Kenya Is The “Best” African Country For The Ultra-Wealthy Individuals

They say that Kenya is a nation thriving on the wheels of controversies and ironies. There are less than 1 percent who are stinking rich and the more than 99 percent who are struggling to put something on the table.

Kenya is now the “best” African country for the rich to live, invest and hide their wealth without having to worry about tomorrow.

Currently, Kenya is the world’s fourth country with a growing population of ultra-wealthy individuals, growing at 93 percent and the first one in Africa.

In 2018, according to a Wealth Report published by Knight Frank, Kenyans whose net worth was over 1 million US dollars excluding their primary residence increased by 306 individuals.

It is not easy to rank millionaires in Kenya since the majority of them are politicians who fear to declare their wealth publicly for fear of being subjected to scrutiny over the source.

Data compiled by GlobalData WealthIsight showed that the number of dollar millionaires in Kenya spiked to 9,482 in 2018, an increase of 3.3 percent from 9,176 in 2017.

The number is projected to grow by 22 percent to 11,584 individuals over the next five years to the year 2023.

Out of the 9,482 high net worth individuals in Kenya, 125 of them were ultra-high-net-worth individuals whose net worth was 30 million US dollars and above, excluding their primary residences.

Also Read:

• Kenya Now Wants China to Investigate Empty Parliament-bound Container
• Stats Show Poverty is Reducing in Kenya: What is the Reality on the Ground?
• Kenya Makes First Oil Deal Worth Ksh 1.3Bn as Details Remain Top Secret
• Why You Need A Personal Financial Audit to Make Wealth

Nairobi, the capital city of Kenya is home to most of the ultra-wealthy individuals who have at least 3 billion shillings and above. 82 of them live within Nairobi and the number is projected to grow to 102 individuals over the next five years.

Sectors that generated wealth for individuals in Kenya were:

• Financial sector – 17 percent
• Technology and telecommunications – 15 percent
• Retail, fashion and luxury goods – 11 percent
• Transport and logistics – 7 percent
• Basic materials – 6 percent

Again, politicians are missing on the list. In Kenya, the easiest way to joining the league of millionaires and billionaires is through holding political positions.

Top countries in the world where the rich reside 

• Vietnam
• India
• China
• Kenya
• Australia
• Russia
• United Arabs Emirates (UAE)
• Hong Kong
• Singapore
• South Africa
• The United Kingdom
• United States of America
• Brazil
• Monaco
• Saudi Arabia
• Switzerland

Among the top 16 countries in the world where the super-rich are comfortable to live, there are only tow African countries; Kenya and South Africa.