A new report released by the Central Bank of Kenya (CBK) has revealed how Kenyans in Diaspora make their money that at times run into millions of shillings.
Released on Thursday, January 20, the maiden Diaspora Remittances Survey indicated that the majority of youth make less than Ksh 200,000 income a year while the elderly make millions.
It further indicated that the youth attracted lower wages due to their relatively less experience than their elderly counterpart.
"Comparing income levels and age of the respondents, the Survey revealed that the majority of those earning annual incomes less than Ksh 226,000 (USD 2,000) are primarily young individuals with 45 per cent of them aged under 30 years.A file image of the Central Bank of Kenya in Nairobi.FileBusiness Daily
"This points to the likelihood that the younger the individual (hence less experience), the more likely they are to earn lower wages. Concomitantly, those who earn more than Ksh5.6 million (USD 50,000) are older respondents aged between 31 years old and 45 years old (60 percent)," read the statement in part.
The report further indicated that most of the individuals who earn less than Ksh 200,000 made most of their income in Asia, East Africa, Europe as well as the rest of Africa.
Those who earned more than Ksh5 million, on the hand, make most of their fortunes in Oceania, North America, Latin America and the Caribbean countries.
Individuals can make as much as Ksh22 million income per year.
The survey also showed that a majority of Kenyan workers in foreign countries made their money through Human Health and Social work activities which represents 12 per cent of the workers.
Other jobs undertaken by the workers include Finance and Insurance activities (10 per cent), Education (8 per cent), Professional, scientific and technical activities (8 per cent) and Information and communication (8 per cent).
Seven per cent of individuals surveyed noted that they were not employed while 6 per cent made their fortunes through international organizations and bodies.
The report further indicated that the amount remitted by Kenyans in diaspora rose from Ksh412 billion in 2020 to Ksh420 billion in 2021 which is equivalent to 3 per cent of Kenya's Gross Domestic Product (GDP).
Most of the remitted funds are largely sent to relatives in Kenya who are largely unemployed or undertaking studies.
"The key findings of the survey include: remittances are directed at family members, who are largely self-employed, unemployed or students.
"About half of the total remitted was allocated to: investment in real estate (land and buildings) for recipients, mortgage for senders and purchase of food and household goods," read the report in part.A graphic showing how Kenyans earn in Diaspora jobs.Kenyans.co.ke
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