A report by New World Wealth has revealed that Kenya’s 4.3 trillion economy is controlled by a small clique of 8,300 super rich individuals. Of these, less than 30 of them control about 10% of the economy.
According to the report, Bidco CEO, vimal Shah tops the list with an estimated net worth of Sh144 billion ($1.7 billion). This translates to 36 per cent of the total Sh404 billion ($4.7 billion) worth of assets controlled by the elite club of 25. This is the second time that Vimal has topped the list of the richest Kenyans. Forbes had previously ranked him top in Kenya and number 18 on the list of the richest people in Africa.
Last year, a Nigerian publication ranked Manu Chandaria as the richest Kenyan with a net worth of $1.65 billion (Sh142 billion). Chandaria heads a steel producing company called Comcraft with a presence in over 4o countries. However, there is a thin line between Chandaria’s personal fortune and his family’s money.
One Mr Paunrana also makes the list of billionaires. He owns about 16 percent stake in ARM Cement which is currently worth Sh7.9 billion at the Nairobi Securities Exchange.
Equity Bank CEO James Mwangi also makes it to the list. His stake in the bank has added value from about Sh900 million a few years back to Sh5.8 billion now. He owns 4.88% of the bank, down from a 7.32 percent stake a few years back.
Equity Bank Chairman Peter Munga, also makes it to the billionaires’ list, but his wealth does not come from the bank alone. He is also a major shareholder at Britam Insurance Company.
Additional reporting by Business Daily