New World Wealth.

It t...