This archive report was first published on 8 November 2019.
Kenya's economy has been thriving for nearly two decades, outpacing its East African peers. The country boasts the largest number of individuals with financial or non-financial assets worth at least $3,553 (Sh300,000) in the region, according to the latest findings by Credit Suisse Research Institute's Global Wealth Databook 2019, published on November 8, 2019.
The study attributes this trend to the vibrancy of the Kenyan economy, which has been expanding steadily since the early 2000s. As the firm notes, 'Economic expansion increases savings and investment by households and businesses, and raises the value of household-owned assets, both financial and non-financial.'
However, despite Kenya's impressive standing in the region, the country fares badly in comparison with Seychelles and Mauritius, whose citizens are currently worth at least Sh2 million each. The Global Wealth Databook provides estimates for the level and distribution of wealth for over 200 countries from 2000 to mid-2019.
According to the study, global wealth is still concentrated in the hands of a few individuals. The Swiss think tank notes that 'the base level of the pyramid contains 2.9 billion adults, or 57 per cent of the global population, but accounts for only 1.8 per cent of global wealth.'
Kenya's peers have not been able to catch up for nearly 20 years, with only Eritrea presenting a formidable challenge. The study found that while the income equality across Africa has increased, it is only a few who manage to secure 'the good life.'
For instance, only 153,779 individuals in Africa are worth between $1 million (Sh100 million) and $5 million (Sh500 million), while only 11,234 are worth between $5 million and $10 million (Sh1 billion). The data further shows that a mere 461 individuals are worth between $50 million and $100 million (Sh10 billion), with another 289 worth between $100 million and $500 million (Sh50 billion), while as few as 54 individuals are worth more than $500 million.
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