By O’Brien Kimani
Kenya has the 5th highest number of million dollar individuals in Africa after Mauritius, South Africa, Egypt and Nigeria.
The latest Africa wealth report says the number of high net worth individuals has grown by 60 percent in Kenya over the last eight years.
Kenya has also emerged as the most promising emerging market in Africa private banks to thrive.
A report by Research and Market titled, The Africa 2016 Wealth Report shows Mauritius as the richest country in Africa with the average wealth standing at 2.1 million shillings per person.
Zimbabwe ranks at the bottom of the list with 20,000 shillings per person.
There are approximately 165,000 million dollar individuals living in Africa, with a combined wealth holdings of 86 trillion shillings.
According to the report the number of millionaires in Kenya has risen to 60 percent in the last eight years driven by growing economy and a highly urbanizing population.
The report says African millionaires keep their funds in traditional holding centres such as the United Kingdom, the Channel Islands and Switzerland.
Dubai is another popular destination, especially for North African high net worth individuals.
According to the report‚ the growth in millionaires in Mauritius, which tops the list in Africa, was driven by strong economic growth, secure ownership rights and migration that has made it a major retirement destination.
Other reasons include low taxes which encourage business formation and appeal to retirees.
The report says the African private banking market will grow by 7% per annum over the next 10 years.
The most promising emerging African markets for private banking are Ghana and Kenya.
Meanwhile, Gabon at 50 per cent, Namibia at 35 per cent, and Botswana at 35 per cent came in at positions 6, 7 and 8, respectively.
Other countries where the number of millionaires grew over the eight-year period were Ethiopia, Tanzania‚ Ivory Coast, Gabon‚ Namibia, Botswana and Nigeria.