Kenya Only Big 5 African Economy Without Dollar Billionaires

Despite competing favorably against the traditional African economic powerhouses, Kenya is the only country in the top 5 wealthiest countries list that doesn’t boast of having a USD billionaire within its ranks.

While South Africa (5), Egypt (6), Nigeria (4) and Morocco (3) can point to a couple of its people who are worth USD1 billion or more, Kenya can only throw the centi-millionaires  (USD100 million) tag while sitting at the table of men.

This is captured in The AfrAsia Bank Wealth Report 2019 which reveals that sixteen people in Kenya are worth USD100 million or more.

Conversely, 340 Kenyans are worth USD10 million or more while 8,600 people can stake claim to USD1 million.
This brings the country’s total wealth to USD93 billion (Ksh9.5 trillion). Total wealth refers to the private wealth held by individuals living in a country excluding government funds.

AfrAsia Bank’s report also ranks Kenya as the most resilient market in the continent on account of its steady 10-year wealth growth at a time the International Monetary Fund (IMF) has cut the country’s projected economic growth to 5.6% in September from the 5.8% issued in April.

Read: Forget the Dim Economic Outlooks, Kenyans Buying Porsches and Bentleys for Fun

The report describes Kenya’s economy as the most capable of withstanding any difficulties including prolonged election cycles and hails its 64% growth between 2008 and 2018.

“Kenya had a difficult 2018 when wealth was down by around 10% during the year as the stock market lost significant value. However if one looks over the long term, the trend is still quite positive. This shows that Kenya is still probably the most resilient market in Africa among the traditional Big 5,” reads the report. 

During the period under review, South Africa’s economy grew 13% while Morocco’s economy recorded a 5% growth rate.

Nigeria (-4%) and Egypt (-10%) both recorded negative growth rates which is an indicator that while Kenyans are concerned about the state of the economy, investors are still not hesitating to put their money in the country.

AfrAsia Bank’s report further ranks Kenya ninth in the list of Africa’s wealthiest countries per capita at 1870USD (Ksh193,432). Wealth per capita refers to national income divided by population size.

See also: The Rich Get Richer as 125 Kenyans Worth Sh30 Billion

Nairobi is ranked the sixth wealthiest capital in the continent by total wealth.


Latest

Borrowers Tie Lenders in Web of Litigation as Defaults Rise

In early June, Equity placed TransCentury and East Africa Cables under receivership after declining a request to write off over Ksh2.8 billion ($20 million) debt owed by TransCentury Plc and another Ksh1.948 billion owed by its subsidiary.

SasaPay To “Pay SMEs To Get Paid” Via New Cash-Back Model

SasaPay has introduced a new cash-back model designed to...

Gor Mahia Fan Who Correctly Predicted 15 Out of 17 Games Wins Millions

The 30-year-old, also an avid follower of English Premier League giants Manchester United, came close to the grand prize of Ksh334,783,843 SportPesa Jackpot.

In Race for African Leadership Award, Ruto Faces Tough Opposition

Among the contenders of the prestigious African of the Year award is Kenya’s President William Ruto, who will be battling it out with President Hakainde Hichilema of Zambia and Prof. Benedict Okey Oramah, President of Afrexim Bank.

Follow Us

Newsletter

Don't miss

Safaricom To Power Tusker OktobaFest Beer Festival

Safaricom’s involvement in OktobaFest as a technology and payments partner will focus on fostering seamless in-festival connectivity, empowering the youth and Gen Z community through Safaricom Hook, and powering digital payments through M-PESA.

Music Producers Launch Organization To Streamline Recording Industry

Recording Industry of Kenya (RIKE) was launched on 9th October 2023. Registered in 2022 as a not-for-profit organization, RIKE aims to promote the collective interests of producers of sound recordings in the country.

Nairobi’s Hero Bar Listed Among World’s 50 Best Bars

World Best Bars: Hero Bar in Nairobi continues to climb the list, moving up six places to No.62 and Johannesburg’s Sin + Tax comes in at No.94. Dubai new entry Ergo is at No.69 and Melbourne’s Byrdi has re-entered the list at No.61.

Kenyan DJs Face Off In Smirnoff Battle Of The Beats Season 3

The Smirnoff Battle of the Beats Season 3, a DJ competition, is poised to unleash an unprecedented musical frenzy countrywide.

The Highs And Lows Of Betty Kyallo, Sisters Show As Season 2 Ends

Kyallo Kulture has always been, above all, about sisterhood, and in Season 2 we have witnessed the charm of it - the ups that gave us wholesome moments as the sisters led by Betty Kyallo spent time together.

DStv Beats CNN, BBC To Become Most Admired Media Outlet In Africa

DStv, MultiChoice Group’s leading broadcast service, has been named...

MultiChoice Revises Subscription Fees For DStv, GOtv

MultiChoice has announced price adjustments on some of their...

Octopizzo: How I Make My Money

"I've been doing this for 12, 13 years. It reaches a point where you no longer need to prove that you can make a hit record," he stated.

New Spotify EQUAL Artist Qing Madi Talks Music and Dreams

Heavily influenced by her cultural background and the lyrical arrangements of Kendrick Lamar, the versatile Nigerian prodigy is shaping the future of music with her unique genre-bending fusion of Afrobeats, Pop, Soul and R&B.

Bob Collymore Immortalized in New Festival

The late Collymore was famous for his love for jazz and even initiated the Safaricom Jazz Festival, which saw several of the world's biggest Jazz artists perform in Nairobi.

Borrowers Tie Lenders in Web of Litigation as Defaults Rise

In early June, Equity placed TransCentury and East Africa Cables under receivership after declining a request to write off over Ksh2.8 billion ($20 million) debt owed by TransCentury Plc and another Ksh1.948 billion owed by its subsidiary.

SasaPay To “Pay SMEs To Get Paid” Via New Cash-Back Model

SasaPay has introduced a new cash-back model designed to empower business owners to reduce costs and bolster profitability by receiving compensation for collecting payments...

Gor Mahia Fan Who Correctly Predicted 15 Out of 17 Games Wins Millions

The 30-year-old, also an avid follower of English Premier League giants Manchester United, came close to the grand prize of Ksh334,783,843 SportPesa Jackpot.

LEAVE A REPLY

Please enter your comment!
Please enter your name here