Expensive Vehicles bought by a Kenyan Politician in 2017 TWITTER
The Wealth Report 2019 by Knight Frank has revealed that an estimated 306 Kenyans rose to the ranks of dollar millionaires over the past year.
In the latest, findings, it was also established that the highest number of these dollar millionaires came from the manufacturing, real estate and technology sectors.
The report also indicated that the country had 9,842 Kenyans among the world’s High Net-Worth Individuals (HNWIs) in 2018, representing a 3 per cent growth from the 2017 count.
Additionally, four Kenyans joined the elite group of the super-wealthy individuals or rather the Ultra High Net-Worth Individuals (UHNWI), with a net worth that is more than Ksh3 Billion, making the number increase to 125.
The report further projects that the number of Kenyans worth Ksh100 million and above is set to increase by 24 per cent in the coming five years to reach 11,584 by 2023.
Kenyan money pictured
Nairobi has 82 of the UHNWIs in the country and is considered to be one among the fastest growing areas of Africa with regards to the number of super-rich people.
Part of the report read, “In Africa, Kenya leads the way, with 24 per cent 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 number of ultra-wealthy people in the country is set to reach 155 in 2023, making up 6 per cent of the total UHNWIs population in Africa,” outlined the report.
The Knight Frank report also offers information about the situation in Kenya’s neighbouring East African countries.Uganda had 33 new dollar millionaires in the past year making its total to reach 1,639 while Tanzania had 187 millionaires making its total to reach 7,616.
Classy cars at the annual Nairobi Auto Festival in 2015
Kenya, however, lagged far behind South Africa, which had 1,816 new dollar millionaires making a total number of 52,926 new HNWIs.
Kenya’s rate of adding dollar millionaires does not correlate with the undesirable and hard economic times that the country has been facing over time, especially in the past three years.
The country also experienced a fall in corporate profits over time, which has led to many citizens losing their jobs.
The Knight Frank Wealth Report was established based on findings of responses gathered from 600 private bankers and wealth advisers managing wealth for UHNWI clients amounting to over Ksh3,000 trillion.