Kenya number four in Africa’s dollar millionaires

Economy

Kenya number four in Africa’s dollar millionaires


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Kenya has been ranked fourth in terms of the number of dollar millionaires, according to a report by analysis firm New World Wealth and Henley & Partners. PHOTO PHOTO | NMG

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Summary

  • The population of Kenya’s dollar millionaires in the survey is significantly higher than estimates in other reports, indicating the difficulty of tracking the wealthy in Africa.
  • The latest Knight Frank Wealth Report put the number of Kenya dollar millionaires at 3,323.
  • South Africa has the highest number of dollar millionaires with 39,300, followed by Egypt (16,900) and Nigeria (10,000), according to Henley’s first prosperity report.

Kenya has been ranked fourth in terms of the number of dollar millionaires, according to a report by research firm New World Wealth and Henley & Partners, which helps high-net-worth individuals acquire residency or citizenship through investment.

Africa Wealth Report 2022 indicates that Kenya has 8,500 individuals with a net worth of over $ 1 million (115.7 million Sh).

The population of Kenya’s dollar millionaires in the survey is significantly higher than estimates in other reports, indicating the difficulty of tracking the wealthy in Africa.

The latest Knight Frank Wealth Report put the number of Kenya dollar millionaires at 3,323.

Africa Wealth Report 2022 comes from intelligence gathered by New World Wealth as well as Henley & Partners’ database of people with high net worth, which mainly consists of people with the title of director, CEO, founder and partner.

South Africa has the highest number of dollar millionaires with 39,300, followed by Egypt (16,900) and Nigeria (10,000), according to Henley’s first prosperity report.

Kenya is again fourth compared to 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).

Kenya is ranked fifth in relation to the population of individuals with a net worth of at least $ 100 million (Sh11.5 billion), also known as centi-millionaires.

The country had 15 such individuals, after Morocco (22), Nigeria (28), Egypt (57) and South Africa (94).

The report could not identify a Kenya-based dollar billionaire. The few billion fortunes in the country are spread over several family members, making it difficult to single out self-sufficient ultra-rich individuals.

Egypt leads with seven dollar billionaires, followed by South Africa (five), Nigeria (four) and Morocco (three).

In terms of wealth held by private citizens, Kenya has $ 91 billion (Sh10.5 trillion) and is in fifth place. South African citizens have the largest total wealth with $ 651 billion, followed by Egypt ($ 307 billion) and Nigeria ($ 228 billion).

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

Kenya ranks eighth in terms of the average citizen’s wealth. The wealth per. per capita is $ 1,700 (Sh197,000), underscoring 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), Morocco ($ 3,380), Egypt ($ 3,000) and Ghana ($ 1,890) dollars).

Economic viability and population size are key determinants of average prosperity.

A highly populated country with a weak economy will have a low wealth per capita. per capita, while a small rich nation has a high average wealth.

This led, for example, to Kenya beating Nigeria, whose fortunes per capita. per capita was $ 1,100 (Sh127,500).

Despite being the largest economy on the continent, Nigeria was also surpassed by South Africa in the population of dollar millionaires and billionaires.

Kenya’s capital Nairobi was ranked as the sixth richest in Africa with a total private fortune of $ 48 billion (5.5 trillion Sh).

The wealth of the country has traditionally been concentrated in Nairobi, which has hosted government operations and most industries and financial institutions since independence.

The introduction of decentralization in 2013 is expected to reduce the concentration of wealth in the capital. Mombasa is number two in the country and number 23 in Africa with $ 7 billion (Sh811 billion) in private wealth.

Africa’s two richest cities are in South Africa. Johannesburg is the richest with a total private wealth of $ 239 billion, followed by Cape Town with a total private wealth of $ 131 billion.

The report says the population of the wealthy in Kenya and other African countries is expected to grow significantly in the coming years, fueling the pursuit of cross-border investment, residence permits and citizenship.

“New World Wealth has predicted a healthy growth rate of 38 percent for Africa over the next decade, and more East African countries stand out – with over 60 percent growth expected in Uganda and Rwanda by 2031, and over 50 percent in Kenya and Zambia.” it says in the report.

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