Kenya and China Tie on Global Millionaires List

  • President Uhuru Kenyatta with China's President Xi Jinping Twitter
  • Kenya and China have been ranked number six globally as countries that are most placed to produce new millionaires in the next five years.

    This is according to a report named High Net Worth Handbook 2019 by Global firm, Wealth -X.

    The report indicates that the two countries will experience a growth rate of 9.8 per cent each year, for the next five years, in terms of upcoming millionaires whom they termed as High Net Individuals.

    Global-x's list of Countries that will experience the highest number of new millionaires

    They defined high net worth individuals as people with a net worth of $1 million to $ 30 million.

    In Africa, Kenya comes third after Nigeria, whose millionaires are expected to increase by 16.3 per cent, and Egypt by 12.5 per cent.

    Global-X, in its report, goes on to list Kenya and Poland as the only countries in the top 10 that are not in any elite economic groups such as BRIC (Brazil, Russia, India and China), CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa) or MINT (Mexico, Indonesia, Nigeria and Turkey).

    Poland and Kenya are two surprising cases, as they are not included in any of the growing number of acronym grouping (BRICS, CIVETS, MINT, EAGLEs, TIMPs, etc) for emerging or growth-leading economies,” the report read.

    While coming up with the list, Wealth -X indicated that they considered individual wealth levels, population growth estimates and the anticipated investment opportunities in the countries.

    This comes even as Kenyans continue to raise alarm over the growing rate of external borrowing by the Government.

    China has been termed as one of the biggest lenders to Kenya.

    The Standard Gauge Railway, one of the Kenyan projects funded by China