This archive report was first published on 20 September 2019.
Published on September 20, 2019, the Africa Wealth report by AfrAsia Bank revealed that Kenya has 356 billionaires, placing the country at number four in a ranking of top African countries based on the super-wealthy persons.
The report noted that the total wealth held by Kenyans increased by 64 percent over the past decade, but took a hit last year due to the loss of nearly a fifth of the market value of the Nairobi Securities Exchange (NSE).
The majority of Kenya's billionaires made their wealth in the manufacturing, real estate, and technology sectors, with Nairobi accounting for 73 percent of the country's billionaires, reflecting the capital city's economic dominance.
According to the report, these individuals have net assets above $10 million, with the bulk of their wealth coming from various business ventures.
