Kenya adds 180 individuals worth Sh0.5bn in net assets

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.

According to The Wealth Report’