Kenyans among the wealthiest people in Africa

Kenya's super rich don't mind blowing billions of shillings to enjoy the good life....

According to this year's Africa Wealth Report, Kenya is ranked at position 9 with a wealth per capita of Sh227, 000 ($2,200).

Kenya is followed closely by its neighbors, Tanzania and Uganda which came in position 13th and 15th with about Sh123, 000 and Sh103, 000 respectively.

Thanks to a fairly stable economy and friendly policies, Kenya has over time position itself as an attractive business destination, charming multinational companies to set their base in the country.

The study defines wealth per capita as the average wealth of a person living in each country, excluding what the government lays claim to.

The wealthiest people on the continent

Mauritians and South Africans are the wealthiest people on the continent in per capita terms.

The average wealth of a person living in Mauritius is Sh2.65 million ($25,700) while that of a South African is around Sh1.2 million ($11,300), the Africa Wealth Report states.

Zimbabweans, with a wealth per capita of around Sh20,000 ($200), were found to be the poorest of the countries examined in the study.

South Africa is the most popular destination for Africa's super-rich, with about 15,000 millionaires visiting the country annually.

The Wealth Report is backed by Mauritius-based lender AfriAsia Bank and New World Wealth - a global market research think tank.

Once dependent on sugar exports, Mauritius has over the years wean itself off agricultural products by building a strong financial services sector and a thriving tourism industry, factors that have contributed to better livelihoods in the country.

In order for Kenya to climb up and rival the likes of South Africa it has to diversify its economy and move away from solely depending on Agriculture and Tourism.

Updating its mining policies following by a substantial investment in the mining sector followed by opening up its vast largely untapped blue economy is a good place to start.


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