Kenya is one of the richest countries in East Africa and is home to several multi-billionaires. Although most of them have appeared on continental or international lists of wealthy people including Forbes Magazine, some of the richest families have chosen to keep a low public profile.
According to a previous Oxfam International report, the gap between the richest and poorest has reached extreme levels in Kenya.
Less than 0.1 per cent of the population (8,300 people) own more wealth than the bottom 99.9 per cent (more than 48 million people). The richest 10 per cent of people in Kenya earned an average 23 times more than the poorest 10 per cent.
Here are three of the wealthiest families in Kenya with interests in different sectors of the economy but keeps a low public profile.
Philip Ndegwa Family
The Ndegwas are associated with what is commonly referred to as old money in Kenya and are ranked among the wealthiest families in the country. The family patriarch, Philip Ndegwa's fortune attracted the attention of Forbes Magazine who phoned the now defunct Economic Review Magazine in Nairobi to confirm if indeed he was the first Kenyan to bank a billion shillings.
His vast wealth - traversing almost all sectors of the economy - has been passed on to his children. His sons, James and Andrew Ndegwa, have widely invested in sectors such as agriculture, manufacturing, banking and transport.
The family has stakes in ICEA Lion Insurance, NCBA Bank, Riverside Park and Ambank. According to Forbes, the Ndegwa's net worth is approximately Ksh141.6 billion.
Bhimji Shah Family
Bhimji Depar Shah’s family tree germinated from Bhimji Depar Shah, a Kenyan businessman of Indian origin born in Mombasa. He is also an industrialist and an entrepreneur. He has two sons namely Tarun Shah and Vimal Shah. His family owns Bidco Africa Group.
He ventured into business while still a teenager. He relocated to Nyeri where he established a petrol station.
He founded Bidco in 1970 for the purpose of producing garments. In 1991, he ventured into manufacturing edible oils and opened a plant in Thika. The firm has over 5,000 staff.
According to Forbes annual ranking of Africa’s richest men in 2015, the family ranked 31st on the continent with a net worth of around Ksh354 billion.
Joshua Kulei Family
He was one of the longest serving the late President Daniel Moi’s personal assistant. He acquired his wealth when he handled Moi’s financial and business tasks. For instance, he represented Moi in over fifty companies both locally and internationally.
Some of the investments under his name include a palatial residence in London, United Kingdom from where his children attended school.
He also had bank accounts in Luxembourg that he held in trust for Moi’s confidential banking. Some properties he acquired jointly with Moi include Sian flowers, Ngata flower farms and houses in London.
He also acquired expansive chunks of land and invested heavily in agriculture, real estate, hospitality, tourism and banking sectors.
His investments are spread across the country and overseas. Some of the notable investments include stakes in Stanbic Bank, Trade World Kenya and Bamburi Cement.
