By Staff Reporter,
Nairobi KENYA
Kenya has been ranked fourth in Africa with individuals
worth over 30 million US dollars.
This translates to Sh3
billion.
According to Knight
Frank's global wealth report, 42 individuals in the country have a net worth
over Sh3 billion.
South Africa is leading
the continent with 1,033 such individuals followed by Nigeria 724 and Morocco
215.
The report notes
that Kenya's wealthiest are generating a new league of angel
investors showing a surge in direct investments into new and growing businesses.
Two thirds of the
wealth managers surveyed in Kenya reported that their high net worth and ultra-high
net worth clients increased their private equity investments in 2019.
This jump in investment
to support the growth of Kenya’s innovative young businesses came as more than
two-thirds of the country’s wealthy also reported an increase in their interest
in philanthropic activities, and in ethical investments.
The biggest increases
in investments were in equity investments through the stock market.
“The survey points a
sharp rise in social and environmental awareness by the country’s wealthy as
reflected in their investment strategies and behaviours,” Managing director Ben
Woodhams said.
The shift coincided
with a general move in investments towards lower risk holdings, with Kenya’s
wealthy increasing their holdings of bonds, gold and cash.
Managers reported the
wealthy were most worried about the impact of global economic uncertainty,
followed by poor governance, and Brexit.
As a result, two-thirds
of the wealthy investors had reduced their holdings of now volatile
cryptocurrencies, while holding their investments broadly static in property
and collectibles, such as works of art.
The wealthy also
indicated an exceptional rise in interest in action on climate
change as a cause.
The surge in
philanthropic interest by Kenya’s wealthy marked a stronger rise than in South
Africa but ties with a growing trend across Africa’s super rich ‘giving
back’ by driving development and improved welfare in their own nations.
No comments:
Post a Comment