From Right: Peter Welborn, Chairman, Knight Frank Africa. Anjali Harkoo, Head of Wealth and Investment, CfC Stanbic Bank and Ben Woodhams, Managing Director, Knight Frank Kenya
According to the 2015 Wealth Report by CFC Stanbic and Knight Frank, Kenya’s Dollar Millionaires are set to increase by about three quarters in the next one decade.
The dollar millionaires, popularly referred to as high net worth individuals, are set to increase from 8764 in 2014 to 15249 in 2024. Those with more than USD 30 million in assets are known as Ultra High Dollar Millionaires.
In Africa, the number of people with atleast USD 30 million in assets is expected to increase by 59%, a figure bigger than projected global growth that is estimated to be 34%. Ivory Coast and Tanzania are both expected to grow by more than 100% while Kenya’s UHWIMs are predicted to increase by 82% to 209 in 2024, according to The Wealth Report by CFC Stanbic and Knight Frank. Uganda’s number will rise from 21 to 35.
According to the report, Kenya’s impressive growth is as a result of the concentration of wealth due to its role as a regional hub.
The wealth report is an annual publication of the Knight and Frank; sponsored in Kenya by CFC Stanbic. More information on the same can be found here and here.