Report Shows Kenya Has 908 Dollar Millionaires Aged 40 and Below

A new wealth report shows that there are 908 high net worth individuals (HNWIs) in Kenya aged 40 and below.

The 908 are self-made dollar millionaires, with a net worth of at least $1 million (Sh113 million), including their primary residence, according to the Knight Frank 2022 Wealth Report.

This represents 27 percent of the country’s dollar millionaires population, which stood at 3,362 at the end of 2021 compared to 3,323 in 2020.

In the same period, the number ultra-high net worth individuals (UHNWIs), or persons with net worth of at least $30 million (Sh3.4 billion), fell by two to 88 from 90.

The growth of Kenya’s young and wealthy is attributed to entrepreneurship, with businesses around technology and digitization being named among the best routes to earn millions of dollars.

“The report clearly shows that wealth in Kenya is held by younger people who by their nature are going to be more entrepreneurial and that gives them the opportunity to be more flexible and take advantage of opportunities when they arise,” Knight Frank Wealth Report Editor Andrew Shirley told Citizen Digital.

“I have always been impressed by the high level of entrepreneurship in Kenya, having lived in Kenya before. You can see people creating money virtually out of nothing. Fortunes start from small seeds,” he added.

49 percent of Kenya’s HNWIs have their wealth in property, with development land leading in preference followed by private residences, hotels, retail and retirement homes. The individuals have also shown an increased interest in healthcare and agriculture, according to the report.

13 percent of the HNWIs have invested in crypto assets, 19 percent have overseas properties while six percent have investments in non-fungible tokens (NFTs).

The number of HNWIs and UHNWIs are expected to grow by 27 and 14 percent respectively in the next five years. Kenya is also tipped to produce two dollar billionaires (persons with a net worth of at least Sh113.85 billion) by 2026.