Kenya has been ranked among African countries
with the highest number of billionaires as of 2018.
The 2019
Africa Wealth Report placed Kenya at position four in terms of the number of
individuals with a net worth of more than $10,000,000 (KSh1 billion).
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| Nairobi City |
The report
by AfrAsia Bank indicated that South Africa has the highest number of
billionaires in the continent (2,169) followed by Egypt (932), Nigeria (531),
Kenya (356) and Mauritius (196).
A majority
of the 356 Kenyan billionaires (73 percent) are based in Nairobi, putting the
Kenyan capital at position five in terms of cities with the highest number of
super-rich individuals behind Johannesburg, Cape Town, Cairo, and Lagos.
Kenyan
billionaires mainly earned their fortune from manufacturing, real estate, and
technology industries, according to the report.
“Kenya had a
difficult 2018, which saw Kenyan wealth down by around ten percent during the
year as the local stock market lost significant value.”
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| President Uhuru Kenyatta and his mother Mama Ngina Kenyatta at a past function |
“However, if
one looks over the long-term trend there is still quite positive with wealth
growth of 64 percent over the past ten years,” the report stated.
The study
defines wealth as the net assets of an individual that includes all assets like
property, cash, equities, and business interests less any liabilities.
The report
does not name the Kenyan billionaires but past wealth reports have placed
President Kenyatta’s family, retired president Daniel Arap Moi’s family and the
late Cabinet minister Nicholas Biwott among the country’s wealthiest.
Others are
businessmen Vimal Shah, Chris Kirubi and Manu Chandaria.
In eastern
Africa region, Kenya had the highest number of billionaires followed by
Ethiopia (154), Tanzania (99), Uganda (67) and Rwanda (30).
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