A report by Knight Frank has shown that Kenya produced a lot of dollar millionaires during President Uhuru’s first term.
According to the report, Kenyans worth more than $1 million (Sh113.8 million) rose by 263% between 2014 and 2019. This period corresponds to the first term of President Kenyatta, which lasted from 2013 to 2017.
It was a time when the Jubilee administration announced a slew of infrastructure projects, including trains, roads, and ports, and a few Kenyans made a lot of money.
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Another sector that may have produced dollar millionaires during this time is information and communication technology (ICT), which drew significant foreign money.
When the Jubilee administration took office, it set out to develop massive projects that were financed by debts, including domestic loans.
The majority of the loans were issued at favorable rates, sometimes as high as 13%.
The Covid-19 epidemic, on the other hand, dramatically reduced the number of high-net-worth persons (HNWIs) in 2020, resulting in a 0.3 percent reduction in the size of the economy.
About 873 Kenyans dropped out of the dollar millionaires club two years later and have failed to restore their position. By the end of last year, the study identified 3,362 Kenyans among the world’s HNWIs. The newest figure indicates a 1.2 percent increase over the previous year’s figure of 3,323. In 2020, 912 Kenyans will have left the club of dollar millionaires.
However, according to a survey released by the Swiss financial behemoth Credit Suisse, the number of super-rich Kenyans is expected to rise to 27,473 by 2020.
According to the report, the percentage of adult Kenyans with more than $1 million (Sh113.8 million) grew to 0.1 percent, as some people defied the Covid-19 odds to build their fortune during a slump.