10 join Super Rich club with Sh50 billion each
3 months ago, 9 Mar 00:14
Only eight per cent of the 180 people who joined Kenya’s super rich club of high net worth individuals are women. Knight Frank’s annual Wealth Report, launched yesterday, found Kenyans with net assets worth Sh500 million or more rose 16.2 per cent last year to 1,290. Of these, 90 are worth $50 million (Sh5 billion). Only 10 individuals are worth $500 million (Sh50 billion) or more. “Wealth was initially concentrated in the North and South of Africa, but as we can see, this is trickling down to East Africa and specifically Kenya,” Knight Frank Wealth Report editor Andrew Shirley said. “We expect the number of high net worth individuals will grow 60 per cent over the next five years.” The report shows wealth in the country was unevenly distributed in 2017 with about 85 per cent of the ultra-rich in Nairobi. Six per cent of the country’s ultra-rich were from Central, four per cent Mombasa and the Coastal region, while only 2.5 per cent of high net worth individuals were from Nyanza. Baby boomers made up most of Kenya’s super rich with the average age of 66 years. The report reveals 56 per cent of the rich are self-made, showing increased entrepreneurial drive. Only five per cent inherited the wealth, while 39 per cent made their fortune from a mix of inheritance and self drive. It also reveals only 40 per cent of the ultra rich have succession plans, below the global average of 53 per cent and Africa’s 47 per cent. “Fear that their children will fritter their inheritance away, the worry that passing on too much too soon will dampen their offspring’s entrepreneurial spirit, or simply concerns about how to treat siblings fairly all weigh on their minds,” Shirley said. He said banks and wealth advisers have put effort into helping their clients with succession planning. The majority of Kenya’s wealth is held up in retail business as well as finance, banking and investment.
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