Kenya Leads Africa in List of New billionaires

By Virginia Mwangi / March 7, 2019




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.

Related Content





More Articles From This Author








Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE

ARCHIVES

2019
  • January 2019 (256)
  • February 2019 (216)
  • March 2019 (287)
  • April 2019 (254)
  • May 2019 (221)
  • 2018
  • January 2018 (291)
  • February 2018 (219)
  • March 2018 (278)
  • April 2018 (225)
  • May 2018 (238)
  • June 2018 (178)
  • July 2018 (257)
  • August 2018 (249)
  • September 2018 (256)
  • October 2018 (287)
  • November 2018 (285)
  • December 2018 (187)
  • 2017
  • January 2017 (183)
  • February 2017 (195)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (206)
  • July 2017 (190)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (166)
  • February 2016 (165)
  • March 2016 (190)
  • April 2016 (143)
  • May 2016 (246)
  • June 2016 (183)
  • July 2016 (271)
  • August 2016 (249)
  • September 2016 (234)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (166)
  • April 2015 (109)
  • May 2015 (117)
  • June 2015 (121)
  • July 2015 (150)
  • August 2015 (157)
  • September 2015 (189)
  • October 2015 (170)
  • November 2015 (174)
  • December 2015 (208)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950