180 Kenyans became dollar millionaires last year bringing the number of Kenyans with net-worth of over USD5M to 1,290

Data from the Wealth Report indicates that there was a 16.2 per cent growth in the number of the super-rich from 1,110 recorded in 2016.

According to a new report by Knight Frank's, the country created 180 new dollar millionaires in 2017, growing the number of persons with a net-worth of over Sh500 million shillings to 1,290.

According to the report, out of the 1,290 dollar millionaires, 90 were worth Sh5 billion with less 10 individuals estimated to have a net-worth of over Sh50 billion.

The number of wealthy Kenyans worth at least Sh500 million is also set to grow further by 74 per cent over the next five years to 2,070 in 2022.

According to 2017 Africa Wealth Report, Kenyans are among the wealthiest people in the continent and the country is ranked at position 9 with a wealth per capita of Sh227, 000 ($2,200).

Knight Frank’s 2018 wealth report shows that Nairobi’s population of the super-rich grew at the fastest rate in 2017, beating its peers in the region.

A majority of wealth advisors in the country (81 per cent) say they expect their clients’ net worth to increase in 2018 compared to five per cent who expect it to decline.

“This expectation of increased wealth underlines the confidence that Kenyan high net worth Individuals have in the future economic performance of the country,” said Ben Woodhams, Managing Director at Knight Frank Kenya on Thursday.

In 2017, 40 Tanzanians entered the club of dollar millionaires worth over Sh500 million, taking the country’s total to 250.

Retail, finance, banking and investment, industrial business and manufacturing were the top sectors generating wealth for these Kenyans.

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