Kenyan Billionaires Who Inherited Their Wealth

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Kenyan Billionaires Who Inherited Billions From Rich Family Members
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Kenya is home to a sizable number of multi millionaires. Many self made millionaires and billionaires leave the bulk of their wealth to family members. WoK has listed Kenyans who have inherited billions from either their parents or spouses

 The Ndegwa Brothers; James and Andrew Ndegwa  

The Ndegwas are ranked among the wealthiest families in Kenya. The patriarch of the family, the late Philip Ndegwa was the first Kenyan to bank a billion. The serial investor was said to be worth Sh9 billion by the time of his death in 1996. The founder of First Chartered Securities left behind a fortune that is still benefiting his family to date. First Chartered Securities was an indigenous investment outfit that bought 100% stake in ICEA, currently ICEA Lion Group. 

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His sons, James and Andrew Ndegwa, were among those who benefitted from his vast empire. They inherited shares at First Chartered Securities which owns dozens of investments valued at billions of Men n Shillings. Before splitting their NIC shares, they were the largest stockholders. Andrew became chairman of NIC bank and executive director of First Chartered Securities. The stake at NIC bank was part of the wealth the brothers got from their father. James, on the other hand, has served as the board chair of Capital Markets Authority for more than six years. 

The Ndegwas own a number of shares in blue chip companies and real estate properties through First Chartered Securities. They own shares in Unga Limited and NCBA. The commercial bank was formed through a merger between NIC bank and Commercial Bank of Kenya. Their combined stake at NCBA is valued at billions of Kenyan Shillings. 

The Kibakis

The family of the late third president of Kenya is arguably one of the richest in Kenya. Not only was Kibaki among the first Africans to live in Muthaiga, but he reportedly left behind wealth valued at billions. 

He left behind vast wealth comprising of property in Muthaiga and a 20-acre farm in Othaya. The stately Othaya home is said to have an airstrip, a police post, a tea farm, acres of avocado trees and family houses among other things. Among those who inherited his fortune are his children: Jimmy Kibaki, Judy Wanjiku, David Kagai and Tony Githinji. 

The Kenyattas

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The family of Kenya’s founding president, Mzee Jomo Kenyatta, is the fourth richest in the country. The late president left his family well catered for and today they have increased their fortunes. Their foothold spreads across different sectors including education, real estate, finance, media, transport, hospitality and agriculture. His notable children are the outgoing president Uhuru Kenyatta and Muhoho Kenyatta. 

The Kirubi Children (Mary Anne and Robert Kirubi) 

Chris Kirubi was one of the richest people in the country with his wealth estimated at more than Sh20 billion. In a previous ranking of richest men, he had been valued at $300 million. 

He is said to have owned at least 6 luxury vehicles estimated at Sh108 million, land worth Sh3 billion, and shares worth millions in a number of companies including: 

  • Bender Estate Limited 
  • Haco Industries 
  • Kenya Commercial Bank 
  • Diamond Bank
  • Kenya Airways 

He also owned a media station and had money in billions of Shillings in accounts. 

He left 80% of his wealth to be distributed between his daughter Mary Anne and son Robert Kirubi. Citizen digital revealed that the two children decided to give 9.95% of their shares to their sister Fiona Wambui who had only been left Sh4 million.

The rest 20% of his wealth was left to his brothers and sisters  

Leah Wanjiku Muguku 

Leah is the wife of former poultry tycoon Nelson Muguku. He left his job to venture into poultry and Leah also left her teaching job to join her husband in the poultry business. Their business grew and they even got a tender to supply eggs to the late Mzee Jomo Kenyatta. By the time of his death, Muguku had accumulated wealth valued at more than a billion. His wife became the administrator of his wealth and inherited the bulk of his estate. She is listed among the richest women in Kenya with her stake in Equity valued at over Sh1 billion. 

Margaret Saitoti And Zachary Musengi

Margaret is the wife to the late George Saitoti. The former served as a vice president during the Moi regime and was also the Internal Affairs Minister. His interests expanded to hospitality, banking, farming and real estate. His wealth was inherited by his wife and only son Zachary Musengi. 

Zarin Merali 

Naushad Merali was one of Kenya’s richest entrepreneurs with an empire spanning East Africa. He was the third richest man in the country with wealth valued at $700 million. In 2004, he bought 60% of Bharti Airtel Kenya and sold it one hour later to Celtel making a profit of $20 million. His Conglomerate, Sameer Group, comprises of more than ten firms with interests in Information Technology, construction, Agriculture and Finance among others. 

He left his wealth to his family including his widow, Zarin Merali. Among other things Zarin inherited her late husband’s stake in NCBA.

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