Kenya ranks among Africa’s ‘Big 5’ private wealth markets that account for over 50% of the continent’s total private wealth, according to the latest 2022 Africa Wealth Report.

The 2022 Africa Wealth Report, which is published by research firm New World Wealth and Henley & Partners, ranks Kenya alongside South Africa, Egypt, Nigeria and Morocco.

Kenya has 8,500 individuals with a net worth of over $1 million (Sh115.7 million) according to the Africa Wealth Report 2022.

According to the report, “Total wealth refers to the private wealth held by all the individuals living in a country, including their assets (property, cash, equities and business interests) less any liabilities”.

The Africa Wealth report further reveals that Africa currently has 21 dollar billionaires, 305 centi-millionaires worth $100 million or more, and 136,000 high-net-worth individuals with a private wealth of $1 million or more.

Data from the report also shows that the total private wealth currently held on the African continent is USD 2.1 trillion and is expected to rise by 38% over the next 10 years.

In terms of wealth held by private citizens, South African citizens has the greatest combined wealth at $651 billion, followed by Egypt ($307 billion) and Nigeria ($228 billion), even though Egypt has the highest number of billionaires.

Forbes Africa’s Richest 2021 – Top 18 Billionaires List

According to the 2021 Forbes list of Africa’s richest, the continent is home to 18 billionaires, who cumulatively are worth $73.8 billion.

Nigeria’s Aliko Dangote has been the continent’s richest person for the tenth year in a row, currently worth $12.1 billion, up by $2 billion from the 2020 list.

The 2021 list of Forbes’ Africa’s richest was dominated by South African and Egyptian Billionaires. Surprisingly, there no Kenyan billionaire made it on the list.

Forbes Africa’s Richest 2021 – Top 18 Billionaires List