The Centi-Millionaire Report 2023 by Henley and Partners has ranked Nairobi as one of the most expensive cities in Africa.
In the report that was released on Monday, Nairobi was ranked 10th tying with Casablanca in Morocco and Cairo in Egypt.
According to the report, the three cities charge USD1,200 (about Ksh178,000) per square metre of rental space.
This represents the average cost of a prime 200 to 400-square-meter apartment in the capital.
Leading the pack in Africa were Cape Town, Hermanus and Plettenberg Bay all from South Africa.
South Africa had a total of five cities that dominated the top ten most expensive cities in Africa according to the Centi-Millionaire Report.
Other cities in South Africa that made the cut were Umhlanga which was ranked fifth and Central Sandrin which was ranked sixth.
Morocco also dominated the list of most expensive cities in the continent with Marrakech ranked fourth and Tangier ranked seventh.
Only Nairobi made the list in the East and Central African regions. Additionally, there was no Western African city that made it to the top ten.
Universally, Monaco in France was ranked as the most expensive city on earth with people paying ksh5.2 million per square metre.
Other cities that made it to the top 10 in the world include; New York City, London, Saint Jean Cap Ferrat, Sydney, Hong Kong, Paris, Los Angeles, Palm Beach and Miami Beach.
The top cities millionaires like to visit include; New York City, The Bay Area, Los Angeles, London, Beijing and Shanghai.
Residents of Nairobi walking around Moi Avenue in the CBD (left) and an aerial photo of New York City (right).