New billionaires: Kenya leads in Africa list

A bunch of the current notes [picture courtesy]

Kenya leads the African continent in minting new billionaires, raising fresh concern about the widening income inequality in East Africa’s largest economy.

Data from the 2019 edition of the Knight Frank Wealth Report indicates the number of Kenyans worth more than Sh3 billion is projected to grow by 24 per cent over the next four years.

This will see the number of Ultra High Net Worth Individuals, (UHNWI) in the country grow from the current 125 to 155 as of 2023, with 102 of them found in Nairobi.

“In Africa, Kenya leads the way, with 24 per cent forecast growth by the end of 2023,” explained Knight Frank in the report.

“This fits with more upbeat economic forecasts for Kenyan GDP in the coming years, yet risks remain to this economic outlook as the Government looks to narrow its fiscal deficit.”

According to the report, South Africa currently leads in the number of billionaires, recording 661 individuals worth more than Sh3 billion, with Egypt and Nigeria rounding up the top three at 283 and 194 respectively.

The number of UHNWI in Tanzania stood at 88 with Uganda and Botswana recording 22 each.

The African region also clocked the least number of the ultra-wealthy, with 2,050 individuals reported to be worth more than Sh3 billion. Europe leads the global count of billionaires, recording 70,627 individuals.