Kenya beats US, Hong Kong and India in growth rate of the super-rich

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The number of rich Kenyans continues to increase despite the hard economic times the country is facing. In a report by real estate firm Knight Frank that was released in the first quarter of 2018, it indicated the country had added to its dollar millionaire’s basket a total of new 180 millionaires in 2017. In the same year, the country increased its ultra-rich class of people to 291 individuals whose net worth is at least sh3 billion.

Kenya has been termed with one of the highest growth rate of the super-rich at 11.2 per cent in 2017 according to a report by the Wealth-X surpassing US, Hong Kong and India.

But in a worrying fact, this class of super-rich individuals is likely to be dominated by the political class and a few investors. Investment analysis Aly-Khan Sachu said this is attributed to the recent trend of growth in sectors like ICT.

Consultancy firm Chief Operating Officer at Grant Thornton, Kunal Ajmera, said this is worrying as it is an indicator of the high rates of poverty considering that   16.4 million people live below the poverty line.

“A clear trend emerging from this report is also the sad reality of increasing gap between those who have it all and those who have nothing,” he remarked.

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