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Kenya among top five countries with millionaires in Sub- Saharan Africa

According to a report by New World Wealth,
Kenya now has 8,500 millionaires, the Largest number in the East African region.

 

In Summary
Of the Kenyan millionaires, 19 per cent are in the
real estate and construction sector, 18 per cent in
the financial services sector and 10 per cent in the
manufacturing sector.
South Africa has the highest number of millionaires on the continent at 46,800 in 2014, followed by Egypt (20,000), then Nigeria (15,400).
The report says the number of millionaires in Africa is expected to rise by 45 per cent, to 234,000, over the next 10 years.
The rankings show that people in the Democratic Republic of Congo are the poorest, at $230 (Sh23,000) an individual.

 

Kenya is now among the top five countries in
Sub-Saharan Africa with a high number of
dollar millionaires, says a new report.
According to the report by New World Wealth, a South African market research firm, Kenya now has 8,500 millionaires, the largest number in the East African region.
Uganda has 1,300 and Tanzania 2,200.
South Africa has the highest number of
millionaires on the continent at 46,800 in 2014, followed by Egypt (20,000), then Nigeria (15,400).

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Of the Kenyan millionaires, 19 per cent are in
the real estate and construction sector, 18 per
cent in the financial services sector and 10 per
cent in the manufacturing sector.
The report says there were about 161,000
millionaires living in Africa at the end of 2014,
with a combined wealth of $660 billion (Sh66
trillion).
Their wealth increased by 145 per cent from
2000 to 2014 compared to a worldwide growth
rate of 73 per cent during the same period.
The report says the number of millionaires in
Africa is expected to rise by 45 per cent, to
234,000, over the next 10 years.
INCOME DISTRIBUTION
The document contrasts markedly with other
reports on income distribution across Africa,
including the one by the World Bank, which
points to growing levels of inequality across the
continent.
Recent World Bank data shows that the number
of poor people in Africa, defined as those living
on less than $1.25 (Sh125) a day, increased from
411.3 million in 2010 to 415.8 million in 2011.
The World Bank has forecast an average of 5.5
per cent economic growth for Sub-Saharan
Africa over the next year, though it warned that
“extreme poverty remains high across the
region”.
Mr Nick Dearden, the director of the advocacy
group Global Justice Now, told the Guardian that
the report shows deepening inequality across
the continent.
“It’s no wonder that rich individuals in Africa
are getting richer, because we’re seeing a form
of ‘development’ … which hugely benefits the
wealthy but makes the lives of the poor even
harder.
Aid money, trade agreements and corporate
‘investment’ pushed by Britain are locking
countries into a form of growth, which is all
about making the rich even more rich and the poor even more poor.”
The rankings show that people in the
Democratic Republic of Congo are the poorest, at $230 (Sh23,000) an individual.
“Over the last year, there has been very strong growth in places such as Mozambique, Zambia and Tanzania,” said Mr Andrew Amoils, head of research at New World Wealth.

 

Source: DAILY NATION

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Written by PH

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