The top five richest Kenyans, Oxfam International lists President Uhuru Kenyatta as among the wealthiest people in Kenya with a fortune of $530 million (Sh60 billion).
Sameer Naushad Merali and Bhimji Depar Shah are Kenya’s top tycoons, according to Oxfam International, with fortunes of $790 million (Sh89.6 billion) and $750 million (Sh85 billion), respectively, with industrialist families dominating the listing of affluent Kenyans.
To highlight the massive gap in fortunes between the country’s haves and have-nots, the report identifies the two Kenyans as having a net worth greater than the combined wealth of 16.5 million fellow citizens.
Mr. Sameer Merali is the heir to the late businessman Naushad Merali. Merali built his wealth from diverse investments, including telecommunications, manufacturing, agriculture, banking, and real estate.
Mr. Shah is the founder of Bidco Group of Companies, a household consumer goods manufacturer.
“The two richest people have more wealth than 16.5 million Kenyans,” said Oxfam.
Textile manufacturer Jaswinder Singh Bedi ($680 million/Sh77.1 billion) and Mahendra Rambhai Patel ($430 million/Sh48.7 billion), whose family owns the Ramco Group, a conglomerate with holdings in print, hardware, manufacturing, office supplies, and real estate, are also among the top five richest Kenyans.
President Uhuru Kenyatta is the fourth wealthiest Kenyan, according to Oxfam, with a fortune of $530 million (Sh60 billion). However, this is likely linked to the Kenyatta family, as it was in the past when Forbes estimated Mr. Kenyatta’s worth at $500 million.
The Kenyatta family owns stakes in a variety of industries, including banking, milk processing, transportation, media, hotel, and land development.
Oxfam’s numbers are based on information from Wealth-X, a non-profit that keeps track of the world’s wealthiest people. The information was current as of November 30, 2021, according to the charity.
“Between 2016 and 2021, the number of individuals with wealth over $50 million increased from 80 to 120. Their combined wealth increased from $12.73 billion to $17.4 billion, an increase of 36.8 percent, adjusted for inflation,” said Oxfam of Kenya’s wealth study report.
The report was officially released today.