Kenya’s super rich rank fourth in Africa

Dollar Millionaires

Kenya’s 8,500 dollar millionaires put the country fourth among the continent's nations with the highest number of dollar millionaires.

Photo credit: Courtesy | AFP

At least 8,500 Kenyans have wealth valued at over Sh115 million ($1 million), ranking the country fourth in Africa with the highest number of dollar millionaires.

This is according to the 2022 Africa Wealth Report, which puts the number of high net worth individuals (HNWIs) in Kenya higher than other studies. The report also projects that Kenya’s private wealth will grow by over 50 per cent over the next decade as services and professional industries grow.

“Strong growth in private wealth of over 50 per cent is also predicted in Kenya, Morocco, Mozambique, and Zambia over the next 10 years. HNWIs in Africa are extremely mobile and their movements provide valuable insights into future economic trends in each country,” said Dominic Volek, head of the private clients division at Henley & Partners.

The report by Henley & Partners and New World Wealth ranked Kenya only second to South Africa in the luxury market, noting that hotels, lodges, cars, private jets and classic jewellery are big sources of private wealth.

“South Africa is also home to the largest luxury market in Africa by revenue, followed by Kenya and Morocco. South Africa’s luxury sector which includes exclusive hotels and lodges, cars, clothing and accessories, watches, private jets, and yachts generates revenue of approximately $2 billion a year, making it the largest on the continent by a substantial margin,” it stated.

It noted that leading African economies, South Africa and Egypt, lead in holding much of the continent’s private wealth – estimated at $2.1 trillion (Sh243 trillion). The amount is projected to grow to about Sh335 trillion over the next decade.

“Despite a tough past decade, South Africa is still home to over twice as many HNWIs as any other African country, while Egypt now has the most billionaires,” it stated.

Among the fastest-growing countries in terms of private wealth – an individual’s net assets that include property, cash, equities and business interests – are Rwanda and Uganda, which the report projects will grow by 60 per cent by 2032.

Mauritius leads the continent in the highest wealth per capita (average wealth per person) at $34,500 (Sh3.9 million), followed by South Africa at $10,970 (Sh1.27 million) and Namibia at $9,320 (Sh1.07 million).

“Africa is home to some of the world’s fastest growing markets, including Rwanda, Uganda, and Mauritius. We forecast private wealth growth of over 60 per cent in all three countries in the next decade, driven by especially strong performance in the technology and professional services sectors,” said Andrew Amoils, head of research at New World Wealth.

The report stated that cumulatively, South Africa, Egypt, Nigeria, Morocco and Kenya hold over half of Africa’s total wealth.

“There are currently 136,000 HNWIs with private wealth of $1 million or more living in Africa, along with 305 centimillionaires worth $100 million or more, and 21 US dollar billionaires,” it stated.

It noted that South Africa hosts the continent’s two wealthiest cities – Johannesburg with total private wealth of $239 billion and Cape Town with $131 billion. Cairo ranks third with $128 billion in privately held wealth, followed by Lagos with $97 billion.