Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


200 Kenyans crossed the million dollar mark in 2015 - Reports

11 March 2016, 11:01

Nairobi - African continent could be home to the highest concentration of ultra rich individuals in the next decade thanks to economic renaissance occasioned by rapid investments, entrepreneurship and innovations, said a report by global real estate firm, Knight Frank, launched in Nairobi on Thursday.

According to its 2016 Wealth Report, the population of super wealthy individuals in Africa will increase by 54 percent from 2015 to 2025 when compared to the global average of 41 percent in the same period.

Executives were upbeat that wealth creation in Africa will accelerate despite risks associated with insecurity, global inflationary pressures, climate change and political uncertainty.

"There is a tremendous inflow of capital from all parts of the world into Africa and this phenomenon has created a new class of super wealthy individuals. The trend will continue despite several risks," Knight Frank Africa chairman Peter Welborn said.

The report said Africa's super wealthy have revitalized the real estate and luxury goods market.

Read Also: World's ultra-rich getting much richer

According to the report, the continent's ultra high net worth individuals, worth 30 million U.S. dollars and over, have invested heavily in luxury homes, private jets, cars, bonds and equities.

"Homes comprise an estimated 22 percent of assets owned by Africa's super wealthy and they have allocated 33 percent of their portfolios to liquid investments such as bonds and equities," it noted.

It added that collectables such as wine, art, antiques, jewellery and classic cars will gain popularity among Africa's ultra wealthy individuals in the coming decade.

The report revealed that Kenya, South Africa, Nigeria, Angola and Egypt have the highest population of high net worth individuals.

According to the report, an estimated 200 Kenyans crossed the million dollar mark in 2015, thus growing the country's dollar million population to 8,500 from 8,300 in 2014.

Offshore investors drawn from China, the Gulf region, Europe and America will continue to channel their capital into Africa in the near future.

Executives noted that foreign investors' appetite for Africa will accelerate wealth creation in the continent.

"There is real optimism from external investors on Africa's potential. They are forging joint ventures with local players to grow businesses that have unleashed wealth among the middle and upper classes," said Welborn.

For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page!

- Xinhua


Read more from our Users

Submitted by
Wilson Ochieng
Apologise for attack on Auditor G...

Apologise for attack on Auditor General, President Uhuru Kenyatta is told by Kisumu Senator Anyang Nyong'o. Read more...

Submitted by
Wilson Ochieng
Quit if you can't fight corruptio...

An MP has told President Uhuru Kenyatta to quit office if he cannot fight corruption. Read more...

Submitted by
Wilson Ochieng
Investigate Uhuru, Ruto for corru...

Investigate President Uhuru Kenyatta and DP William Ruto's offices over corruption, CORD leader Raila Odinga has said. Read more...

Submitted by
Victor Tinto
Its a 1 horse race to State House...

Its a 1 horse race to State House, DP William Ruto has mocked the CORD Coalition. Read more...

Submitted by
Victor Tinto
Enjoy your time left in power, We...

CORD Co Principal Moses Wetangu'la has told the Jubilee Coalition to enjoy its last few months in power before it is voted out in the 2017 elections. Read more...

Submitted by
Victor Tinto
Stop hiding in State House and sa...

ODM MP's have called on President Uhuru Kenyatta to release drought aid and to stop sitting on public funds. Read more...