9 March 2018

Kenya: Nairobi Records Highest Number of New Millionaires

Photo: Daily Monitor
An overview of the Central Business of Nairobi City.

Kenya created 180 new dollar millionaires in 2017, growing the number of persons with a net-worth of over Sh500 million to 1,290.

According to a new report, the tough economic times that prevailed due to biting drought and an extended electioneering period did not slow down individual wealth growth among a select few.

Data from Knight Frank's Wealth Report indicates that there was a 16.2 per cent growth in the number of the super-rich from 1,110 recorded in 2016. According to the report, out of the 1,290 dollar millionaires, 90 were worth Sh5 billion with less 10 individuals estimated to have a net-worth of over Sh50 billion.

The number of wealthy Kenyans worth at least Sh500 million is also set to grow further by 74 per cent over the next five years to 2,070 in 2022.

Knight Frank's 2018 wealth report shows that Nairobi's population of the super rich grew at the fastest rate in 2017, beating its peers in the region.

During the year, 40 Tanzanians entered the club of dollar millionaires worth over Sh500 million, taking the country's total to 250.

Retail, finance, banking and investment, industrial business and manufacturing were the top sectors generating wealth for these Kenyans.

A majority of wealth advisors in the country (81 per cent) say they expect their clients' net worth to increase in 2018 compared to five per cent who expect it to decline.

"This expectation of increased wealth underlines the confidence that Kenyan high net worth Individuals have in the future economic performance of the country," said Ben Woodhams, Managing Director at Knight Frank Kenya on Thursday.

Kenya

No More DNA Tests For Children in Paternity Disputes

Children whose paternity is disputed will no longer need to be subjected to DNA tests so as to be included as… Read more »

See What Everyone is Watching

More From: Nairobi News

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.