Kenya has less than 10 individuals worth more than Sh50 billion

Kenya has less than 10 individuals worth US$500 million (Sh50 billion) or more, a report by Knight Frank has revealed.

The report says that Kenya’s population of individuals worth at least US$5 million (approx. Sh500 million) in net assets rose to 1,290 in 2017, a 16.2 percent increase from 1,110 in 2016. The 2018 report adds that out of the 1,290 individuals, 90 are worth US$50 million (Sh5 billion) or more.

The report sheds light into high inequality rates in Kenya. According to an Oxfam report published in December 2017, less than 0.1 percent of the population (8,300 people) own more wealth than the bottom 99.9 percent (more than 44 million people). The richest 10 percent of people in Kenya earned on average 23 times more than the poorest 10 percent.

The report further stated that the number of super-rich in Kenya is one of the fastest growing in the world. “It is predicted that the number of millionaires will grow by 80 percent over the next 10 years, with 7,500 new millionaires set to be created”, it added.

In Africa, South Africa has the highest number of individuals with assets valued at US$5 million or more, followed by Egypt with 4,180. Nigeria has 3,730 individuals in this wealth bracket, Tanzania 250, Zambia 140, while Uganda has less than 100.

The Knight Frank report added that the number of Kenya’s dollar millionaires worth at least US$5 million is expected to grow by 60.5 percent over the next five years to 2,070 in 2022, which will be the second fastest growth in Africa behind Nigeria’s 74 percent to 6,500 individuals.

Africa had a total of 22,970 individuals in the US$5m+ wealth band in 2017, which was a 7 percent increase over 2016. The continent had a total of 1,190 individuals worth at least US$50 million, holding total wealth estimated at US$245 billion.

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