Browsing: Kenya’s wealthy

As per this year’s Africa Wealth Report issued by UK investments consultancy firm Henley & Partners in collaboration with South African wealth intelligence business New World Wealth, only three countries control more than half of Africa’s total wealth.

South Africa, Egypt, and Nigeria, with US$651 billion, US$307 billion, and US$228 billion in private wealth, respectively, account for US$1.18 trillion, or 56% of Africa’s total wealth of US$2.1 trillion, which differs from GDP, a monetary measure of the market value of all goods and services produced in a country during a specific period.

  • South Africa, Egypt, and Nigeria, with US$651 billion, US$307 billion, and US$228 billion in private wealth, respectively, account for US$1.18 trillion, or 56% of Africa’s total wealth of US$2.1 trillion
  • Africa’s wealthiest countries are South Africa, Egypt, Nigeria, Morocco, and Kenya
  • Johannesburg, Cairo, Cape Town, Lagos, and Nairobi have the highest concentrations of dollar millionaires, with 16,000, 8,200,
  • Kenya’s dollar millionaires seeking new passports are interested in reducing their tax bills, enhancing their safety, or getting a better quality
  • Kenya’s dollar millionaires have identified climate change as a great threat to their wealth
  • Kenyan millionaires report greater concerns about succession than the norm

More than a quarter of Kenya’s 3,362 dollar millionaires are now planning to apply for a second passport or a new nationality to enable them to grow their wealth.

The move, according to the latest Knight Frank’s 2022 annual Wealth Report, will provide greater investment, education and healthcare access.

According to the attitudes survey, this level of second-nationality investment amounts to almost twice the global average for wealthy individuals, with an average of 15 per cent of dollar millionaires seeking additional or changed nationalities worldwide, compared to 28 per cent in Kenya.

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However, the proportion of Kenyans seeking …