Kenya Added 306 More Millionaires In 2018

By  |  March 6, 2019

An estimate of 306 Kenyans rose to the rank of dollar millionaires last year, which indicates that they beat the odds of the economic wavers. According to the 2019 Knight Frank’s Wealth Report, these East Africans grew their net worth above KES 100 Mn (USD 1,000,100) excluding their primary residences.

The new report also classified 9,482 Kenyans among the world’s High Net-Worth Individuals (HNWIs) in 2018, indicating that the number represents a three percent growth over the count of the previous year. According to the report, four Kenyans joined an elite group of the super wealthy monikered to be Ultra High Networth Individuals (UHNWIs) with a net worth of more than KES 3 Bn (USD 30,003,000), increasing their number to 125.

The fresh-from-the-stables research projects that the number of wealthy Kenyans worth no less than  KES 100 Mn is ready to grow by a further 24 percent over the next five years to 11,584 in 2023, even so as the super-rich continue to amass multiplicities of dollars.

A statement in the report said: “The forecast growth in ultra-wealthy people chimes with the findings of this year’s Attitudes Survey, which shows that the majority of UHNWIs expect their wealth to increase in 2019.”

Among the sectors that factored into the rise of this new league of millionaires, manufacturing, real estate and technology were the most significant contributors. Nairobi, the Kenyan capital, is home to 82 of Kenya’s UHNWIs, with what is one of the speediest growth rates in the number of Africa’s most successful.

“In Africa, Kenya leads the way, with 24 percent forecast growth by the end of 2023. This fits with more upbeat economic forecasts for Kenyan GDP in the coming years, yet risks remain to this economic outlook as the government looks to narrow its fiscal deficit,” the wealth report read. “The number of ultra-wealthy people in the country is set to reach 155 in 2023, making up six percent of the total UHNWIs population in Africa.”

While the Knight Frank report does not mention any names of millionaires, the body’s past releases have named President Uhuru Kenyatta’s family, ex-President Daniel Arap Moi’s family and the late Cabinet Minister Nicholas Biwott as some of the East African country’s wealthiest. Also in the past, business tycoons such as Vimal Shah, Kirubi, and Manu Chandaria have made the report. The previous releases have indicated that there are formidable linkages between politics and accumulation of wealth.

Featured Image: Face2FAce Africa

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