Report reveals number of billionaires in Kenya & their spending habits

The report estimates the total private wealth held by Nairobians is Sh5.7 Trillion

Nairobi City skyline.

A report by the New World Wealth and Henley & Partners has listed Nairobi as the 5th city with the wealthiest individuals in Africa after Johannesburg, Cape Town, Cairo, Lagos and Durban & Umhlanga cities.

The report estimated 12 Kenyans are currently worth over $100 million (Sh12 billion), those worth $10 million (Sh1.2 billion) are estimated to be 260 and those worth Sh120 million ($1 million) to be 5,400.

Kenya did not register any dollar billionaires with the total private wealth in the city estimated to be Sh5.7 Trillion ($48 Billion).

Notably, South Africa is home to over twice as many millionaires as any other African country, while Egypt has the most billionaires on the continent.

The report described Nairobi as the economic hub of East Africa and one of the fastest-growing cities in the world.

The ‘Big 5’ wealth markets -South Africa, Egypt, Nigeria, Morocco and Kenya - account for over 50% of Africa’s total private wealth.

Total private wealth refers to the wealth held by all the individuals living in a country.

Nairobi billionaires have built homes in posh estates such as Runda Estate, Lavington, Kitisuru, Karen and Muthaiga.

Some of the major industries they have invested in include financial services, real estate, tourism, media, clothing, textiles, processed foods, beverages and cigarette manufacturing.

When it comes to spending on luxury, many of the high net worth individuals spend their money on tourist destinations such as Marrakech in Morocco, Cairo in Egypt, the Serengeti in Tanzania, Sharm El Sheikh in Egypt, the Masai Mara in Kenya, Livingstone in Zambia and the Okavango Delta in Botswana.

Gorilla safaris in the Virunga Mountains in Rwanda and the Bwindi Forest in Uganda are also popular.

South Africa is home to the largest luxury market in Africa by revenue, followed by Kenya and then Morocco.

"Major components of this include luxury hotels and lodges, cars, clothing and accessories, watches, private jets and yachts,” the report stated.

High-net-worth individuals are also known to drive some of the most luxurious cars on the market.

According to the report, some of the most sought-after luxury cars loved by wealthy people include the Range Rover, Porsche Cayenne, Mercedes GLE, BMW X6, Bentley Bentayga, Rolls-Royce, Lamborghini Urus, and Aston Martin all of which have been spotted in Nairobi.

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

  1. Sameer Naushad Merali - Sh89.5 billion
  2. Bhimji Depar Shah - Sh85 billion
  3. Jaswinder Singh Bedi - Sh77 billion
  4. Uhuru Kenyatta - Sh60 billion
  5. Mahendra Rambhai Patel - Sh48 billion.

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