Report reveals number of Kenyans worth over Sh100 million

The number of dollar millionaires has increased while the number of Kenyans worth Sh3 billion reduced

Jaswinder Singh Bedi, President Uhuru Kenyatta and Bhimji Depar Shah

The 2022 Knight Frank annual wealth report has been released, showing the number of wealthy individuals in Kenya.

The report categories wealthy Kenyans into high net worth individuals who are valued at $1 million (Sh113 million) and ultra-high net worth individuals valued at $30 million (Sh3.4 billion).

According to the data which is obtained from private bankers and wealth advisors, there are about 3,362 Kenyans worth over Sh113 million, up from 3,323 in 2020.

Kenyans who are valued at Sh3.4 billion and above decreased from 90 in 2020 to 88 in 2021.

According to Knight Frank Kenya MD Ben Woodhams, many young ultra-high-net-worth individuals (UHNWI) below the age of 40 years are generating their own wealth in areas such as blockchain technology, metaverse among other emerging technology.

For the first time As part of our attitude survey, we asked respondents about young wealth, to find out how many individuals under 40 years old created their own wealth, the level is higher than the global average, this shows that young entrepreneurs in Kenya are well placed to take advantage of such opportunities,” he said during the release of the report.

Over a quarter of Kenya's 3,362 dollar millionaires are applying for a second passport or new nationality.

This rising trend of ‘nationality planning’ from our own wealthy is highly focussed as a route to best-in-class investments, education, and healthcare, with property investments making up a significant component of that investment,” he explained.

In 2019, the Central Bank of Kenya revealed that 99.3 percent of bank accounts in Kenya have deposits of less than Sh1 million, showing the wealth inequality.

Two years after the pandemic which led to a crippled economy, the figures could have changed significantly.

A 2022 report by Oxfam International revealed the 5 richest families in Kenya and an estimation of their worth.

In the report, published by Business Daily, Sameer Naushad Merali and his family are said to be worth Sh89.5 billion holding the top spot.

A close second is the family of Bhimji Depar Shah which is said to be worth Sh85 billion.

Naushad Merali was the patriarch of the Merali family and died in July 2021 leaving his wealth under his son Sameer.

The family is involved in real estate, telecommunications, manufacturing and banking.

Bhimji Depar Shah, is a Kenyan businessman, industrialist, and entrepreneur. He is the founder and current chair of BIDCO Group of Companies, a Kenya-based, family-owned manufacturing conglomerate with businesses in 13 African countries.

In 2015 Forbes reported that he was worth Sh79 billion, which has now increased to Sh85 billion.

The family of Jaswinder Singh Bedi was listed third by Oxfam with a net worth of Sh77 billion.

Mr Bedi is a renowned industrialist in Kenya, a leading exporter, international trade negotiator and operative.

President Kenyatta was ranked fourth with an estimated Sh60 billion, though Oxfam clarified that his wealth was tied to his family’s assets.

The Kenyatta family owns stakes in a variety of industries, including banking, milk processing, transportation, media, hotel, and land development.

Closing the list at number five is the family of Mahendra Rambhai Patel wich is worth Sh48 billion.

The family owns Ramco Group, a conglomerate with interests in print, hardware, manufacturing, office supply and property sectors.

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