What is a Millionaires Club?
A Millionaires Club defines an individual whose net worth or wealth is equal to or exceeds one million units of a, particularly given currency. It can also be a person who owns one million units of currency in a bank account or savings account.
You may think you’ll never get rich unless you hit the lottery, win big in Las Vegas or come into a big chunk of family money. But, becoming a millionaire is within reach for those who start young and develop the right habits.
And anyone at any age can develop the traits that increase wealth and decrease debt.
How do you join the Millionaires Club?
Before looking into the list of Top Millionaires Club members from Kenya, let’s consider how you can become one of them.
As a matter of fact, “Debt holds people back,” says Jason Flurry. A certified financial planner and the founder and president of Legacy Partners Financial Group in Woodstock, Georgia.
Not forgetting, “They buy liabilities, and they make those payments forever.”
- Develop a written financial plan.
- Save, save, save.
- Live below your means.
- Lay off the credit.
- Invest in ways that work for you.
- Start your own business.
- Get professional advice.
With this in mind, for instance, “In Africa, Kenya leads the way, with 24 percent forecast growth by the end of 2023.
All in all, this fits with more upbeat economic forecasts for Kenyan GDP in the coming years, yet risks remain to this economic outlook as the government looks to narrow its fiscal deficit,” the wealth report says.
“The number of ultra-wealthy people in the country is set to reach 155 in 2023, making up six percent of the total UHNWIs population in Africa.”
Who are Members of Millionaires Club in Kenya?
Important to realize, the millionaires club is made up of individuals with a fortune of over Sh3 billion, increasing their number in Kenya to 125.
According to the Cambridge Dictionary, a rich person is someone who has a lot of money or valuable possessions.
Not forgetting, 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.
However, according to Forbes magazine at the time of this writing, there is no 1 billion dollar billionaire in Kenya. Although there have been speculations about the Moi Family ($3 Billion), Nicholas Biwott ($1 Billion) and Mama Ngina Kenyatta ($1 Billion).
Therefore, it is important not to indulge in speculations without credible pointing facts.
We bring you the list of top 20 richest people in Kenya.
- 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
List of Kenyans by Net Worth
The Knight Frank report projects that the number of Kenyans worth Sh100 million and above will grow further by 24 percent over the next five years.
This means by 2023, 11,584 Kenyans would have accumulated a wealth of more than Sh. 100 million.
The report lists manufacturing, real estate and technology sectors as the biggest contributors to the number of new dollar millionaires.
Listed below, are some of the wealthier Kenyans.
Is Kenya a Wealthy country?
On one hand, the report said that “in 2013, there were approximately 8,300 high net–worth individuals in Kenya.
Especially, with a combined wealth of US$31 billion, accounting for roughly 62% of Kenya’s total individual wealth”. The total wealth of Kenya was placed at US$50 billion.
On the other hand, according to the latest installment of the AfrAsia Bank Africa Wealth Report, South Africa, Egypt, Nigeria, and Morocco lead the pack on the total wealth table at:
- SA – US$722 Billion,
- Egypt – US$330 Billion,
- Nigeria – US$253 Billion and
- Morocco – US$122 Billion.
The report defines total wealth as the private wealth held by all the individuals living in each country.
In that case, it includes all their assets such as property, cash, equities, and business interests less any liabilities.
Of course, Nairobi is also included on the list of wealthiest cities in the continent, coming in at sixth position on the report.
Not to mention, Nairobi’s wealth is valued at US$54 billion whose major sectors include financial services, real estate, and construction, retail, tourism, FMCG, telecoms, and basic materials.
3 Rules for Success from Ellen Degeneres
By now, you’ll have known about Ellen DeGeneres and her net worth of about $45o Million. And also, how she managed to achieve great success.
With this in mind, below are some of the best success lessons to be learned from DeGeneres.
1. Don’t Let Anything Stop You
In that case, do not let anything stop or unwind you from accomplishing your goals.
If you are truly committed and determined to accomplish your goals, then no obstacle should stop you. The best thing you can do for yourself is to keep moving forward and see what the future brings.
Only you can make those dreams comes true, and all those barriers are minuscule in the grand scheme of things.
2. Failure Is Part Of The Success
Many of us will experience failure at one point or another, and failure is part of becoming successful. It helps you grow and gain perspective.
3. Always Keep An Open Mind
Every day you learn something new, and keeping an open mind will let you discover and learn to appreciate new things that you could potentially benefit from in the end.
New things can bring progress and innovation to your life, which is why you shouldn’t dismiss an idea or concept just because it’s out of your comfort zone.
Notably, at least 306 Kenyans joined the exclusive dollar millionaires club in 2018, a new report shows.
In fact, this group defied economic headwinds to grow their wealth above Sh100 million ($1,000,000) with their primary residences excluded.
Additionally, the 2019 Knight Frank’s Wealth Report shows that 9,482 Kenyans made it to the list of the world’s High Net-Worth Individuals (HNWIs) in 2018.
This represents a three percent growth in the number of Kenyan HNWIs from the previous year.
By the same token, the report further shows that four Kenyans joined an elite group of Ultra High Net-Worth Individuals (UHNWI).
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