The rise of Kenyan millionaires

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According to the Knight Frank Report released last week. An estimated 306 Kenyans rose to the rank of dollar millionaires last year, defying economic headwinds to grow their net worth above Sh100 million excluding their primary residences.

Four Kenyans joined an elite group of super-wealthy persons called Ultra High Net-Worth Individuals (UHNWI) with a net worth of more than Sh3 billion, swelling their number to 125.

The report projected that the number of wealthy Kenyans worth at least Sh100 million is set to grow further by 24 per cent over the next five years to 11,584 in 2023, as the super-rich continue to accumulate wealth.

“The forecast growth in ultra-wealthy people chimes with the findings of this year’s Attitudes Survey, which shows that the majority of UHNWIs expect their wealth to increase in 2019.”

Manufacturing, real estate and technology sectors were the biggest contributors to the number of new dollar millionaires.

Nairobi, the capital, is home to 82 of Kenya’s UHNWIs, with one of the fastest growth rate in the number of the super-rich in Africa.

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