Nairobi hosts over 80 billionaires- Report

An estimated 306 Kenyans rose to the rank of dollar millionaires in 2018, defying economic headwinds to grow their net worth above Sh100 million excluding their primary residences.

The 2019 Knight Frank’s Wealth Report also classified 9,482 Kenyans among the world’s High Net-Worth Individuals (HNWIs) in 2018, representing a three percent growth over the 2017 count.

Four Kenyans joined an elite group of super-wealthy persons called Ultra High Net-Worth Individuals (UHNWI) with a net worth of more than Sh3 billion, swelling their number to 125.

The Knight Frank report set to be released today projects that the number of wealthy Kenyans worth at least Sh100 million is set to grow further by 24 per cent over the next five years to 11,584 in 2023, as the super-rich continue to accumulate wealth.

Manufacturing, real estate and technology sectors were the biggest contributors to the number of new dollar millionaires.

Nairobi, the capital, is home to 82 of Kenya’s UHNWIs, with one of the fastest growth rate in the number of the super-rich in Africa.

“In Africa, Kenya leads the way, with 24 percent forecast growth by the end of 2023. This fits with more upbeat economic forecasts for Kenyan GDP in the coming years, yet risks remain to this economic outlook as the government looks to narrow its fiscal deficit,” the wealth report says. “The number of ultra-wealthy people in the country is set to reach 155 in 2023, making up six percent of the total UHNWIs population in Africa.”

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