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Kenya has 42 ultra-rich individuals, worth over Sh3bn each- Report

NAIROBI, Kenya, Mar 7 – Kenya has been ranked fourth in Knight Frank’s Wealth Report list of African States’ ultra-rich.

According to the report, the country has 42 ultra-high net worth individuals, worth over US$30 million each (Sh3.07 billion).

South Africa dominates the African rankings with 1,033 individuals, followed by Nigeria with 724 people.

Morocco is ranked third with 215 ultra-high net worth people.

Overall, the US has the highest number of ultra-rich people in the world at 240,575, which is more than Europe and Asia combined, to account for almost half of the global total.

China is ranked second with 61,587 people, Germany third with 23,078 people and France fourth with 18,776 people.

Globally, the number of ultra-high net worth individuals grew 6 percent in the last year, to hit 513,244. During this period, more than 31,000 additional ultra-high net worth individuals were created.

“Economically, 2019 was outwardly a tumultuous year, with the International Monetary Fund reducing its forecast for global GDP growth from 3.5 percent in January 2019 to just 2.9 percent in January 2020 – a ten-year low. Despite this, the world’s UHNWI population – those with a net worth of US$30 million or more – rose by 6.4 percent, according to our new Wealth Sizing Model,” indicates the report.

  • Five-year growth

In the next five years, some of the highest forecast growth in the number of rich individuals will be India with a growth of 73 percent, followed by Egypt at 66 percent and Vietnam at 64 percent.

Tanzania is also among top countries whose growth is expected to be noticeable with 54 percent growth.

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