Kenya has a total of 330 individuals with a net worth of at least $10 million (Sh1.08 billion), according to the 2020 Africa Wealth report by AfrAsia Bank.
The figure represents a 7.31 percent drop compared to 2019 when the population of billionaires in the country stood at 356.
The drop was attributed to the effects of the Covid-19 pandemic on businesses and enterprises.
The report indicates that 250 out of the 330 billionaires in the country live in the capital Nairobi, representing 75.8 percent.
The effects of the Covid-19 pandemic saw the cumulative number of persons worth $10 million and above in Africa fall by nine percent last year.
Kenya had the fourth-highest number of billionaires on the continent behind South Africa with 1,930 billionaires, Egypt (810) and Nigeria (460).
Others are Mauritius (190), Ethiopia (150), Ghana (110), Ivory Coast (100), Angola (100), and Tanzania (90).
In terms of cities, Johannesburg had the highest number of billionaires with 790, followed by Cairo (400), Cape Town (390), Lagos (260), and Nairobi (250).
The report further shows that Kenya has 8,300 high-net-worth individuals, described as people with a net worth of at least $1 million (Sh108 million).
The Africa Wealth report describes wealth as the net assets of a person including properties, equities, cash, and business interests clear of any liabilities.
AfrAsia Bank uses its financial management arm, responses from private bankers, wealth advisers, and managers to track people’s wealth. Its reports do not give the individual names of wealthy persons.
Nairobi is placed sixth in the cities’ ranking.
The study describes wealth as the net assets of a person that includes all assets like property, cash, equities, and business interests less any liabilities.