This archive report was first published on 30 October 2019.
Kenya's economy has defied the odds, emerging as the most resilient market in Africa despite a challenging economic landscape. According to The AfrAsia Bank Wealth Report 2019, published on October 30, 2019, Kenya is the only country in the top 5 wealthiest African economies without a USD billionaire.
While South Africa, Egypt, Nigeria, and Morocco boast a few individuals worth USD1 billion or more, Kenya's wealth is concentrated among centi-millionaires, with 16 individuals worth USD100 million or more. This is a significant achievement, considering the country's total wealth stands at USD93 billion (Ksh9.5 trillion), with 340 Kenyans worth USD10 million or more and 8,600 individuals with a net worth of USD1 million.
The report highlights Kenya's steady 10-year wealth growth, which has been a remarkable feat, especially considering the International Monetary Fund (IMF) has cut the country's projected economic growth to 5.6% in September from the 5.8% issued in April. Nairobi is ranked the sixth wealthiest capital in the continent by total wealth.
Kenya's economy has been described as the most capable of withstanding any difficulties, including prolonged election cycles, and has recorded a 64% growth between 2008 and 2018. The report notes that while Kenya's wealth was down by around 10% in 2018 due to a decline in the stock market, the long-term trend remains positive.
“Kenya had a difficult 2018 when wealth was down by around 10% during the year as the stock market lost significant value. However if one looks over the long term, the trend is still quite positive. This shows that Kenya is still probably the most resilient market in Africa among the traditional Big 5,” reads the report.
