This archive report was first published on 5 July 2021.
According to the 2021 wealth report by Knight Frank, having assets and cash worth Sh2.2 million (approximately 20,000 USD) is all it takes to join the top one per cent of the wealthiest people in Kenya. This figure is significantly lower than the amounts required in South Africa (Sh19.4m) and Nigeria (Sh7.5m) to achieve the same status.
However, this reality is far from the truth for many Kenyans. The report's findings are a stark reminder of the country's high levels of poverty, with many people struggling to make ends meet. The report's author notes that the figure of Sh2.2 million seems like a small amount, especially when compared to the cost of luxury items such as high-end vehicles and expensive homes.
But what's behind this disparity? One reason is the country's dependent relationship with debt. According to a report by NCBA, Kenyans borrow Sh1.2 billion daily from Fuliza and Mshwari, a staggering figure that highlights the need for proper planning and discipline when it comes to managing debt.
So, what can be done to break this cycle of debt and poverty? The answer lies in living simply and planning for the future. By budgeting income and avoiding unnecessary expenses, individuals can build a safety net and achieve financial stability. It's time for Kenyans to rethink their priorities and focus on building a more secure financial future.
