Connect with us

Africa

306 more Kenyans rise to millionaires rank in a year

Published

on

An estimated 306 Kenyans rose to the rank of dollar millionaires last year, defying economic headwinds to grow their net worth above Sh100 million excluding their primary residences.

The 2019 Knight Frank’s Wealth Report also classified 9,482 Kenyans among the world’s High Net-Worth Individuals (HNWIs) in 2018, representing a three percent growth over the 2017 count.

Four Kenyans joined an elite group of super-wealthy persons called Ultra High Net-Worth Individuals (UHNWI) with a net worth of more than Sh3 billion, swelling their number to 125.

The Knight Frank report set to be released today projects that the number of wealthy Kenyans worth at least Sh100 million is set to grow further by 24 per cent over the next five years to 11,584 in 2023, as the super-rich continue to accumulate wealth.

“The forecast growth in ultra-wealthy people chimes with the findings of this year’s Attitudes Survey, which shows that the majority of UHNWIs expect their wealth to increase in 2019.”

Manufacturing, real estate and technology sectors were the biggest contributors to the number of new dollar millionaires.

Nairobi, the capital, is home to 82 of Kenya’s UHNWIs, with one of the fastest growth rate in the number of the super-rich in Africa.

READ ALSO:   Chris Kirubi Flown to US For Treatment

“In Africa, Kenya leads the way, with 24 percent forecast growth by the end of 2023. This fits with more upbeat economic forecasts for Kenyan GDP in the coming years, yet risks remain to this economic outlook as the government looks to narrow its fiscal deficit,” the wealth report says. “The number of ultra-wealthy people in the country is set to reach 155 in 2023, making up six percent of the total UHNWIs population in Africa.”

The Knight Frank report does not name individuals but other wealth reports have in the past singled out President Uhuru Kenyatta’s family, retired president Daniel arap Moi’s family and the late Cabinet minister Nicholas Biwott among Kenya’s wealthiest.

Business tycoons who have appeared in past wealth reports include Vimal Shah, Chris Kirubi and Manu Chandaria.

Source: Business Daily

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Africa

Digital media key to Africa’s growth story

Published

on

Mainstream media have been pushed to focus more on digital platforms since young people are changing the future of the industry.

Talking at the Kusi Ideas Festival in Kigali, Rwanda, on Monday, Nation Media Group Editorial Director Mutuma Mathiu said the platform had been altered to involve more computer-generated reports.

“The future of journalism is exciting. The use of specific devices to receive news is in its last stages. People will receive news from their fridges and all manner of gadgets,” Mr. Mathiu said.

“Journalism as an organized activity in truth-seeking, fact-checking and storytelling is becoming better because of converged technology.”

He, however, warned of social medial being mauled by a lot of fake news.

“We have seen social media being weaponised to rig elections and spread misinformation. People now prefer to pay for credible news,” Mr. Mathiu said

“Whatever form the media takes in the next 60 years, I hope we will continue to talk about the truth and hold leaders to account.”

The platform has changed focus giving social media a more significant say in democracy issues.

Ipsos Kenya Managing Director Aggrey Oriwo said media is going towards a personalized consumption stage, something that the mainstream media should embrace.

READ ALSO:   Kirubi’s company opens school for the super-rich in Nairobi
Continue Reading

Africa

Nairobi: Best African city to work in

Published

on

Expatriates have voted in Nairobi as the best African city to work in. According to Expat City Ranking 2019, the residents are friendly and fair weather.

Nairobi is the 45th best city to work in, as stated by a survey conducted by InterNations, the largest community for expatriates.

“About 82 percent describe the locals (Nairobi residents) as friendly and 62 percent find it easy to make friends. The local climate and weather has been a top highlight for expat life, with 91 percent of expats rating this factor positively compared to 59 percent globally,” the report said.

South Africa’s Johannesburg ranked 59th globally, Cape Town (65th) and Nigeria’s Lagos (79th).

The respondents also cited that Nairobi is easy to settle in ranking third worldwide behind Kuala Lumpur in Malaysia and Manama in Bahrain.

InterNations has more than 3.5 million members, surveyed over 20,000 respondents in 82 cities around the globe in the 2019 ranking.

 

READ ALSO:   VIDEO: Uhuru, Chris Kirubi take a tour of two Rivers Mall, launch ‘Eye of Kenya
Continue Reading

Africa

Plane with 17 passengers on board crashes in DRC

Published

on

A passenger plane with about 17 passengers on board crashed on Sunday in the city of Goma in eastern Democratic Republic of Congo, killing several people, the provincial governor’s office said.

The plane, operated by the local company Busy Bee, crashed during takeoff for a flight to the city of Beni, North Kivu Governor Carly Nzanzu Kasivita’s office said in a statement.

The number of fatalities was not yet clear.Busy Bee was not available for comment.Air accidents are relatively frequent in Congo because of lax safety standards and poor maintenance. \All Congolese commercial carriers, including Busy Bee, are banned from operating in the European Union.

A cargo plane departing from the same airport crashed an hour after take-off in October, killing all eight passengers.

By Standard

READ ALSO:   VIDEO: Uhuru, Chris Kirubi take a tour of two Rivers Mall, launch ‘Eye of Kenya
Continue Reading


Are you looking for a Church to fellowship in Atlanta Metro Area?

poapay3

Like us on Facebook, stay informed

NEWS TRENDING RIGHT NOW

2019 Calendar

satellite-communication1.jpg

Trending

error: Content is protected !!