The annual wealth report by Knight Frank and CFC Stanbic has revealed that only ten Kenyans control assets worth more than Sh500 Billion.
According to the report which highlighted the number of the country’s extremely rich, another 10 Kenyans joined the top league of individuals whose assets are valued at more than Sh5 Billion last year.
This report revealed that the number of these rich Kenyans raised to 90 which is impressive compared to previous years.
Currently, Kenyans who are worth more than Sh500 Million are 1,290, which is a 16 percent increase from the previous year.
[caption caption="Knight Frank Kenya MD Ben Woodhams, CfC Stanbic Bank's head of wealth and investments Anjali Harkoo and Knight Frank Africa chairman Peter Welborn"]
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Some 180 new individuals in 2017 joined the exclusive dollar millionaire club and are estimated to be worth more than Sh500 Million even though the country experienced economic setbacks after the prolonged election period.
The report noted that 59 percent of the super-rich individuals invested in the real estate sector while 27 percent own property outside the country.
The findings also stated that the number of dollar millionaires in the country rose putting Kenya in the spotlight with the widening gap between the rich and poor.
A different report had placed Kenya in sixth place among countries in sub-Saharan Africa leading in the predominance of extreme poverty.
Kenya outdid her East African neighbours in the number of dollar millionaires and individuals who have joined the billionaires' club with the numbers expected to rise in the next five years.
[caption caption="Kenyan slums"]
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A majority of the dollar millionaires reside in Nairobi, followed by Mombasa while the rest are dispersed across the country.
