President Uhuru Kenyatta Amongst Top 5 Richest In Kenya
www.athleticshour.com | President Uhuru Kenyatta | Richest | Kenya | Oxfam International | Global Organisation | Sameer Nausha | Bhimji Depar | Jaswinder Singh Bedi | Mahendra Rambhai Patel |
Two Kenyans have a net worth greater than the combined wealth of 16.5 million fellow citizens, highlighting the massive gap in fortunes between the country’s haves and the have-nots. President Uhuru Kenyatta amongst top 5 richest in Kenya.
Oxfam International, a global charity organisation that fights inequality, lists Sameer Naushad Merali and Bhimji Depar Shah as Kenya’s top tycoons with fortunes of $790 million (Sh89.6 billion) and $750 million (Sh85 billion) respectively, with industrialist families dominating the ranking of wealthy Kenyans.
Mr Sameer Merali is the heir to the late businessman Naushad Merali, who passed away in July last year. The late Merali built his wealth from diverse investments including telecommunications, manufacturing, agriculture, banking and real estate.
Mr Shah is the founder of Bidco Group of Companies, a household consumer goods manufacturer.
“The two richest people have more wealth than 16.5 million Kenyans,” said Oxfam.
Textile manufacturer Jaswinder Singh Bedi ($680 million/Sh77.1 billion) and Mahendra Rambhai Patel ($430 million/Sh48.7 billion), whose family owns the Ramco Group, a conglomerate with holdings in print, hardware, manufacturing, office supplies, and real estate, are also among the top five.
President Uhuru Kenyatta is the fourth wealthiest Kenyan, according to Oxfam, with a fortune of $530 million (Sh60 billion), however this is likely linked to the Kenyatta family as it was in the past when Forbes estimated Mr Kenyatta’s worth at $500 million.
The Kenyatta family owns stakes in a variety of industries, including banking, milk processing, transportation, media, hotel, and land development.
Oxfam’s numbers are based on information from Wealth-X, a non-profit that keeps track of the world’s wealthiest people. The information was current as of November 30, 2021, according to the charity.
“Between 2016 and 2021, the number of individuals with wealth over $50 million increased from 80 to 120. Their combined wealth increased from $12.73 billion to $17.4 billion, an increase of 36.8 percent, adjusted for inflation,” said Oxfam of Kenya’s wealth study report. The report is expected to be officially released this morning.
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