Kenya’s four richest people have more wealth than 22 million people combined, report shows
Kenya’s four richest individuals have more wealth than the bottom 22 million poorest Kenyans, a report has revealed.
According to the report by the global charitable organisation Oxfam, the four super-rich persons have a combined wealth of Sh333 billion ($2.71 billion), which is more than what 22million poorest Kenyans in the bottom 40 percent of the economic pyramid own.
The four are Samir Naushad Merali, Bhimji Depar Shah, Jaswinder Singh Bedi and Uhuru Kenyatta’s family who in a different Oxfam report in January last year were listed as the richest with a combined wealth of Sh311.7 billion.
The report outlines that the wealthy Kenyans have grown richer in the past decade.
Over the past 10 years, the richest Kenyans who have a net wealth of $5 million (Sh615 million) and above have seen their wealth grow by 72 per cent in real terms with their population growing by 134 percent.
“The analysis shows that there are 1,890 individuals in Kenya with a net worth of $5 million (Sh615 million) or more, with wealth totaling $39.9 billion (Sh4.9 trillion). This also includes 130 individuals with $50 million (Sh6.15 billion) or more with a combined wealth of $18.7 billion (Sh2.3 billion),” Oxfam stated.
The report highlights the high levels of inequality that exist in the country, and which have been made worse by the economic shocks caused by Covid-19 lockdowns and prolonged drought, the worst in 40 years.
“Kenya super-rich are increasingly amassing enormous wealth, even as most Kenyans grapple with the impact of Covid-19 pandemic, rocketing prices of basic items, the drought situation and unemployment,” reads the report in part.
The 1,890 individuals, about 0.003 per cent of the country’s population, own wealth equivalent to 37.8 per cent of the country’s Sh12.09 trillion GDP by 2021.
Oxfam conducted the analysis together with the Fight Inequality Alliance, Institute for Policy Studies and the Patriotic Millionaires, showing a growing level of extreme wealth in the country.
