Number of Kenyan Billionaires Drops as Kenya Ranks 4th in Africa – Wealth Report

March 5, 2020

The number of Kenya’s ultra-high net worth individuals (UHNWIs) dropped to 42 last year from 48 in 2018. These are individuals who are worth more than Sh3 billion ($30 million).

At the same time, Kenyan billionaires who are worth over Sh1 billion (HNWIs), have dropped by 499 from 3,399 to 2,900. This is according to the annual Knight Frank’s global wealth report released on Wednesday.

The report by the property consultants also indicates that 9,600 other Kenyans belong to an exclusive club of ultra-rich.

With 42 UHNWIs, Kenya emerged fourth in the continent after South Africa(1,033 HNWIs), Nigeria (724) and Morocco (215).

Globally, Kenya holds position 113 in a list topped by the United States(240,575 HNWIs), China 61,587 people, Germany(23,078), and France (18,776).

According to the report, the number of ultra-high net worth individuals (UHNWIs) rose by 6% to 513,244, meaning more than 31,000 UHNWIs were created globally last year.

The report notes that 67 percent of Ultra High Net Worth Individuals (UHNWI) in Kenya are now interested in ESG (environmental, social, governance) policies of companies they invest in.

Kenyan billionaires are also interested in healthcare and retirement property for commercial real estate investment in 2020.

Kenya’s UHNWIs are expected to grow by 14 percent in five years, while the global UHNWI population is expected to swell by 27% to 650,000 by 2024.

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