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Dollar millionaires in Kenya increase by 11pc to reach 9,400

The Wealth report by Knight Frank attributes the jump in the number of millionaires to the growth of construction, technology and real estate sectors.

NAIROBI, Kenya, Mar 8 – Kenya’s dollar millionaires have increased by 11 percent to 9, 400 in 2016 from 8, 500 in 2015.

This is according to a new Wealth report by Knight Frank which attributes the jump in the number of millionaires to the growth of construction, technology and real estate sectors.

The report also indicates that there are 370 individuals that have surpassed the 10 million dollar mark from 340 in 2015 while 120 Kenyans have a net worth of 30 million dollars and above.

The country is yet to record any dollar billionaire.

The Wealth Report Editor Andrew Shirley says Kenya’s diversified economy makes it as one of Africa’s top performers in wealth creation with the trend expected to continue over the next decade.

The country is yet to record any dollar billionaire.

The Wealth Report Editor Andrew Shirley says Kenya’s diversified economy makes it as one of Africa’s top performers in wealth creation with the trend expected to continue over the next decade.

Kenya’s high net worth individuals say innovative investing, capital growth, portfolio diversification, portfolio liquidity and ability to move wealth quickly around the world are the most important factors in wealth management and investment decisions.

“It seems that Kenyan millennials have the same approach to wealth creation as their counterparts from the rest of the world, but significantly different from their parents,” Shirley said.

The report identifies political uncertainty as the biggest threat to Kenyan high net worth investors’ ability to create and maintain wealth over the next five years.

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Other threats include potential fall in asset values rising taxes, tighter control on movement of capital and rising interest rates in that order.

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