Ultra High Net Worth Individuals (UNHWIs) living in Kenya reduced from 48 in 2019 to 42 in 2020, according to the annual global wealth report released by real estate and investment firm Knight Frank.
The annual report ranked countries in Africa based on UNHWI population, with Kenya falling behind South Africa, Nigeria and Morocco.
To be considered an Ultra High Net Worth Individual (UNWHI), one's known assets must be worth at least $30 million (Ksh3 billion).
The Knight Frank report forecasted a 14% increase in UNHWIs living in the country between 2019 and 2024.
In Africa, South Africa tops the list with 1,030 ultra-rich individuals while Nigeria has 724.
Morocco is ranked third with 215 UNHWIs, with a forecast predicting a strong 35% increase by 2024.
The United States has the highest number of ultra-rich individuals globally with 240,575.
The figure represents more UNHWIs than Europe and Asia have combined.
China was ranked second with 61,587 people while Germany was placed third with 23,078 individuals. France was fourth with 18,776 rich.
Referred to as the global wealth sizing model, the criteria used by Knight Frank involved collating data from multiple sources.
The 2019 edition of the Wealth Report had revealed that there were 8,600 individuals in Kenya worth over $1 million (Ksh100 million).
It further disclosed that the country had 340 individuals worth more than $10 million (Ksh1 billion).
Only 16 individuals were worth over $100 million (Ksh10 billion).
Nairobi registered 73 percent of the wealthy beating 46 other devolved units.
Watch a video on the wealth report from Knight Frank below: