Former Safaricom CEO Michael Joseph reveals surprising facts about his networth

Being the longest-serving executive at Kenya’s most profitable company, many Kenyans would expect that former Safaricom chairman Michael Joseph is one of the wealthiest business titans in the country.

Far from it. In a recent sitdown with Business Daily, Michael Joseph explained that he did not have an appetite for wealth or material things, listing some of his major personal assets.

Despite witnessing Safaricom grow from an initial capital of Sh2 billion to now being worth, Sh1.7 trillion, a large portion of Michael’s assets are held as shares in the firm, unlike many executives who own real estate and collect houses, cars and other material possession.

Michael Joseph Safaricom announces Michael Joseph as interim CEO following Bob Collymore's death Pulse Live Kenya

“I have been an employee all my career. I have not invested in companies and made a fortune of any kind. Where you make money in a company like Safaricom or Vodafone is that you get allocated shares based on your performance then at some point you can sell those shares,” he said candidly.

“Basically, that’s all I’ve had. I don’t have a fortune. I have one house which I bought which is in West Wales and I have a flat in London and those are my total assets,” he added.

READ: Safaricom replaces Michael Joseph as board Chair

The business titan sold some of his Safaricom shares to finance his dream beachfront home in West Wales.

He disclosed that he lives in a rented house in Lewa, Meru and only drives one car. The outgoing chair also hinted that it dawned on him that he will never drive his dream car; a Ferrari.

Michael Joseph Safaricom interim Chief Executive Officer (CEO) Michael Joseph Pulse Live Kenya

“There is no fortune. People talk about a shamba or a ranch in Laikipia, but I don’t have one. I have a home in Lewa, which I rent from the landowner. Money is useful, of course. We all need to live and eat but I’ve not been one to try to be very rich.

“I will never be rich. I will never own a yacht. I will never own a Ferrari, which is my lifetime ambition to own a Ferrari. I just drive an Audi,” he revealed.