According to the report, Credit Suisse’s 12th edition of the Global Wealth Report, Kenya ranks fourth in Africa with the highest concentration of wealthy individuals whose total wealth is estimated at ($338billion) as of 2020.
In East Africa, Kenya ranks 1st place, followed by Rwanda, whose wealth per adult stands at $4,188; Tanzania ($3,647); Uganda ($1,994); Democratic Republic of Congo ($1,240) and Burundi ($728) in an article published by africa.businessinsider.
In Africa, the report noted that the continent’s total wealth barely changed, with exchange rate appreciation accounting for the slight change in wealth in the continent.
The report, however, did not release the names of the wealthiest individuals who made it to the 2020-2021 list.
Globally, the report highlighted that wealth grew by 7.4 per cent last year, and wealth per adult rose by six per cent to $79,952.
It added that the countries most affected by the pandemic did not fare poorly in terms of wealth creation as “Wealth creation in 2020 was largely immune to the challenges facing the world due to the actions taken by governments and central banks to mitigate the economic impact of Covid-19,” the report stated.
Kenya’s heavy debt burden and rising millionaires list
One critical insight the Global Wealth Report revealed is that Kenya is East Africa’s most heavily indebted country.
According to the report, Kenya has recorded several high profile government scandals, including corruption and misappropriation of funds that has created overnight millionaires.
The report ranked Kenya as a middle-income country with a debt estimated at over $64.22 billion, adding that every adult in the country is carrying a debt load of about $523.
Other countries in the region did not fare poorly in terms of debt burden, with the study showing that every adult in Tanzania carries a debt load of $137, followed by Rwanda ($135), Uganda ($107), Burundi ($37) and the Democratic Republic of Congo ($36).