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Kenya ranked fourth among Africa’s dollar millionaires

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By Judith Gicobi

According to a report by research firm New World Wealth and Henley & Partners, which assists high-net-worth persons in obtaining residence or nationality through investments, Kenya is placed fourth in relation to the number of dollar millionaires.

Kenya has 8,500 people with a net worth of over $1 million(Sh115.7 million), states a report by Africa Wealth 2022.

The study’s estimate of Kenya’s dollar millionaires is much greater than previous estimates, showing the complexity in identifying the rich in Africa.

Kenya has 3,323 dollar millionaires. This is according to the latest Knight Frank Wealth Report.

The Africa Wealth Report 2022 was based on information obtained by New World Wealth as well as Henley & Partners’ database of high-net-worth persons, which included mostly CEOs, directors, founders, and partners.

According to Henley’s first wealth report, South Africa has the most dollar millionaires with 39,300, second being Egypt (16,900) and Nigeria (10,000).

Kenya has risen to fourth place among those with a net worth of $10 million (Sh1.1 billion). Nigeria (510), Egypt (880), and South Africa (2,080) and Kenya 340 such persons .

The research was unable to name a Kenyan dollar billionaire. The nation’s limited billion-dollar assets are dispersed among multiple family members, making it difficult to identify single ultra-wealthy individuals.

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