We bring you the list of top 20 richest people in Kenya. According to the Cambridge Dictionary, a rich person is someone who has a lot of money or valuable possessions.
In this article, we are going to list the top wealthiest people in Kenya.
Here is a list of Rich Kenyans in 2020
- Bhimji Depar Shah
- Naushad Merali
- Manu Chandaria
- Chris Kirubi
- Atul Shah
- Uhuru Kenyatta
- Peter Kahara Munga
- S. K Macharia
- The late Nicholas Biwott
- Baloobhai Patel
- James Mwangi
- Raila Odinga
- Moi & Family
- Dr Titus Naikuni
- Bharat Thakrar
- Mama Ngina Kenyatta
- Jane Wanjiru Michuki
- Prof. Joseph Wanjui
- Duncan Ndegwa
- Pradeep Paunrana
Kenya is the largest economy in East Africa, with a GDP of US$70.539 billion (Source: World Fact Book) and has some rich people.
In a report by Knight Frank released in March 2020, Kenya has 42 ultra-high net worth individuals, worth over US$30 million each which is equivalent to KSh3.07 billion.
The country has been ranked fourth in the Knight Frank’s Wealth Report list of African States’ ultra-rich.
But the people listed in this article are known to be worth millions of dollars and have appeared on several lists of rich people in Kenya.
List of richest people in Kenya
In the next section, we are going to list the richest people in Kenya according to their Net worth. Net worth is the value of all the non-financial and financial assets owned by an individual minus the value of all his/her outstanding liabilities.
An individual’s Net worth or call it wealth refers to an individual’s net economic position, the value of the individual’s assets minus liabilities.
Examples of assets someone would factor into their net worth include retirement accounts, other investments, home(s), and vehicles. Liabilities include both secured debt (such as a home mortgage) and unsecured debt (such as consumer debt or personal loans).
Typically intangible assets such as educational degrees are not factored into net worth, even though such assets positively contribute to one’s overall financial position.
Wealthiest people in Kenya by order
Moi and Family
Moi and family are one of the most affluent families in the country with an estimated net worth of $3 billion. They have several companies and have invested in almost every niche in Kenya. Moi’s wealth is hard to track owing to its diversity and secrecy but needless to say, at USD 3 billion, he is one of the richest men in Kenya and beyond.
Read also: Booming Businesses in Kenya
At the time of his death, Biwott owned the prestigious Yaya Center, a landmark shopping centre in Nairobi. He also owned Air Kenya among other ventures. His business dealings were in total secrecy, making it hard to determine his net worth.
However, the Nigerian Venture magazine placed Nicholas Biwott at $1 billion, making him one of the richest men not only in Kenya but also in Africa.
Mama Ngina Kenyatta
Mama Ngina Kenyatta and former powerful cabinet minister Nicholas Biwott appeared in the list of Africa’s top billionaires in the Nigeria-based Ventures financial magazine.
The two are among the 55 Africa’s dollar billionaires in a list that includes two Kenyans, Naushad Merali and Manu Chandaria. Whom the magazine tips as the wealthiest in the country and 25th most prosperous on the continent with a fortune of $1.65 billion (Sh142 billion).
Mama Ngina, the mother of Kenya’s fourth President Uhuru Kenyatta, with a net worth of $1 billion (Sh86 billion) spread in real estate, banking, and hospitality sectors. She is among the three women that made it to Africa’s billionaire club.
Must Read: Richest Women in Kenya
Bhimji Depar Shah
He is the founder and current Chairman of BIDCO Group of Companies, a Kenya-based, family-owned manufacturing conglomerate with businesses in 13 African countries. He is one of the wealthiest people in Kenya, with an estimated net worth of approximately US$700 million.
He is a businessman and an industrialist who is said to be the founder of Kenyan mobile service provider Kencell along with French media giant Vivendi. He schooled at the Highway Secondary School in Nairobi.
Naushad Merali chairs Sameer Group, a Kenyan conglomerate active in agriculture, construction, information technology, property, and finance.
He was formerly the chairman and largest individual shareholder of Bharti Airtel’s operations in Kenya, but in 2014 he sold his shares and stepped down from the company’s board. His net worth valued at USD 550 Million
Uhuru Kenyatta is one of the most privileged people in Kenya who had never seen hardship in his life. Before becoming the president of Kenya, Uhuru Kenyatta was involved in managing his father’s wealth, where he acquired his own in the process. He is one of the wealthiest people in Kenya with a total net worth of US$500 million.
Kirubi is an individual with many attributes to his personality and business life; Kirubi is a businessman, industrialist, and philanthropist. He is the current chairman of Centum Investment Company Limited in which he is the largest individual shareholder. His net worth is over US$300 million. He is also the owner of the biggest mall in the East, and Central Africa was known as Two Rivers Mall.
Manilal Premchand Chandaria is the owner of Comcraft Group of Companies that manufactures steel, plastic and aluminium products.
Comcraft operates in more than 11 African countries, Chandaria, is also into real estate business, and his net worth estimated at $270 million.
Must Read: Richest Men in Kenya
Atul Shah was Born in Nandi Hills, Kenya in 1961, grew up under harsh conditions. He is currently the Managing director and Chief Executive Officer of Nakumatt Holdings.
Nakumatt was one of the largest privately-owned supermarkets in Kenya, Uganda, Tanzania, and Rwanda, which has more than 7,000 people in its paid list and with annual sales of well over US$650 million.
His net worth is more than USD 290 Million. However, His fortunes may be parachuting owing to the downward trend of Nakumatt over the last few years.
Peter Kahara Munga
Peter Munga is the group chairman of the Equity Bank Group, one of the largest on the African continent with a customer base of over 9.3 million. Munga’s net worth is more than USD 280 Million, making him of one the richest man in Kenya.
Raila Odinga is popularly known in Kenya as the father of Modern Democracy. His net worth is (US$250 million)
James Mwangi is a businessman, banker, and the current Group Managing Director and Group Chief Executive Officer of the Equity Group Holdings Limited. James Mwangi and his wife also own shares in the Equity Group Holdings Limited and British American Insurance Company Limited (Britam). This makes the family one of the wealthiest in Kenya. The family’s name is on marble with a net worth of upward US$170 million at a time.
13. S.K. Macharia Net Wort
S.K. Macharia is a businessman and media mogul, who owns numerous stations in both English, Kiswahili, and Vernacular that include Citizen TV, Kiss, Radio Jambo, Ramogi, Muuga, Chamgei, Inooro, Bahari and Wimwaro. These stations collectively make The Royal Media company, which is one of the most successful media company in Kenya.
S.K has also tried his hand in Agriculture, Real estate, Transport, and Banking. His total net worth is estimated to be $150 million. He is said to be an all-rounder as his investments are found in all major companies in Kenya.
Baloobhai Patel is a businessman, entrepreneur, and philanthropist in Kenya. His investments include the tour company Transworld Safaris Limited, which he wholly owns and where he serves as the managing director.
He also serves as a non-executive director at Pan Africa Insurance, where he is the largest non-institutional shareholder. He also maintains significant shareholding in Barclays Bank Kenya, Bamburi Cement, Carbacid Investments, Diamond Trust Bank Group, and Safaricom. In July 2013, his holding in NSE-listed companies valued at KSh2.4 billion
Titus Naikuni is a mechanical engineer, businessman and corporate executive in Kenya. He has made a fortune and managed to be on the list of the wealthiest individuals in Kenya. He has a net worth of USD 140 Million.
Joe Wanjui (Joseph Barrage Warui) is a businessman and a political advisor. He is the Chief Executive Officer of Unilever. He serves as the Chairman of UAP Holdings Limited and Jockey Club of Kenya. Valued at USD 125 Million, He is described by many as ‘a most accomplished individual
Bharat Thakrar is valued at USD 90 Million. Founder and CEO of Scan Group, East Africa’s most extensive marketing services, he is the largest shareholder in the company. He is valued to be US$$90 million in net worth.
Jane Wanjiru Michuki
She is a Kenyan Lawyer, Businesswoman and Investor. Jane Wanjiru is the managing partner at Kimani & Michuki Advocates, a corporate law firm based in Nairobi with vast clients all over the country. Her estimated net worth is US$60 million.
The asset valuation of Fina Bank (Kenya) is estimated to be approximately $171 million. The first African governor of the Central Bank of Kenya (CBK), Ndegwa also served as the first Kenyan African Head of the Civil Service. His exact net worth is not known but is sure to run into the millions of dollars.
Paunrana is one of the richest people in Kenya who is valued at USD 80 Million. He was born in 1959 and educated in Kenyan schools. He spent two years with a software company in New York where he earned US$40,000 annually and returned to Kenya in late 1984. He later teamed up with his father in his business which later became known as ARM Cement Limited, listed on the Nairobi Security Exchange (NSE).
Stay in touch as we bring you the net worth of each in the next post of the wealthiest people in Kenya