According to Knight Frank, an international real estate agency that also reports on the wealth state all over the world, there was a surge in the number of millionaires in Tanzania by the end of 2019.
About 114 people in Tanzania hit the millionaire mark (in US dollars) during the year 2019. Nigeria also saw an increase of about 724 people become millionaires (in US dollars) in 2019, 762 new millionaires in Egypt and 215 new millionaires in Morocco.
Kenya on the other hand experienced a massive fall in the number of millionaires in the country. Knight Frank estimates about 499 Kenyans fell out of the millionaires list in 2019, reporting that Kenyan’s soft economy has hurt individual with net worth of $1 million and above.
Although, since the year 2014, Kenya experienced an increase of about 263% of millionaires in the country. In 2018 there was a surge of new millionaires in the country. The report estimated about 300 people became millionaires during that period.
Andrew Shirley, the editor of Knight Frank Wealth report said that the massive decrease in the number of millionaires has to do with the slowdown in Kenya’s economy.
Some of Kenya’s biggest contributors to the increase in millionaires such as technology, real estate and manufacturing have been heavily affected by the slowdown of economic activity in the country.
