List of Kenyan Billionaires Shrinks - Report

  • President Uhuru Kenyatta (left) looks at the new currency notes as CBK Governor Patrick Njoroge looks on; June 1, 2019
    President Uhuru Kenyatta (left) looks at the new currency notes as CBK Governor Patrick Njoroge looks on; June 1, 2019
    PSCU
  • The number of Kenyan billionaires with more than Ksh3 billion wealth decreased in 2020 according to the Knight Frank Wealth Report. 

    The document seen by Kenyans.co.ke showed that the number had decreased to 90 from 106 in 2019. 

    Thought Knight Frank doesn’t reveal the identities of the wealthy individuals, Business Daily reported that among those who were able to retain their billionaire status include Chris Kirubi, James Mwangi, Vimal Shah, Baloobhai Patel, James Ndegwa, Andrew Ndegwa and John Kibunga Kimani.

    Kenyan business mogul Chris Kirubi strikes a pose.
    Kenyan business mogul Chris Kirubi strikes a pose.
    File

    Even faced with the pandemic, the report showed that ultra-high net-worth-individuals (UHNWI) had increased their philanthropic activities in 2020, with 89% directed towards healthcare and disease prevention.

    This came from the global clarion call for people to unite and help vulnerable societies survive the impact of the pandemic. 

    James Mwangi was on the news headlines for making a personal donation of Ksh300 million to Kenya’s Covid-19 fund.

    However, the report revealed that Covid-19 is by far the biggest current worry for the billionaires when it comes to creating and preserving their wealth.

    Frank Knight explained that many of the billionaires lost wealth when the valuation of private companies where they hold their wealth and properties took a dip in 2020. 

    According to data at the Nairobi Stock Exchange (NSE), investors registered losses amounting to Ksh 220 billion between the beginning of January and December 30.

    In the context of Africa, Kenya was a distant 4th in the number of ultra-high net-worth-individuals coming behind Nigeria (867), South Africa (742), and Egypt (583).  

    The future is looking up as the report predicts that by 2025, the number is likely to increase to 110. 

    Below is the list of top 20 richest Africans according to Forbes Africa 2020 Report.

    1. Aliko Dangote - Ksh1 trillion
    2. Nassef Sawiris - Ksh800 billion
    3. Mike Adenuga - Ksh770 billion
    4. Nicky Oppenheimer - Ksh770 billion
    5. Johann Rupert & family - Ksh650 billion
    6. Issad Rebrab & family - Ksh440 billion
    7. Mohamed Mansour - Ksh330 billion
    8. Abdulsamad Rabiu - Ksh310 billion
    9. Naguib Sawiris - Ksh300 billion
    10. Patrice Motsepe - Ksh260 billion
    11. Koos Bekker - Ksh250 billion
    12. Yasseen Mansour - Ksh230 billion
    13. Isabel dos Santos - Ksh220 billion
    14. Youssef Mansour - Ksh190 billion
    15. Mohammed Dewji - Ksh160 billion
    16. Aziz Akhannouch - Ksh170 billion
    17. Othman Benjelloun - Ksh140 billion
    18. Michiel Le Roux - Ksh130 billion
    19. Strive Masiyiwa - Ksh110 billion
    20. Folorunso Alakija - Ksh100 billion
    Knight Frank Kenya Managing Director Ben Woodhams during the launch of the Wealth Report 2021
    Knight Frank Kenya Managing Director Ben Woodhams during the launch of the Wealth Report 2021
    File