500 wealthy Kenyans fall off dollar-millionaires list
Nairobi, April 17 -- Five hundred Kenyans fell off the exclusive list of dollar millionaires in 2023 as a weak shilling cut the valuation of their liquid investable wealth in dollar terms, a new report shows.
The super-rich were also affected by instability in the property market and a bear run at the stock exchange, according to Africa Wealth Report 2024.
The report, which was released on Tuesday, shows the number of dollar millionaires - individuals with liquid investable wealth of more than $1 million (Sh131.5 million) - in Kenya dropped from 7,700 in 2022 to 7,200 in 2023.
The report was released by international wealth advisory firm Henley & Partners in collaboration with global wealth intelligence partner, New World Wealth.
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