Another 100 millionaires set to leave Kenya in 2023 over Ruto policy, Report
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Another 100 millionaires set to leave Kenya in 2023 over Ruto taxation policy according to Henley Private Wealth Migration 2023 report
Another 100 millionaires set to leave Kenya in 2023 over Ruto taxation policy according to Henley Private Wealth Migration 2023 report.
According to the Henley Private Wealth Migration 2023 report, 100 businessmen with a net worth of above Ksh150 million are expected to depart the country in 2023 due to high taxes among other factors.
The estimate, which was published on Tuesday, June 13, states that 100 businessmen with comparable net worth will have departed the country by 2022.
Henley and Partners also provided evidence that other causes, such as political unrest, played a role in the tycoons’ migration.
In Africa, nations like Mauritius and Morocco are among those that are becoming attractive for the super-wealthy, usurping former powerhouses like Kenya and South Africa.
“Political stability is the key metric for those selecting where they want to live, together with low taxation regimes and personal freedom,” read the report in part.
Kenya has been a popular vacation spot in recent years, especially for wealthy people from Africa.
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According to the Wealth Report 2023 published by the real estate firm Knight Frank, Kenya was ranked as the second most popular location for ultra-rich people to buy a home.
As a result, the real estate firm said that the value of mansions in Nairobi increased by 3.8%.
Notably, the migrations of the wealthy out of Kenya were projected at a time when President William Ruto’s administration unveiled its Ksh3.6 trillion budget with new proposals on taxation.
Among the taxation measures introduced that will see top earners pay more in taxes is the proposed 1.5 percent Housing Fund.
On the other hand, the government in the Finance Bill proposed a 35% Pay As You Earn for individuals who earn above Ksh800,000.
Previously, PAYE was deducted at a rate of 30 percent of gross salary.
On the other hand, proposals are underway to have employed Kenyans pay 2.75 percent of their gross salary to the National Health Insurance Fund (NHIF).
The National Health Insurance Fund 2023 Regulations are due for debate.
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