Prime Cabinet Secretary Musalia Mudavadi is not only known for his decades-long career in public service but also for his substantial wealth and sprawling business interests.
With a self-declared net worth of approximately Ksh 4 billion, Mudavadi has built an impressive portfolio of properties and investments.
In this article, WoK looks at properties and businesses owned by Mudavadi, spanning real estate, aviation, insurance and banking.
Mudavadi’s wealth came under the spotlight in October 2022 when he appeared before the National Assembly Committee on Appointments for vetting as Prime Cabinet Secretary in President William Ruto’s administration.
Mudavadi attributed his fortune to diverse income streams, including rental income, dividends from shareholdings, interest and agricultural ventures.
“If I take my investments in shares in some companies and the properties I own, I would put my net worth at about Ksh 4 billion. My sources of income are rental income, dividends where I have shareholdings and also interest and of course other expenses that come from the farm,” he said.
At the heart of Mudavadi’s wealth lies his real estate holdings, notably The Riverside Stables, a high-end property in Nairobi’s prestigious Riverside Estate.
Valued at Ksh 1 billion, this asset underscores his foothold in the capital’s upscale property market.
Complementing this is a portfolio of rental office buildings worth Ksh 870 million, held through Tritone Investments.
Together, these properties highlight Mudavadi’s savvy approach to real estate, a sector that has long been a cornerstone of wealth creation in Kenya.
Mudavadi’s investments also include a Ksh 200 million stake in Exclusive Air Services Ltd, a helicopter leasing company.
Additionally, Mudavadi’s financial acumen shines through in his significant investments in the insurance and banking sectors.
His Ksh 440 million stake in First Assurance Company positions him as a key player in Kenya’s insurance industry, a sector critical to economic stability and growth.
Meanwhile, his Ksh 545 million investment in Absa Bank, one of the country’s leading financial institutions, ties him to the pulse of Kenya’s banking landscape.
Less publicized but equally significant are Mudavadi’s stakes in Jodeci Investment, worth Ksh 120 million, and Malulu Land and Developments.
Mudavadi also has a collection of high-end cars valued at Ksh 44 million.