According to the recently published Knight Frank 2022 Wealth Report, an estimated 908 Kenyans aged 40 or less are among Kenya’s high net worth individuals (HNWI).
The 908 Kenyans are self-made millionaires, which means they have a net worth of at least $1 million (Ksh.113.85 million) including their principal house.
The under-40s account for 27% of all dollar millionaires in the country, with 3,362 Kenyans on the list by the end of 2021, up from 3,323 in 2020.
This means that 39 more Kenyans were added to the list of dollar millionaires in the year as Kenya’s wealthiest defied the COVID-19 pandemic to increase their incomes.
Despite this, the number of ultra-high net worth individuals (UHNWIs), or people with a net worth of at least $30 million (Ksh.3.4 billion), declined by two to 88 from 90 during the same period.
Entrepreneurship has been credited with the rise of Kenya’s young and wealthy, with enterprises centered on technology and digitalization providing the best path to millions of dollars.
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