‘Millionaire club’ in Kenya swelling rapidly – report

Naushad Merali, founder of Sameer Group. Mr Merali is number-two on the Forbes list with a net worth of $550 million. PHOTO | ANTHONY OMUYA | NATION MEDIA GROUP

What you need to know:

  • In Kenya, in 2013, about 8,300 “high net-worth individuals,” defined as those with financial assets in excess of $1 million (about Sh100 million), accounted for roughly 62 per cent of the wealth of a nation with nearly 40 million citizens.
  • The growth rate for the most affluent Kenyans is forecast to accelerate to 28 per cent over the next four years, expanding the ranks of millionaires to 10,700 by 2017.
  • The expansion of Kenya’s millionaire class is attributed in part to rising commodity prices and the growth of companies in the construction, real estate, telecom, banking and transport sectors.

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