List Of Kenyan Billionaires Who Shun Public Limelight, Their Businesses And Properties
- The Africa Wealth Report 2024 by Henley & Partners ranked Kenya fourth on the continent with 7,200 high-net-worth individuals
- Despite their vast wealth and influence, some Kenyan billionaires prefer to maintain a low profile, shunning the public limelight
- The Ndegwa brothers have shares in several companies, including NCBA Bank and First Chartered Securities
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TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting and offers profound insights into Kenyan and global economic trends.
Kenya is ranked fourth among African countries with the highest number of dollar millionaires and billionaires.
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How many high-net-worth individuals are in Kenya?
According to the Africa Wealth Report 2024 by Henley & Partners, Kenya is ranked fourth with 7,200 high-net-worth individuals.
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"Africa’s ‘Big Five’ wealth markets - South Africa, Egypt, Nigeria, Kenya, and Morocco - together account for 56% of the continent’s millionaires and over 90% of its billionaires," the report stated.
It revealed that Kenya was expected to record an 80% plus millionaire growth over the next decade.
Despite their vast wealth and influence, some billionaires prefer to maintain a low profile.
Which Kenyan billionaires keep low profiles?
1. The Ndegwa family's businesses
James and Andrew Ndegwa are the sons of the late Central Bank of Kenya governor, Philip Ndegwa.
Ndegwa died on January 7, 1996, leaving behind the multi-billion wealth he had accumulated for over 30 years. His two sons now control the wealth.
The former PS, who served in the Ministries of Agriculture, Finance, and Planning, co-founded First Chartered Securities in 1974 with 20 other civil servants.
Besides finance, the Ndegwa family invested in the lucrative real estate sector through AMbank House in Nairobi city.
The family has interests in the shipping industry through Inchcape Shipping and owns 50.93% of Unga Group through Victus Limited.
They are also among the largest shareholders of NCBA Bank. James Ndegwa is the lender's chairman.
2. Jane Michuki's wealth
Jane Michuki, the managing partner at Kimani and Michuki Advocates, has shares worth over KSh 5 billion at the Nairobi Securities Exchange (NSE).
She is one of Britam Insurance's shareholders (9.5%), and her stake is worth over KSh 4.5 billion.
Wanjiru holds a bachelor of law degree from the University of Nairobi (UoN). She graduated with a master's degree in law from the University of Warwick, England.
Billionaires Africa reported that she's one of the shareholders of Equity Group Holdings.
3. Lucy Mwiti
Lucy Mwiti was among the top taxpayers listed by the Kenya Revenue Authority (KRA), Business Daily reported.
She is one of a few women in Kenya's affluent circles who have amassed substantial wealth in a traditionally male-dominated society, suggesting a change in gender dynamics.
Her wealth is estimated at between KSh 350 million and KSh 1 billion.
4. Josphat Mwaura
Josphat Mwaura is a businessman and management consultant.
He handled audit, tax, and advisory services in several East African nations while holding the positions of CEO and senior partner at KPMG East Africa.
KRA included him in the list of the top 100 silent billionaires.
Mwaura is the former director of Starehe Boys Centre.
5. Kibunga Kimani's wealth
John Kibunga Kimani is the second-largest East African individual shareholder at Safaricom.
This followed his recent move to increase stakes at the giant telecommunication firm to KSh 27.7 million.
Besides Safaricom, he has shares at Centum, Kakuzi and Nation Media Group.
Which Kenyan billionaires came from humble beginnings?
In other news, a few billionaires we see today built their empires from scratch, beating all odds to succeed in the brutal world of business.
The multi-millionaires have invested in diverse sectors of the economy, ranging from financial, real estate, banking, agriculture, and hospitality.
Peter Munga founded Equity Group Holdings Ltd in 1984 as a society with a start-up capital of KSh 5,000.
Other Kenyan millionaires rose from rags to riches after working as matatu touts in their early life.
Proofreading by Otukho Jackson, a multimedia journalist and copy editor at TUKO.co.ke
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