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A report by Oxfam International, a global charity organisation that fights inequality, has said that Kenya has no dollar billionaires unlike the continent’s other big economies like South Africa, Nigeria, Morocco and Zimbabwe.
Africa has a total of 19 dollar billionaires with South Africa having the highest at five, followed by Nigeria (3), Morocco (2) and Zimbabwe (1).
BUSINESS DAILY reportage says that “A majority of Africa’s billionaires have their fortunes linked to commodities and natural resources, which Kenya does not have in abundance.”
The Oxfam report says there are 19 dollar billionaires in Africa with a combined net worth of $73.4 billion (Sh8.3 trillion), having grown their fortune by $8 billion (Sh904 billion) since the onset of the Covid pandemic in March 2020.
Nigerian Aliko Dangote remains Africa’s wealthiest man with a net worth valued at $13.5 billion (Sh1.5 trillion), drawn from interests in cement manufacturing, sugar and salt milling, mining, logistics and energy.
President Uhuru Kenyatta has been named among the top five richest Kenyans with a net worth of $ 530 million (Sh 60 billion). While Kenyatta is ranked fourth in the Oxfam list, his wealth is also tied to the larger Kenyatta family wealth with interests in banking, milk processing, transport, media, Rihospitality and real estate.
Kenya’s richest man is Sameer Naushad Merali who is here to the late businessman Naushad Merali, who passed away in July last year. The late Merali built his wealth from diverse investments including telecommunications, manufacturing, agriculture, banking and real estate. His net worth is valued at $790 million (Sh 89.6 billion).
Bhimji Depar Shah who is the founder of Bidco Group, a manufacturer of household consumer goods is second in the list with assets valued at $750 million.
Merali and Shah have a net worth greater than the combined wealth of 16.5 million fellow citizens, highlighting the massive gap in fortunes between the country’s haves and the have-nots.
Also ranked in the top five are textile manufacturer Jaswinder Singh Bedi at $680 million (Sh77.1 billion) and Mahendra Rambhai Patel ($430 million/Sh48.7 billion), whose family owns Ramco Group, a conglomerate with interests in print, hardware, manufacturing, office supply and property sectors.
Article adapted from Business Daily.
