New Report Reveals Kenya’s 5 Richest People and Their Wealth [LIST]
A new report has listed the five richest people in the country. According to the report, the five – individuals and families – control more wealth than millions of TBEN across the country.
Oxfam International’s report released on Monday January 17 states that Sameer Naushad Merali, who is the son of the late billionaire Naushad Merali, is the richest individual in the country, sitting on a fortune of 89.6 billion Ksh (790 millions of dollars).
Merali is followed by Bhimji Depar Shah, who founded Bidco Group of Companies, and controls a fortune of 85 billion Ksh ($750 million).
Sameer Group CEO, Sameer Merali.
Other wealthy people in the country’s top five include textile manufacturer Jaswinder Singh Bedi with a wealth of Ksh 77.1 billion ($680 million), President Uhuru Kenyatta (and by extension the Kenyatta family) whose wealth amounts to 60 billion Ksh (530 million dollars). ). and Mahendra Rambhai Patel with 48.7 billion Ksh ($430 million).
“The two richest people have more wealth than 16.5 million TBEN.
“Between 2016 and 2021, the number of individuals with wealth above $50 million (Ksh 56.7 billion) increased from 80 to 120. Their combined wealth increased from $12.73 billion to 17 $.4 billion, an increase of 36.8%, adjusted for inflation,” the report read in part.
Most of Merali’s wealth comes from real estate, manufacturing, and banking, among other income-generating businesses.
Sameer’s father still holds the record of earning up to Ksh 1.6 billion in just one hour due to his business acumen.
textile manufacturer Jaswinder Singh Bedi.
In 2000, Merali owned 40% of telecommunications giant Airtel (then known as KenCell Communications), with French company Vivendi owning the rest.
When his business partner decided to quit in 2004, Merali convinced his partner Vivendi, which held the majority of shares, to sell their 60% stake to him for Ksh 230 billion.
An hour later, Merali sold the 60% stake to billionaire Mo Ibrahim’s Celtel with a profit margin of Ksh 1.6 billion.
The Kenyatta family, which tops the wealth list, has investments in various markets including banking, manufacturing, processing and telecommunications, among others.
Overall, Africa has 19 dollar billionaires, none of whom are from Kenya. The richest person in Africa is Aliko Dangote with a wealth of 8.3 trillion Ksh ($73.4 billion).
File photo of First Lady Margaret Kenyatta and Sameer Africa founder Naushad Merali