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912 Kenyans wiped out from the list of dollar millionaires in 2020 – Report

NAIROBI, Kenya, Feb 24- Nine hundred and twelve Kenyans were wiped out in the rank of dollar millionaires in 2020, reflecting the tough economic environment occasioned by the outbreak of the coronavirus disease, a new data shows.

The data by Knight Frank for the 2021 Wealth Report shows that the country’s population of High Net-worth Individuals (HNWI) reduced from 4235 in 2019 to 3323 in 2020, reflecting a 22 percent drop.

According to the survey, High-Net-Worth Individuals (HNWIs) are those worth over Sh108 million.

Knight Frank Wealth report Editor Andrew Shirley however highlighted that in the next five years the number of High Net Worth Individuals will have increased to 4840.

“Perhaps size and model predict that in the next five years Kenya’s HNWI population will bounce back by 46 percent,” said Shirley.

Shirley added that of those HNWI under the 2020 list, 19 percent of the individuals said they are considering the application of a second passport under new citizenship, indicating that they see many of the opportunities to create wealth lie at home.

This compares with 39 percent of wealthy Chinese and a whopping 62 percent of HNWIs in Nigeria.

At the same time, 16 Kenyans were kicked out from the list of Ultra High Net worth Individuals, a group of those considered to be super-wealthy.

The number will however increase by 1 percent in the next five years.

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The Knight Frank Report has also revealed that 17percent of Ultra-High-Net-Worth Individuals (UHNWIs) in Kenya are planning to buy a new home in 2021, with Kenya as their most popular destination, followed by the UK, US, South Africa, and Canada.

“The pandemic is super-charging demand for locations that offer green spaces as more people are increasingly focused on wellness as they spent a great deal of 2020 at home, working remotely,” said Knight Frank Kenya Managing Director Ben Woodhams.

Retirement and Development land, Residential private rented sector, Agriculture, Healthcare and Retail sectors are the largest areas where the wealthy Kenyans are directing their investments in,according to the study.

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