Super-rich Individuals in Kenya saw their wealth drop significantly as the value of their assets declined for the first time in five years according to The Knight Frank’s Wealth Report.
The report attributes a turbulent 2019, a year of relatively hard economic times in the country, which resulted in a drop in corporate profits as the reason why there was loss of wealth that saw extremely wealthy individuals also reduce by six. The Six Kenyans dropped from an elite group of super-wealthy persons known as Ultra High Net-Worth Individuals (UHNWI) with a net worth of more than Sh3 billion, cutting their number to 42.
“The drop in number of dollar millionaires was a reaction to the slowdown of the Kenyan economy,” says Andrew Shirley, one of the researchers behind the Wealth Report.
According to the wealth report, those with between Sh100 million and 900 million are 500 Kenyans with an estimated 499 individuals dropping from the rank of dollar millionaires last year.
The report Ranks Kenya as fourth in the list of African States’ super-rich with individuals in the list worth at least Sh3.07 billion (US$30 million) each.
The Knight Frank report does not name individuals but other wealth reports have in the past named President Uhuru Kenyatta’s family, former president Daniel arap Moi’s family, Nicholas Biwott, Vimal Shah, Chris Kirubi and Manu Chandaria among Kenya’s wealthiest.
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