Ways to Become a Millionaire in 2023

A file image of someone counting Kenyan money
Kenya introduced new currency notes in 2019.
AJ Kenyan Safari

The new year is already on, and everyone wants to make some extra coins.  What about those who want to join the millionaires' club?

Well, there are ways a Kenyan can easily become a millionaire despite the tough economic situation that has engulfed the country.

Kenyans.co.ke looked at three ways you could easily become a millionaire.

It should be noted that while the following ways can make you a millionaire, you must conduct due diligence before investing your hard-earned cash.

A file image of a political rally in Kenya
A file image of a political rally in Kenya

Investing in politics

This involves joining politics by vying for an elective seat or joining politics by virtue of association with elected leaders.

According to a British Broadcasting Corporation (BBC) report, Kenyan parliamentarians are among the world's best-paid politicians.

The Salaries and Remuneration Commission (SRC) pegged the monthly pay for President and the Deputy President at Ksh1.44 million and Ksh1.2 million, respectively, while Members of Parliament take home Ksh710, 000.

Most career politicians in Kenya are millionaires without having ever ventured into corporate employment.

Former Vice President Musalia Mudavadi, in October 2022, while being vetted for the position of the Prime Cabinet Secretary, announced his net worth was Ksh4 billion.

“If I take my investments in shares in some companies and also the properties that I own, I’d put my net worth at about 4 billion shillings,” Musalia told National Assembly Committee on Appointments.

There are also plum positions that one can get by having a close relationship with elected leaders.

On Sunday, January 1, Cleophas Malalah, currently not holding any political seat, posted pictures of his multi-million house and hinted to his close association with Kenya Kwanza as the key to success.

"Kenya Kwanza administration sits well for upcoming companies to deliver not just houses to Kenyans but jobs too," the former senator boasted while flaunting his house.

An image of the interior of former Kakamega Senator Cleophas Malala's palatial ome in Makunga, Kakamega County. .jpg
An image of the interior of former Kakamega Senator Cleophas Malala's palatial ome in Makunga, Kakamega County.
Cleophas Malalah

Investing in land

A Kenyan can buy land in an upcoming suburb cheaply and sell it for a profit to real estate developers.

There are Kenyans who made millions by buying land cheaply in Rongai, Kiserian, Joska, Malaa and other areas in Kenya and then selling the land for millions.

If you have idle land in a prime area, you can lease it and make quick cash instead of selling it.

Many Kenyans in Kakamega made a fortune by leasing their land to Ksh 200 billion Mwale Medical and Technology City (MMTC) in Butere.

Become Tenderpreneur

Currently, several tenders are being dished out by different tiers of government.

You can bid for a tender from the county or the national government.

While appearing for the deputy presidential debate in July 2022, Deputy President Rigathi Gachagua stated he was worth Ksh800 million. The DP become a millionaire before joining politics, having been in public service for years.

The majority of his wealth was through tendering with different government ministries.

Gachagua also told Kenyans that tendering process is a legal way of acquiring wealth.

"If you have a tender, you win and you come to me and say I have this tender of Ksh20 million, I need Ksh15 million, can you lend it to me and I give it to you and you do the tender, when you are paid, you pay me back it's not a crime," the DP justified.

One can also bid for tenders being availed in the private sector.

Cutting on expenditure

One of the quickest ways of becoming rich is by cutting expenses, especially luxuries. Spend strategically.

Kenyans who want to be rich need to live a minimalist lifestyle where they live within their budget and avoid unnecessary expenditure.

"It is true that if you have more disposable income, it’s easier not to overspend, but it is also worth noting that most millionaires have frugal spending habits," advises Faron Daugs, a certified financial planner.

Another way of cutting your expenditure is developing a habit of paying yourself first, also known as reverse budgeting.

Reverse budgeting is when your budget is based on your savings goals rather than your spending and expenses. 

Derek Thompson, in an article published by The Atlantic, sums up the mentality of creating a millionaire culture by remarking, "The poor spend relatively more on what will keep them alive, because they must, and the rich spend more on what will keep them rich, because they can."

Supermarket shelves in Kenya
A photo of Supermarket shelves.
Royal Indian Grocery