Kenya’s secret list of Billionaires revealed

dennis kibet

July 10, 2017 3:06 PM

The list contains over 100 billionaires who many Kenyans are not familiar with.

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The Kenya Revenue Authority released a list of the top taxpayers’ list that revealed Kenya’s silent billionaires who many are not familiar with.

According to the taxman, most of the net worth for the over 100 billionaires appears to have grown only recently.

According to the Nation, topping the list of these “silent millionaires” are KPMG’s chief executive, Josphat Mwaura, Ernst & Young’s CEO, Gitahi Gichahi and Philip Kinisu, the former chairman of the ethics and anti-corruption commission.

Others are SportPesa chairman Paul Ndung’u and Andrew Ndegwa.

Ndegwa holds shares worth more than Sh1 billion in NIC Bank alone.

Three women have also made it to the wealthy list.

They include Lucy Mwiti and Faith Mwikali.

Auditors have taken a huge chunk of the rich list giving prominence to the profession among Kenyans.

Among those from the auditing profession who have made it to the list of high-net-worth professionals include Philip Muema, Geoffrey Karuu, Peter Anchinga, Gulamhusein Fakrudin, Patrick Kamau, Brian Disouza and Jacob Gathecha.

Other notable professions who contribute to the list are doctors and lawyers.

These billionaires now join the list of the more notable wealthy individuals such as stock market billionaire investor Baloobhai Patel, businessman Naushad Merali (Sameer Investments chairman), Bharat Thakrar (Scangroup CEO) as well as industrialists Narendra Raval (Devki Group chairman) and Pradeep Paunrana (ARM Cement CEO).

Patel stock market assets is reported to be over 3 billion with stakes in Carbacid Investments, Barclays Bank of Kenya and Diamond Trust Bank.

Thakrar on the other hand retains over one billion shillings at Scangroup.

Mr Paunrana holds shares worth about Sh1.8 billion in ARM Cement.

Mr Raval's wealth is derived mainly from the Devki Group, the conglomerate that manufactures steel, cement and roofing sheets.

dennis kibet