Kenya, May 14 -- The number of dollar millionaires in Kenya, people whose wealth is at least Ksh129 million (or $1 million), has fallen by 10% in the last year. This is the third year in a row that this has happened, according to a new report.
Many of these wealthy people are moving their money to financial centers like the United Kingdom and Dubai.
The report mentions that this trend is happening because of economic worries in Kenya, such as the falling value of the currency and rising taxes.
Many of Kenya's richest people are looking for safer places to invest their money, and they find better tax rules and more stable investments in places like Dubai and the UK.
This decline in the number of millionaires has been happening since 2022. Experts believe there are now fewer than 3,000 dollar millionaires in Kenya, down from over 3,500 just three years ago.
Economic experts warn that losing wealthy individuals could hurt local investments and job creation.
A financial analyst from Nairobi, who wished to remain anonymous, said, "When money leaves, it takes away chances for the economy to grow."
The Kenyan government has not yet said how it plans to stop this trend or encourage rich citizens to keep their money in the country.
This news comes at a time when Kenya is facing bigger economic problems, including a budget deficit and increasing public debt.
Published by HT Digital Content Services with permission from Bana Kenya.