Kenya is projected to see a 24% increase in ultra-high-net-worth individuals (UHNWIs) by 2023, according to the 2019 Knight Frank Wealth Report. The number of Kenyans with assets exceeding Sh3 billion is expected to rise from 125 to 155, with 102 of them based in Nairobi.
"In Africa, Kenya leads the way, with 24% forecast growth by the end of 2023," the report stated. This growth aligns with positive economic projections for Kenya's GDP but comes with risks as the government seeks to reduce its fiscal deficit.
South Africa remains the continent's leader in billionaire numbers, with 661 individuals worth over Sh3 billion. Egypt and Nigeria follow with 283 and 194 respectively. Across the African region, 2,050 individuals are reported to have net worth exceeding Sh3 billion, compared to Europe's 70,627 billionaires.
