Kenya is leading the African continent in the list newest of billionaires, according to Knight Frank’s 2019 data, creating anxiety over the ever-widening gap in income inequality in the Country.
The data from the 2019 edition of the Wealth Report also projected that the number of Kenyans worth more than 3 billion shillings is projected to grow by 24 percent in the next four years.
Kenya currently has 125 Ultra High Net worth Individuals (UHNWI) and this number is projected to rise to 155 as of 2023. 102 of the 155 UHNW individuals is expected to be in Nairobi County
“In Africa, Kenya leads the way, with 24 percent forecast growth by the end of 2023,” the Knight Frank report stated.
“This fits with more upbeat economic forecasts for Kenyan GDP in the coming years, yet risks remain to this economic outlook as the Government looks to narrow its fiscal deficit,” the Knight Frank report further stated.
The Knight Frank report also shows that South Africa is currently leading in the total number of billionaires. South Africa currently has 661 individuals who are worth more than 3 billion shillings.
Egypt and Nigeria come in at third position with 283 and 194 billionaires respectively.
Tanzania, Kenya’s neighbor has 88 billionaires while Uganda and Botswana have 22 each.
Africa continues to record the least number of billionaires clearly showing a lack of distribution of wealth in the continent with only 2050 billionaires. Africa has been ailing with all manner of vices that have for decades held its countries hostage. Corruption, nepotism, poor leadership, political instability, dictatorship and mismanagement of public funds are just but a few of the vices that have had the economy of African countries crumbling despite the overflow of minerals and tourist attraction sites.
Europe continues to lead the global count of billionaires currently at 70,627 individuals.