A report seen in the Kenyan business news publication, BusinessDaily showed that around 500 Kenyans fell below their millionaire status last year.
The Africa Wealth report, by Henley and Partners, showed that Kenya’s 7,700 millionaires in Kenya as of 2022, dropped to 7,200 in 2023. This follows a recent trend in the country, as it relates to the decline of wealthy people in the country.
The number of millionaires in the East African country was at an all-time high in 2021, after the country began to rebound from the effects of the COVID-19 pandemic the year prior.
According to experts, aside from the Shilling depreciation, a slightly more hostile business environment made it more difficult for more millionaires to emerge last year.
The Shilling dropped from 123.38 against the US dollar at the start of the year, to 157.29 at the end of 2023. However, 2024 has seen the resurgence of the currency’s strength, as the Kenyan Shilling went from one of the worst-performing currencies in Sub-saharan Africa to one of the best-performing.