A new wealth report shows that there are 908 high net worth individuals (HNWIs) in Kenya aged 40 and below.
The 908 are self-made dollar millionaires, with a net worth of at least $1 million (Sh113 million), including their primary residence, according to the Knight Frank 2022 Wealth Report.
This represents 27 percent of the country’s dollar millionaires population, which stood at 3,362 at the end of 2021 compared to 3,323 in 2020.
In the same period, the number ultra-high net worth individuals (UHNWIs), or persons with net worth of at least $30 million (Sh3.4 billion), fell by two to 88 from 90.
The growth of Kenya’s young and wealthy is attributed to entrepreneurship, with businesses around technology and digitization being named among the best routes to earn millions of dollars.
“The report clearly shows that wealth in Kenya is held by younger people who by their nature are going to be more entrepreneurial and that gives them the opportunity to be more flexible and take advantage of opportunities when they arise,” Knight Frank Wealth Report Editor Andrew Shirley told Citizen Digital.
“I have always been impressed by the high level of entrepreneurship in Kenya, having lived in Kenya before. You can see people creating money virtually out of nothing. Fortunes start from small seeds,” he added.
49 percent of Kenya’s HNWIs have their wealth in property, with development land leading in preference followed by private residences, hotels, retail and retirement homes. The individuals have also shown an increased interest in healthcare and agriculture, according to the report.
13 percent of the HNWIs have invested in crypto assets, 19 percent have overseas properties while six percent have investments in non-fungible tokens (NFTs).
The number of HNWIs and UHNWIs are expected to grow by 27 and 14 percent respectively in the next five years. Kenya is also tipped to produce two dollar billionaires (persons with a net worth of at least Sh113.85 billion) by 2026.
There was no bribes or…
There was no bribes or taking advantage of other
There was no bribes or…
There was no bribes or taking advantage of other
Come on why ru exposing us…
Come on why ru exposing us who r below 40.I know am number 302.Watu wadiaspora Mnaskia hio.My dairy cows and horticulture have put me on the list.Kindly visit Tigoni Papa P farm n enjoy home-made ice cream n hayride for the kids.Karibuni Limuru
This report is so fake and…
This report is so fake and stinks as it sounds! HUGE differing numbers between what KRA provides, what CBK data shows, and now what these Knight Frank clowns are telling us? Where are they sourcing there concocted data from? What is the whole point of these misleading stories??
How much of this wealth is…
How much of this wealth is legal?
Kenyan press addresses…
Kenyan press addresses murderers,thieves,drug lords and othe evil crooks as billionaires/millnares/tycoons etc.I wish the editors told the truth about the ilist wealth of these demons. I read another story of former policemen,now “billionaires”.They had listed expired muuaji Kanyotu(Wangui Ngerece’s father inlaw),the infamous goldenburg kingpin.Another is druglord Mwau,jambazi Wanjigi-the thug who is USED by kina Raila,Ruto,Uhuru,Kibaki etc to illegally charge Kenyans 15.% on every procurement including loans and jambazi Kulei who conned expired muuaji Moi 50-60% on everything he looted from hungry billionaire Kenyans.RISASI TU.
How many of these are…
How many of these are children of the bigwigs: from 1st family all the way to CAS PS and politicians?
Stupid priority!
The author…
Stupid priority!
The author should focus on numbers who can now afford three healthy meals per day, not on pubertal extravagance.
Where are our millionaires…
Where are our millionaires in Kenya Shillings.
Dollar is foreign. Why measure our wealth in foreigners currency? What happened to our currency?
We all know what time it is.
Change of season is here.
We just have to be patient!!
Because if you are a $$$…
Because if you are a $$$ millionaire, you are rich across the globe and can live anywhere in relative comfort. A million shillings doesn’t go that far, even in Kenya. On the other hand, if you are worth $1 million in Kenya, you are definitely wealthier than a person in the west worth the same amount – your money goes farther in Kenya. I’d bet you have more than $9000 in your bank accounts and up to 50x that much in your retirement accounts. Do you feel like a millionaire?. In Kenya, you would be a multi-millionaire.