In just eight short years, the volume of Kenyan high net worth individuals (HNWI) rose by 60% from 5 300 in 2007 to 8 500 in 2015. They now have a combined wealth of US$42 billion.
According to the Kenya 2016 Wealth Report, this makes it one of the top-performing countries in Africa as well as the continent’s fourth-richest nation in terms of individual wealth – after South Africa, Nigeria and Egypt.
What’s more, there is no sign of a slowdown in that growth, with the number of Kenyan HNWIs set to nearly double in the next 15 years and growth expected to rise by 80% to an estimated total of 15 300 US dollar millionaires by 2025 – making it one of the top 20-performing countries in the world over this period.
Nairobi, Kenya’s capital and economic hub, is home to major industries – including financial services, real estate and construction – as well as the largest portion of the country’s millionaires (6 200), CNBC Africa reports.
