The Kenyatta family is not the wealthiest in Kenya, a new report by Oxfam International, a global charity organisation that fights inequality, has revealed.
According to the report, Sameer Naushad Merali is the richest Kenyan with fortunes worth $790 million (Ksh89.6 billion) followed by fellow industrialist Bhimji Depar Shah, whose net worth is $750 million (Sh85 billion).
According to the firm that looked at the wealth of over 16 million Kenyans, the two have more wealth than 16.5 million Kenyans.
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Jaswinder Singh Bedi was ranked third with wealth worth $680 million (Ksh77.1 billion) while Mahendra Rambhai Patel was fifth with fortunes worth $430 million (Ksh48.7 billion). Patel’s family owns the Ramco Group.
President Uhuru Kenyatta was ranked as the fourth wealthiest Kenyan with a fortune of $530 million (Ksh60 billion), although the wealth could be jointly owned by the wider Kenyatta family.
“Between 2016 and 2021, the number of individuals with wealth over $50 million increased from 80 to 120. Their combined wealth increased from $12.73 billion to $17.4 billion, an increase of 36.8 percent, adjusted for inflation,” the report read in part.
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Despite the massive wealth owned by the five, Kenya is yet to have a dollar billionaire, despite being the superior economy in East Africa.
Currently, there are 19 dollar billionaires in Africa with a combined net worth of $73.4 billion (Ksh8.3 trillion).
Nigerian Aliko Dangote remains the wealthiest person in Africa with fortunes worth $13.5 billion (Ksh1.5 trillion), with interests in manufacturing.
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Egypt’s Nassef Sawiris at $8.2 billion is the second wealthiest in Africa, while South African Nicky Oppenheimer is the third wealthiest African at $7.9 billion.
Only 1,755 individuals in Kenya have wealth exceeding $5 million (Ksh567 million), with their combined wealth totalling $37.1 billion (Ksh4.2 trillion), or 41 percent of the country’s GDP.
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