499 Kenyans were on the list of dollar millionaires in 2020.
A new report was released by the Swiss Investment Bank Research Institute that ranked Kenya as the 4th country in Africa with the largest number of wealthy people after Egypt, South Africa, and Nigeria. According to the Global Wealth Report, Credit Suisse’s 12th edition as of 2020 the total wealth of the rich individuals in Kenya is estimated at $338 billion.
Kenya ranks in 1st place in East Africa followed by Rwanda, Tanzania, Uganda, Democratic Republic of Congo, and Burundi. However, the names of the richest individuals in Kenya who were on the 2020-2021 lists were not disclosed. According to reports that wealth increased by 7.4 globally and the countries that got affected by the pandemic did not have an adverse effect in wealth creation.
“Wealth creation in 2020 was largely immune to the challenges facing the world due to the actions taken by the government and central banks to mitigate the economic impact of Covid-19,” stated in the report.
Increased Millionaires List and Kenya heavy burden due to debt
Despite Kenya having the wealthiest individuals, it is one the most heavily indebted country in East Africa. The report stated that Kenya has recorded various high-profile government scandals including misappropriation of funds and corruption which might have resulted in overnight millionaires. According to Global Wealth Report, Every adult in Kenya is carrying a debt load of around $532.
The report also listed Kenya as a middle-income country and with an estimated debt of above $64.22 billion. In other East African countries, their debt burden was lower with Burundi ($37), Rwanda ($135), Tanzania ($137), Uganda ($107), and the Democratic Republic of Congo ($36).