356 Kenyan Billionaires Make Headlines, Here's Why
The 2019 Africa Wealth Report has shed light on Kenya’s ballooning class of the super-rich.
The study ranked Kenya fourth in terms of the number of people worth more that Ksh1 billion.
South Africa led with 2,169 billionaires, Egypt followed with 932, Nigeria 531 and Kenya’s 356 super-rich individuals put the country on the map.
Despite the advent of devolution which was supposed to make resources available across the country, Nairobi is still Kenya’s financial capital.
Nairobi registered 73 percent of the wealthy asserting dominance over other 46 devolved units.
The country’s capital was ranked at number 5 but experts expect it to climb higher than Lagos, which was said to be on a downward trend.
Industries that were reported to be minting money for the Kenyan billionaires include manufacturing, real estate and technology.
Over the past ten years, the wealth of Kenya’s super rich has grown by 64 percent despite experiencing a tough 2018.
“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.
“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.
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