Billionaires set to double as Kenya’s rich-list grows

Kenya will mint more dollar-millionaires faster than any other country in the East African region over the next decade, a new Wealth Report 2015 indicates.

Individuals with more than Ksh91 million in the country could almost double over the next 10 years, growing from 8,764 in 2014 to 15,249 by 2024, representing a 75% jump. The small group but growing elite of super – wealthy Kenyans, is putting the country top on the continent’s rich list. These are super – rich dollar millionaires who control about half of the country’s wealth.

It is projected that the population of ultra-high net worth individuals (UHNWI) will grow by 82% over the next decade to 209 in 2024. The country’s UHNWI reached 115 last year with 32 individuals having crossed the Ksh9 billion worth. “There is a high concentration of wealth in Kenya because it is a regional hub,” said Knight Frank Kenya MD Ben Woodhams, who conducted the WealthInsight research for the Wealth Report.

He said Kenya’s ultra-wealthy have been investing in oversees property in the past and have now started focusing inwards, raising their stakes in the local property market. “Real estate is the world’s primary investment of choice for the wealthy and Kenya is no exception.” However, neighbouring Tanzania is set to record a faster increase in super-rich individuals, doubling from 78 in 2014 to 156 by 2024.

Uganda, on the other hand, features on the list of top 100 countries predicted to grow their UHNWI numbers with her UHNWI numbers expected to swell to 35 by 2014, a 67 per cent growth from 21 in 2014. Its dollar – millionaire population was 1,556 in 2014 and is set to increase to 2,523 by 2024. The study also revealed that the population of Africa’s super rich expanded to 1,932 in 2014.

UHNWIs in Africa – those with at least Ksh2.7 billion in assets – will increase by 59% over the next 10 years, faster than the 34% projected global growth. Ivory Coast and Tanzania are the two African states in the global 10 list of countries predicted to grow their UHNWIs by 100% or more over the next decade.