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This is the lowest compared with South Africa at 65 per cent, Mauritius at 59 per cent, Nigeria’s 47 per cent and Ghana’s 33 per cent. Six in 10 of the wealthy individuals said their biggest fear is personal safety and security. Fifty-five per cent ranked political environment as their biggest fear.
Political undertones, especially during the electioneering period, tend to subdue investments in the country. Of the 56 HNWIs that were interviewed, 18 were worth Sh10.8 billion and above. Another eight were worth between Sh2.16 billion and Sh10.8 billion.
Four were worth Sh540 million and Sh2.16 billion while the remaining 26 put their value at between Sh108 million and Sh540 million. Majority of Kenya’s super-rich, 27, were aged between 36 and 50 years.
Eighteen were in the age bracket of 51 and 64 years. Seven were aged between 26 and 35 years. Seven others were over 65 years. Official data show that for the high income group in Nairobi, which includes occupants of corner offices of some of the most prestigious companies, Members of Parliament and top entrepreneurs, air tickets, fuel and dining in expensive hotels for business or leisure take up a huge chunk of their money.
A good portion of the money the rich in Nairobi spend on transport is on international travel, data from the Kenya National Bureau of Statistics shows. A fine dining restaurant has a formal atmosphere and a fancier menu than most restaurants.
They offer wine lists, and sometimes a wine steward, to help you with your food and wine pairing. Around 16 per cent of respondents had an estimated net worth of $5 million to $20 million, while the researchers also canvassed those with $20 million to more than $100 million in net worth. Respondents were from real estate, manufacturing, construction, financial services, technology, oil and gas, education, entertainment, retail and trade.
Philanthropy
Most HNWIs also show concern for the poor and increasingly get into philanthropy and setting up of charities.
The super-rich in Kenya are building schools, hospitals and providing clean drinking water in areas where there was none. The motivation for this in many cases is more likely fear than guilt. The wealth report notes that one of the biggest threats to wealth creation today is the ever-expanding gap between the rich and the poor.? And, as they say, the rich also cry.
They may not brood over school fees or food for their families, but how their estates will be managed when they die, and if their wealth will withstand the forces of time. Often, they do not trust their children, who tend to burn money on flashy purchases, not smart ones. Another report done by Stanbic Bank, an affiliate of Standard Bank, and property consultancy firm Knight Frank found that Kenya’s ultra-high net worth individuals (UHNWIs) — those who are worth over Sh30 billion, almost tripled to 42 in 2019 from 16 five years earlier. On the other end, HNWIs, those worth $1m and above, increased by 263 per cent to 2,900 from 800 in 2014.
The super-rich, according to this report, are expected to increase even more in the next four years. By 2024, the number of UHNWIs in Kenya is expected to increase by 14 per cent to 48. HNWIs are projected to increase by 16 per cent to 3,369. dakure@standardmedia.co.ke
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