Report: There are 42 billionaires in Kenya each worth over Sh3 billion

Kenyan currency
New Kenyan Currency. [Photos courtesy]

Kenya is a country for the rich; it has a whopping 42 billionaires according to a recent report released by Knight Frank.

In the report titled Wealth Report list of African States, the 42 billionaires in Kenya are worth over 30 million US dollars which translates to a net worth of Sh3.07 billion each. They place Kenya in the fourth position in Africa.

The report indicated that the club for the wealthy in Africa is led by South Africa which has 1,033 individuals ranked as billionaires, Nigeria with 723 people followed by Morocco in the third position with 215 extremely wealthy people.

Globally, the US topped the list of the wealthiest people in the world. The US had a ranking of 240,575 individuals while China came in second with a total of 61,587 individuals followed by Germany with 23,087 people and lastly, France in fourth position 18,776 individuals.

Worldwide, the number of wealthy people spiked in 2019 by 6 percent to hit a high of 513,244 individuals which was a 31,000 increase from past years.

“Economically, 2019 was outwardly a tumultuous year, with the International Monetary Fund reducing its forecast for global GDP growth from 3.5 percent in January 2019 to just 2.9 percent in January 2020 – a ten-year low. Despite this, the world’s UHNWI population – those with a net worth of US$30 million or more – rose by 6.4 percent, according to our new Wealth Sizing Model,” part of the report stated.

Knight Frank in the report envisaged that in the next five years, India will have a growth of 73 percent of ultra-high net worth individuals while Egypt will have (66%) and Vietnam (64%) and Tanzania (54%).