Kenya Ranked Fourth In Africa’s Dollar Millionaires Rank

Kenya has emerged fourth in terms of the number of dollar millionaires, according to Africa Wealth Report 2022, by New World Wealth and Henley & Partners.

The report comes after the Knight Frank Wealth Report indicated that there were 3,323-dollar millionaires in Kenya.

The report indicates that 8,500 Kenyans have a net worth of over 115.7 million shillings, behind Nigeria (10,000), Egypt (16,900), and South Africa (39,300).

“Notably, South Africa is home to over twice as many millionaires as any other African country, while Egypt has the most billionaires on the continent,” the report says.

Kenya is fourth again in terms of those with a net worth of $10 million (Sh1.1 billion) or more. The country has 340 such individuals, behind Nigeria (510), Egypt (880), and South Africa (2,080).

However, the country has not recorded any dollar billionaires, unlike Egypt (7), South Africa (5), Nigeria (4), Morocco (3), as well as Tanzania and Angola, which have one each.

Nairobi was ranked the sixth richest city on the continent with a total private wealth of $48 billion. the report noted that South Africa has the wealthiest cities In Africa – Johannesburg which is the wealthiest, with a total private wealth of US$239 billion, and Cape town city, which has a total private wealth of US$131 billion.

Cairo, Lagos, Durban, and Umhlanga took the third, fourth and fifth positions respectively.

In terms of total wealth held by citizens, Kenya was ranked fifth with $91 billion (Ksh10.5 trillion), behind Nigeria ($228 billion) Egypt ($307 billion), and South Africa ($651 billion).

“Total wealth refers to the private wealth held by all the individuals living in a country, including all their assets (property, cash, equities, and business interests) less any liabilities. We exclude government funds from our figures,” the report says.

Kenya is eighth as measured by the wealth of the average citizen. Wealth per capita in the country stands at $1,700 (Sh197,000), underlining the gap between ordinary citizens and the super-rich.

Mauritius is the richest in Africa with a wealth per capita of $34,500, followed by South Africa ($10,970), Namibia ($9,320), Botswana ($7,880), and Morocco ($3,380), Egypt ($3,000) and Ghana ($1,890).

The total private wealth held in Africa is expected to rise by 38% in the next 10 years, reaching US$3 trillion by 2031, with a 60% growth rate expected in several African countries including ​​Mauritius, Rwanda, and Uganda. A 50 percent growth rate is expected in Kenya, Morocco, Mozambique, and Zambia.