US Dollars. PHOTO| FILE Across the continent, South Africa is home to the biggest number of high-net-worth individuals at 31,852. This wealth base has been built on natural resources, industry and finance.
It is followed by Nigeria at 28,996 and Egypt at 15,740 individuals, with both countries being oil producers. Egypt is also a major manufacturing and agriculture hub.
In East Africa, Tanzania trails Kenya with 2,599 dollar millionaires, while Uganda has 1,704 such individuals.
Kenya dollar millionaires rose to 3,362 million last year on the back of young entrepreneurs making fortunes in sectors such as ICT and business recovery from the Covid-19 economic fallout.
The latest instalment of the Knight Frank Wealth Report shows the number of Kenyans with a net worth of at least $1 million (Sh2.3 billion) grew by 39 last year from 3,323 in 2020 and is expected to hit 4,274 by 2026.
Across the continent, South Africa is home to the biggest number of high-net-worth individuals at 31,852. This wealth base has been built on natural resources, industry and finance.
It is followed by Nigeria at 28,996 and Egypt at 15,740 individuals, with both countries being oil producers. Egypt is also a major manufacturing and agriculture hub.
In East Africa, Tanzania trails Kenya with 2,599 dollar millionaires, while Uganda has 1,704 such individuals.
This points to recovery from the effects of Covid-19 that hammered most asset classes and prompted business closures, drops in corporate profits and dividends freeze in firms owned by the wealthy.
Twenty-seven percent of the dollar millionaires or 803 of them are self-made and aged under 40, indicating new opportunities for young people in a country where the lucky few have previously relied on inherited wealth to join the club of the super-rich.
The dollar millionaires dropped from 4,235 in 2019, underlying the economic impact of the pandemic.The number of ultra-rich Kenyans with a net worth higher than $30 million (Sh3.4 billion) fell by two to 88 last year, reflecting the difficulty of adding wealth in this segment compared to the lower threshold of $1 million.The net worth includes the tycoons’ primary residence, but excludes liabilities like bank loans, locking out heavily indebted individuals from the rich list.“The entrepreneurship of Kenyan wealth creators and individuals actually helped during the pandemic, although we did see the ultra-high-net-worth group drop slightly because it is more difficult get into the $30 million bracket than it is to get into the $1 […]