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306 more Kenyans rise to millionaires rank in a year

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

“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

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Africa

Kenyans are the most generous people

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Despite the erupting cases of corruption, news of murders and updates of hopelessness that litter social media pages, Kenyans remain the happiest people in East Africa.

According to the 2019 survey released by the UN Sustainable Development Solutions Network on Wednesday, Kenya outperformed East African nations when parameters of happiness were measured using global standards.T

he report that was released to mark the World Happiness Day bases its ranking on six key variables: gross domestic product per capita, social support, healthy life expectancy, freedom to make life choices, generosity and freedom from corruption.

This year’s focus was on how community affects happiness, how it has been changing over the years, and how information technology, governance and social norms influence communities.

Social systems

The chief researcher John Helliwell had an explanation for what makes countries like Kenya happy despite the many sad events that dominate their news.

“What stands out about the happiest and most well connected societies is their resilience and ability to deal with bad things,” said Helliwell.

Interesting to note from the survey is that social systems in Kenya seem to be crumbling. Compared to the 2018 report, more Kenyans responded in negative when asked: “If you were in trouble, do you have relatives or friends you can count on to help you whenever you need them?”

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

source:standard.co.ke

 

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Africa

PHOTOS: Uhuru all smiles in Namibia as drought crisis persists in Kenya

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President Uhuru Kenyatta led a high-powered delegation to attend Namibia’s independence day celebrations, despite the raging drought crisis in the country.

Pictures shared on the State House social media accounts show the head of state and those on his entourage all smiles during the celebrations that were held at the Independence Stadium in Windhoek.

President Uhuru Kenyatta arrives at the Independence Stadium in Windhoek to Namibia’s independence day celebrations. PHOTO | COURTESY

“President @UKenyatta arrives at the Independence Stadium in Windhoek to join the people of Namibia for celebrations to mark 29 years of their country’s independence,” read the caption.

Some of those in his delegation included his daughter Ngina, personal assistant Jomo Gecaga, ministers Monica Juma (Foreign Affairs), James Macharia (Transport) and Mwangi Kiunjuri (Agriculture), among others.

President Uhuru Kenyatta is welcomed at the Independence Stadium in Windhoek to Namibia’s independence day celebrations. PHOTO | COURTESY

At least 10 people have been reported dead as a result of the drought that has hit a number of counties.

The worst-hit are Baringo, Turkana and West Pokot.

Senior government officials, including Deputy President William Ruto, Interior CS Fred Matiang’i and his Devolution counterpart Eugene Wamalwa have, however, claimed that no Kenyan has died from starvation. They say the situation is under control.

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

SOURCE: Nairobi News

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Africa

Zambia High Commissioner dies while receiving treatment in Nairobi

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Zambia High Commissioner to Kenya, Her Excellency Brenda Muntemba-Sichilembe has died.

The 49-year old High Commissioner has been receiving treatment since she was involved in a fatal road accident at Machakos on February 26.

Foreign PS Macharia Kamau has confirmed the death.

Ms Muntemba-Sichilembe was initially admitted at the Machakos Level 5 Hospital, and then flown to Nairobi and operated on to stem internal bleeding where she was admitted in Intensive care unit (ICU).

Prior to her appointment to this role, she served as Chief Program Officer at UNESCO in Zambia.

More to follow…

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