In a population of over 40 million, only 461 have a net worth of above USD10 million (Sh1 billion). The super wealthy have vast interest in residential real estate at 55 percent with commercial property investment accounting for 11 percent of the rich man’s investment portfolio. Out of the 461 Kenyan multi-millionaires, 340 have a net worth of USD10 million (sh1 billion), those with USD30 million (Sh3 billion) are 105 while only 16 are worth USD100 million (Sh10.1 billion).
According to 2018 Knight Frank Wealth Report, the number of dollar millionaires is expected to grow by 60.5 percent in the next five years just behind Nigeria in the continent whose growth is at 74 percent. This article will look the high net worth individuals (HNWIs) whose gross annual incomes, as of 2017, was between a staggering kes350 million and kes1 billion.
This list of contains individuals who most Kenyans will not identify with. Also, this writer has avoided politicians whose income is hidden in a labyrinth of offshore accounts.
Josephat Mwaura-KPMG Chief Executive Officer (CEO)
Gitahi Gichahi-Ernst & Young CEO
Philip Kinisu-Former chairman Ethics and Anti-Corruption Commission
Paul Ndung’u-SportPesa chairman
Andrew Ndegwa-business magnate
Has shares worth kes1 billion in NIC bank among other business interests
Baloobhai Patel-Stock market investor
Has kes3 billion in stocks in Carbacid Investments, Barclays Bank of Kenya and Diamond Trust Bank. He is also the founder of Transworld Safaris
Naushad Merali-Sameer Investments Chairman
Bharat Thakrar-Scangroup CEO
His share in Scangroup alone stands at Sh1 billion
Narenda Raval-Devki Group chairman
Pradeep Paunrana-ARM Cement CEO
Sh1.8 billion in ARM Cement
His is the most recognizable face in this list. The ailing billionaire latest business venture saw him earn kes700 million from selling BIC East Africa to French conglomerate Société BIC.
He is the founder and doubles as the CEO of Acceler Global Logistics. It is among the largest freight companies in Kenya. Mr Muthoka sold his stake in CMC Motors for a staggering USD20 million to UAE company Al-Futtaim in 2014. His company rakes in over USD50 million per year.
Jimnah Mbaru-Investment Banking
He unsuccessfully ran for the Nairobi gubernatorial seat in the 2013 general elections. His business acumen is however undeniable. Jimnah Mbaru is the founder of Kenya leading investment bank, Dyer & Blair. He has a 10% stake in Britam, which translates to a cool $10 million.
Samuel Kamau Macharia
SK Macharia, as he is popularly known, controls the Kenyan media. Read more: SK Macharia Net Worth
Peter Munga-Former Equity Bank chairman (Peter Munga Net Worth)
Wilfred Murungi-Mastermind Company
George Muhoho-Former Kenya Airports Authority Chaiman
Michael Waweru-Former Kenya Revenue Authority (KRA) Commissioner General