306 More Kenyans Join Dollar Millionaires Club

At least 306 Kenyans joined the exclusive dollar millionaires club in 2018, a new report shows.

This group defied economic headwinds to grow their wealth above Sh100 million ($1,000,000), their primary residences excluded.

The 2019 Knight Frank’s Wealth Report shows that 9,482 Kenyans made it to the list of the world’s High Net-Worth Individuals (HNWIs) in 2018.

This represents a three percent growth in the number of Kenyan HNWIs from the previous year.

The report further shows that four Kenyans joined an elite group of Ultra High Net-Worth Individuals (UHNWI).

This club is made up of individuals with a fortune of over Sh3 billion, increasing their number in Kenya to 125.

The Knight Frank report projects that the number of Kenyans worth Sh100 million and above will grow further by 24 percent over the next five years.

This means by 2023, 11,584 Kenyans would have accumulated a wealth of more than Sh100 million

“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.” the report reads.

The report lists manufacturing, real estate and technology sectors as the biggest contributors to the number of new dollar millionaires.

“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."