WEALTH REPORT

Kenya sixth in African nations living in extreme poverty

In Summary

Kisii

The 2019 Knight Frank’s Wealth Report estimates that at least 306 Kenyans rose to the rank of millionaires last year, defying economic headwinds to grow their net worth above Sh100 million, excluding their primary residences. 

The report is a wake up call on wealth creation and accumulation in third world countries, like Kenya, amid poverty.

Previous wealth reports on Kenya have shown strong linkages between business tycoons, politics and wealth accumulation.

 

According to the findings, 9,482 Kenyans were ranked among the world’s High Net-Worth Individuals (HNWIs) in 2018, representing a three percent growth from 2017. However, Kenya still lags far behind South Africa which added 1,816 individuals to the club of dollar millionaires to mint 52,926 new HNWIs.

Last year's World Bank report on wealth ranked Kenya eighth globally and sixth in Africa among countries with the largest number of people living in extreme poverty.

The World Poverty Clock report says that 29 per cent (14.7 million) of the 49,684,304 people in Kenya consume less than $1.90 (Sh197) per day or Sh5,910 monthly, ranking them as very poor.