This archive report was first published on 27 August 2019.
On Kenya's highways, it's not uncommon to spot luxury cars speeding by, drawing attention with their sleek designs and heavily tinted windows. However, the drivers behind the wheels are often young men who can afford to splurge on extravagant lifestyles, burning through Sh90,000 a night on drinks, food, and entertainment.
But according to the Knight Frank Wealth Report, these individuals are not among the country's wealthiest citizens. Instead, they are a small fraction of the population, with the super rich living quiet lives, often in the leafy suburbs of Karen and Muthaiga.
These individuals, known as high net worth individuals (HNWI), have a net worth of at least Sh101 million ($1 million), with 8,500 such individuals in the country. This means there is one dollar millionaire in every 5,300 Kenyans.
A 2014 New World Wealth survey found that 8,300 HNWIs own 62 per cent of Kenya's wealth. And then there is an even more unique class of Kenyan: the dollar billionaire. According to the wealth report, there is just one person in the country worth at least Sh101 billion.
These super-rich Kenyans are not the ones drawing attention on the roads, but rather the ones flying to evening business meetings in their private jets.
