The number of tycoons in Kenya, those who will be at least 3 billion shillings worth, is expected to rise to 110 by the year 2025.
Kenya has 90 people whose net worth is at least 3.3 billion shillings according to the latest report by Knight Frank. The number is less by 16 compared to what was reported at the same time in 2019. This has been attributed to the COVID-19 pandemic.
The truth is the number of billionaires in Kenya is more than the number quoted, especially if we bring politicians into question. The only problem is it is always hard to tell how rich they are for they fear disclosing for fear of being branded corrupt.
According to Knight Frank, the number of tycoons in Kenya, those who will be at least 3 billion shillings worth, is expected to rise to 110 by the year 2025 banking on the rebounding of the economy as the war against COVID-19 intensifies.
COVID-19 disrupted economies around the world. African economy was hard hit coupled with lockdowns, cessation of movements, and the collapse of businesses. 88 percent of billionaires in Africa say the pandemic remains their greatest worry.
The majority of Kenyan billionaires have invested in real estate. The real estate sector one among the worst hit by the pandemic. Some have invested in the hotel industry. Many hotels collapsed in 2020 due to the Covid-19 pandemic.
At the same time, according to Knight Frank, 17 percent of ultra-high-net-worth individuals (UHNWIs) in Kenya are planning to buy a new home in 2021 with Kenya as their most popular destination, followed by the UK, US, South Africa, and Canada.
“The Wealth Report confirms a clear rise in demand for residential property as wealthy Kenyans look to buy a new home this year,” Ben Woodhams, Knight Frank Kenya MD, said.
Kenyan billionaires are also becoming increasingly interested in Retirement & Development land (38%), Residential private rented sector (PRS) (33%), Agricultural (29%), Healthcare & Retail (25%), and Offices (21%).