This archive report was first published on 27 November 2019.
Kenya's Economic Hub ¶
Kenya is East Africa's largest economy, earning it the title of East Africa's economic hub. With a GDP of US$98.264 billion and a per capita GDP of US$1,991, Kenya ranks as the 65th largest economy in the world.
Despite these impressive numbers, millions of Kenyans continue to struggle with poverty, while a select few enjoy immense wealth.
Questionable Wealth of Politicians ¶
Many Kenyan politicians are known to be wealthy, but the source of their wealth is often unclear. President Uhuru Kenyatta once promised to make wealth declaration a part of the vetting process for public office, but this promise remains unfulfilled.
According to Forbes, there is no dollar billionaire in Kenya, but several individuals have appeared on the list of the country's richest people, with their wealth growing steadily.
The Moi Family's Wealth ¶
The Moi family is estimated to be worth Ksh 300 billion (USD3 billion), although this figure is likely a conservative estimate. The family's wealth is spread across various sectors, including banking, hospitality, and real estate, with investments in Europe and other parts of the world.
The late Nicholas Biwott, a close associate of Moi, amassed a significant fortune during his time in office. He was said to own prime properties in Kenya and Europe, as well as a ranch in Australia. Biwott's net worth was estimated at USD1 billion by the Nigerian-based Venture magazine.
Mama Ngina Kenyatta's Wealth ¶
Mama Ngina Kenyatta, the president's mother, is estimated to be worth Sh142 billion (USD1.65 billion), making her the wealthiest Kenyan and the 25th richest person on the continent. Her wealth is diversified across various sectors, including banking, hospitality, and real estate.
Raila Odinga's Wealth ¶
Raila Odinga, a prominent politician, is estimated to be worth USD500 million, making him one of the wealthiest Kenyans. His wealth is attributed to his interests in oil and gas, manufacturing, and logistics, as well as his political influence.
Other politicians, including Deputy President William Ruto, Mike Sonko, and Ali Hassan Joho, are also among the country's wealthiest individuals.
