The 2020 Knight Frank’s Wealth Report classified 2,900 Kenyans among the world’s High Net-worth Individual (HNMWIs) last year representing a 14.6 percent drop compared to the 2017 count.
The study describes wealth as the net assets of a person that includes property, cash, equities, business interests less any liabilities and their primary residence.
Tracking of millionaires through established units like private bankers as well as wealth advisers and managers suggest that it doesn’t capture super-rich people with no link to formal wealth Managers.
The number of people with net worth of more than Sh 100 million has grown more than four times from 800 in 2014 to 2,900 last year according to the Knight Frank Report while individual with a net worth of more than Sh 3 billion have nearly tripled from 16 to 42 over the period.
The report shows that Kenya lacks dollar billionaires