Kenya is the economic, financial, and transport hub of East Africa. Kenya’s real GDP growth has averaged over 5% for the last decade. Since 2014, Kenya has been ranked as a lower middle income country because its per capita GDP crossed a World Bank threshold. While Kenya has a growing entrepreneurial middle class and steady growth, its economic development has been impaired by weak governance and corruption. Although reliable numbers are hard to find, unemployment and under-employment are extremely high, and could be near
40% of the population. In 2013, the country adopted a devolved system of government with the creation of 47 counties, and is in the process of devolving state revenues and responsibilities to the counties. Agriculture remains the backbone of the Kenyan economy, contributing one-third of GDP. About 75% of Kenya’s population of roughly 48.5 million work at least part-time in the agricultural sector, including livestock and pastoral activities. Over 75% of agricultural output is from small-scale, rain-fed farming or livestock production. Tourism also holds a significant place in Kenya’s economy. In spite of political turmoil throughout the second half of 2017, tourism was up 20%, showcasing the strength of this sector. Kenya has long been a target of terrorist activity and has struggled with instability along its northeastern borders. Some high visibility terrorist attacks during 2013-2015 (e.g., at Nairobi’s Westgate Mall and Garissa University) affected the tourism industry severely, but the sector rebounded strongly in 2016-2017 and appears poised to continue growing. Inadequate infrastructure continues to hamper Kenya’s efforts to improve its annual growth so that it can meaningfully address poverty and unemployment. The KENYATTA administration has been successful in courting external investment for infrastructure development. International financial institutions and donors remain important to Kenya’s growth and development, but Kenya has also successfully raised capital in the global bond market issuing its first sovereign bond offering in mid-2014, with a second occurring in February 2018. The first phase of a Chinese-financed and constructed standard gauge railway connecting Mombasa and Nairobi opened in May 2017. In 2016 the government was forced to take over three small and undercapitalized banks when underlying weaknesses were exposed. The government also enacted legislation that limits interest rates banks can charge on loans and set a rate that banks must pay their depositors. This measure led to a sharp shrinkage of credit in the economy. A prolonged election cycle in 2017 hurt the economy, drained government resources, and slowed GDP growth. Drought-like conditions in parts of the country pushed 2017 inflation above 8%, but the rate had fallen to 4.5% in February 2018. The economy, however, is well placed to resume its decade-long 5%-6% growth rate. While fiscal deficits continue to pose risks in the medium term, other economic indicators, including foreign exchange reserves, interest rates, current account deficits, remittances and FDI are positive. The credit and drought-related impediments were temporary. Now In his second term, President KENYATTA has pledged to make economic growth and development a centerpiece of his second administration, focusing on his “Big Four” initiatives of universal healthcare, food security, affordable housing, and expansion of manufacturing.
The following is a list of Kenya‘s richest. It is based on an annual assessment of wealth and assets compiled and published by Forbes magazine.
Kenya is the largest economy in the East African Community, the 3rd largest economy in Sub-Saharan Africa, with a gross domestic product of US$120.87 billion as of 2020 up from US$70.539 billion in 2017. Kenya ranks behind only South Africa and Nigeria in GDP rankings of Sub-Saharan African countries
Moi Family
Estimated Net Worth $3 billion
Main Source Of Wealth
First American Bank, Equatorial Bank, KTN, Regent Management, Kabarak University, Kabarak High School, Fresh Produce Ltd, among others
Kenyatta Family
Estimated Net Worth $2.5 billion
Main Source Of Wealth
Brookside, Peponi school, Beta Healthcare, NCBA, and lands, among others
Chandaria Family
Estimated Net Worth $1.7 billion
Main Source Of Wealth
Comcraft Group (steel manufacturing)
Philip Ndegwa Family
Estimated Net Worth $1.8 billion
Main Source Of Wealth
ICEA Lion, NCBA, AmBank, and Riverside Park
Biwott Family
Estimated Net Worth $1.1 billion
Main Source Of Wealth
Yaya Center
Mama Ngina Kenyatta
Estimated Net Worth $1 billion
Main Source Of Wealth
Banking, hospitality, and real estate
Sameer Naushad Merali
Estimated Net Worth $790 million
Main Source Of Wealth
Sameer Group
Bhimji Depar Shah
Estimated Net Worth $750 million
Main Source Of Wealth
Bidco Group
Jaswinder Sighi Bedi
Estimated Net Worth $680 million
Main Source Of Wealth
Bedi textile
Uhuru Muigai Kenyatta
Estimated Net Worth $530 million
Main Source Of Wealth
Brookside, Peponi School, NCBA, and Beta Healthcare, among others
Methodology
The Bizmart Africa’s Richest and Wealth list is a concoction of wealth using Assets Valuations, (Cash, Private & Public Assets Less Miscellaneous Liabilities). We list individuals rather than multigenerational families who share fortunes, though we also include wealth belonging to a tycoon’s spouse and children if that person is the founder of the fortune. We value a variety of real and virtual assets, but we don’t pretend to know each tycoon’s private balance sheet and where documentation isn’t supplied or available, we discount fortunes.
