Kenya ranked among the top five wealthiest countries-Wealth Report
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Kenya ranked among the top five wealthiest countries in Africa with 7,700 individuals worth 130M on average
Kenya ranked among the top five wealthiest countries in Africa with 7,700 individuals worth 130M on average.
In the latest Africa Wealth 2023 report released on Tuesday, March 28, by Henley & Partners, Kenya was ranked among the top five wealthiest countries in the continent.
Kenya climbed one spot from 2022 to position 4, beating out Morocco.
There were estimated to be 15-cent millionaires and 7,700-dollar millionaires in Kenya, but no dollar billionaires.
A Centi-millionaire is someone whose fortune is estimated at Ksh13.16 billion (USD100 million), a dollar millionaire is someone whose net worth is at least Ksh130.8 million (USD1 million), and a dollar billionaire is someone whose net worth is Ksh131.6 billion (USD1 billion) (USD1 billion).
Additionally, in the past decade, Kenya recorded a millionaire growth of about 30 percent.
The report further detailed that classic car collecting will gain popularity among the rich in Kenya, Egypt, and Morocco.
“The following models are expected to be in high demand: the original Porsche 911 Turbo (the 1970s), the Ferrari 355 (1990s), the Porsche 911 Carrera RS (1970s), the Aston Martin DB5 (1960s), the Lamborghini Countach (1980s), and the Mercedes-Benz 300 SL ‘Gullwing’ (1950s),” read part of the report.
Two luxury camps were listed among the top ten safari lodges preferred by the wealthy- & Beyond Bateleur Camp and Cottars 1920s Camp in the Masai Mara.
It was also reported that Rwanda was the top-performing market in Africa between 2012 to 2022 with millionaire growth of 72 percent followed by Kenya, Mauritius, Seychelles, the Democratic Republic of Congo, and Morocco’s high-net-worth individual populations growing steadily.
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From the report, the continent’s big five- South Africa, Egypt, Nigeria, Kenya, and Morocco- were listed to account for 56 percent of Africa’s high net-worth individuals and over 90 percent of the continent’s billionaires.
Some of the factors listed that encourage wealth growth in a country include strong safety and security, growth in key sectors, media freedom, robust ownership rights, a well-developed banking system and the stock market, wealth migration, and tax rates.
“We consider wealth to be a far better measure of the financial health of an economy than GDP,” the report emphasized.
Henley and Partners is the global leader in residence and citizenship by investment with its headquarters in London, England.
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