Africa Wealth report 2019 published by Mauritius based AfrAsia Bank has ranked Kenya the fourth African country with the highest number of super wealthy people.
South Africa was ranked top with 2,169 billionaires living in the country in 2018 while Egypt came second with 932 and Nigeria had 531 billionaires in the same year.
According to the report which was released in September 2019, the individuals are said to have net assets of above $10 million ( KSh 1 billion), Business Daily reported.
Kenya was reported to have a total of 356 billionaires who lived in the country in 2018.
Despite the advent of devolution which was supposed to make resources available across the country, Nairobi is still Kenya’s financial capital.
While the bulk of the Kenya billionaires made their wealth from the manufacturing, real estate and technology sectors, Nairobi accounted for 73% of Kenya’s billionaires.
The report shows wealth held by Kenyans increased by 64% over the past decade, but reckon the riches took a knock in 2018 following loss of the market value of the Nairobi Securities Exchange.
“Kenya had a difficult 2018, which saw Kenyan wealth down by around ten percent during the year as the local stock market lost significant value,” said the report.
“However, if one looks over the long-term trend there is still quite positive with wealth growth of 64% over the past ten years,” the report stated.
The country’s capital was ranked at number 5 in cities grading because Johannesburg and Cape Town at number one and two are both in South Africa.
“We expect Nairobi to break into the top five wealthiest cities in Africa soon possibly replacing Lagos which has been slipping down on the list,” said AfrAsia Bank.
Kenya was, however, top in eastern Africa followed by Ethiopia which had 154 billionaires, Tanzania (99), Uganda (67) and Rwanda (30).
The study describes wealth as the net assets of a person that includes all assets like property, cash, equities, business interests less any liabilities.
The report does not name individuals but other wealth reports have in the past singled out President Uhuru Kenyatta’s family, retired president Daniel arap Moi’s family and the late Cabinet minister Nicholas Biwott among Kenya’s wealthiest.
Business tycoons who have appeared in past wealth reports include Vimal Shah, Chris Kirubi and Manu Chandaria.
Do you have a groundbreaking story you would like us to publish? Please reach us through email@example.com or WhatsApp: 0732482690. Contact Tuko.co.ke instantly