Nairobi, Kenya – Kenya’s population of individuals worth at least US$5 million (approx. Sh500 million) in net assets rose to 1,290 in 2017, a 16.2% increase from 1,110 in 2016, according to data provided by Wealth-X for the Knight Frank Wealth Report 2018.*
Out of the 1,290 individuals, 90 are worth US$50 million (Sh5 billion) or more. However, Kenya has less than 10 individuals worth US$500 million (Sh50 billion) or more.
The number of Kenya’s dollar millionaires worth at least US$5 million is expected to grow by 60.5% over the next five years to 2,070 in 2022, which will be the second fastest growth in Africa behind Nigeria’s 74% to 6,500 individuals. Africa had a total of 22,970 individuals in the US$5m+ wealth band in 2017, which was a 7% increase over 2016. The continent had a total of 1,190 individuals worth at least US$50 million, holding total wealth estimated at US$245 billion.
In Africa, South Africa has the highest number of individuals with assets valued at US$5 million or more, followed by Egypt with 4,180. Nigeria has 3,730 individuals in this wealth bracket, Tanzania 250, Zambia 140, while Uganda has less than 100.