Young people who are not inheriting wealth from rich families have joined the millionaires class according to the latest report released.
The latest installment of Knight Frank Wealth Report indicated that twenty seven per cent of Kenyans who have joined the dollar millionaires club are young people.
The figure translates to 803 youths who are self-made millionaires, indicating emerging opportunities for them in the country where the lucky few have previously relied on bequeathed wealth.
The report further detailed that the number of Kenyans with a net worth of at least Ksh113.9 million grew by 39 in 2021 from 3,323 in 2022. That brought the latest figure to 3,362.
Most young people made their money through investing in Information and Communications Technology (ICT) and other business ventures.
The growing number of millionaires are also made money in Kenya's technology sector especially in fintech, with their key focus ranging from digital payments, loans, and insurance to share trading and cryptocurrency.
They also earned big by offering digital solutions in agribusiness, health, and logistics, helping establish Kenya as East Africa’s hi-tech hub.
Their businesses attract huge funding from venture capitals and different private organisations helping them grow and amass wealth.
“Taking into account those aged under 40 who have created their own wealth rather than inherited it…the level of entrepreneurial wealth is higher in Kenya than the global average of 22 percent, especially when you consider the wealth is being created in sectors such as in technology, metaverse and blockchain," stated Andrew Shirley, the editor of the wealth report.
The report and data from Disrupt Africa indicate that funds from venture capitals and other private entities hit Ksh33.3 billion. 87 Kenyan technological companies benefiting from the funds.
This follows a similar trend used by World's richest individuals such as Jeff Bezos who founded Amazon and Mark Zuckerberg, the brains behind Facebook.
Also the push to invest in tech has been necessitated by the growing number of tech firms investing in the country including Google, Nokia, IBM.
These firms have helped young people horn their skills and transform them into money creating opportunities.
Also the country's education system has helped young millionaires have a competitive advantage over their peers from other East African countries.
In the employment sector, only top executives, lawyers, doctors, and accountants are among the few professionals who can build up a net worth exceeding Ksh109 million from their salaries.
By the end of 2020, the report indicated that most people had invested in property, with the bulk of this in land and private residential property.
However, the report did not reveal names of young individuals who had made it to the millionaires club.
