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 2015, followed by Egypt (20,000), then Nigeria (15,400).
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.
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Recent World Bank data has predicted an average of 5.5 per cent economic growth for Sub-Saharan Africa over the next year.
Source: businesstech.co.za
