The Africa Wealth report for 2019 published recently by Mauritius based AfrAsia Bank ranked South Africa as having the maximum number of billionaires. South Africa housed 2,169 billionaires, followed by Egypt 932 and Nigeria 531.It placed Kenya in the fourth position with 356 billionaires living in Kenya last y year with net assets above $10 million. The wealth parameters used by the study included all assets like property, cash, equities, business interests less any liabilities.The total wealth held by Kenyans reportedly increased by 64 percent over the past decade.
The Kenya billionaires’ wealth mostly came from the manufacturing, real estate, and technology sectors while the equities market in recent years lost its sheen as a fast route to wealth creation. Nairobi Securities Exchange-listed companies fell Sh419 billion last year, marking one of its worst performances in years. Nairobi continued to enjoy economic dominance accounting for 73 percent of Kenya’s billionaires reflecting the wealth imbalance. According to AfrAsia Bank Nairobi will soon enter the list of the top five wealthiest cities in Africa.
Other wealth reports in the past included President Uhuru Kenyatta’s family, retired president Daniel Arap Moi’s family and the late Cabinet minister Nicholas Biwott among Kenya’s wealthiest. Business tycoons in the wealth reports list include Vimal Shah, Chris Kirubi and Manu Chandaria. AfrAsia Bank points out that the growing number of billionaires has attracted dealers in luxury brands including car dealers, hotels and fashion products.
