The number millionaires in Kenyans has reached 27,473 according to a wealth report by the Swiss-based financial conglomerate.
These are individuals with over $1 million (Sh108 million) to their name.
This is not surprising for a country that made more millionaires between 2014 and 2019 than the rest of the world according to a report by Knight Frank.
Of course, with a population of over 50 million, one can argue that the number of super-rich in Kenya is still fairly minute compared to other countries in the world, but one thing is clear, the number of millionaires is fast growing.
27.47 million adults
In 2020, the Global Wealth Report 2021 placed Kenya’s adult population at 27.47 million. The report, interestingly, valued 98 per cent of the adult population at less than Ksh100,000.
According to a World Bank report, the number of super-rich Kenyans increased even though nearly two million Kenyans hit the poverty line mostly due to the vagaries of the pandemic.
The increase in the number of high-net-worth individuals (HNWIs) came at a time when investors in the Nairobi Securities Exchange (NSE) lost billions of shillings in paper wealth.
Kenyan millionaires defied the state of things to grow in numbers despite the fact that Kenya had its share prices decline by more than 10 per cent.
Lost their jobs
Most of the rich in Kenya moved their wealth into real estate and Treasury Bonds where their money grew even as Covid-19 affected livelihoods.
In sharp contrast, a report done by Knight Frank and Stanbic Bank estimated that there were only 3,323 Kenyans worth $1 million and above.
The report shows that most of the country’s super-rich have put their wealth in real estate, with a few being stashed in government securities.
In Africa, Kenya had the third-highest number of HNWIs behind South Africa and Egypt, The Global Wealth Report 2021 showed.
Meanwhile, the gap between the rich and the poor grew even as many lost their jobs in 2020 due to Covid-19.