In the rapidly growing economy of Kenya, a land known for its vibrant culture and beautiful landscapes, a handful of individuals have not only achieved extraordinary wealth but have also played a pivotal role in shaping the nation’s economic landscape
The country’s economy is boosted by several billionaires who have amassed wealth from local and foreign multi-billion-dollar investments. Billionaires influence the country’s economy and political space.
Kenya has a few richest men who own wealth worth billions of shillings. However, according to Forbes Magazine, no Kenyan billionaire has a net worth of more than ten billion USD.
This article delves beyond mere numbers, exploring not just who these men are and their staggering net worths but also the stories behind their fortunes, the industries they have transformed, and the impact they have on the broader Kenyan society.
Here is the list of the top 10 richest men in Kenya
List of The Top Richest Men in Kenya
1) Manu Chandaria (Networth-$2.5 billion)
Manu is a prominent Kenyan businessman; he owns the Comcraft Group of Companies, a leading manufacturing company that operates in over eleven countries in Sub-Saharan Africa and over forty countries spread across the three continents that deal with steel, aluminum, and plastic products.
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He has also invested in real estate across Kenya’s Capital City, other Cities in the country, and major cities across Africa.
Manu’s wealth is estimated at $2.5 billion, which cuts across manufacturing, real estate, and corporate investments. He also founded the Chandaria Foundation to support entrepreneurship and innovation.
Manu received a Carnegie Medal of Philanthropy 2022 for his philanthropic work and support for education and healthcare in Kenya.
2) Nicholas Biwott (Networth-$1.1 billion)
The late Biwott was a Kenyan businessman and politician. He was a very influential and wealthy person well-known for his secret business dealings. At the time of his death, his net worth was estimated to be around 1.1 billion dollars. He owned a group of companies, including Barisim Investment, Yaya Center, a leading Shopping centre in Kenya’s capital, and a local Airline company, Air Kenya.
As of 2023, details about his current wealth remain unclear. The family and children run his businesses. He is still ranked as one of Africa’s top 50 richest men
3) Bhimji Depar Shah (Networth-$ 790 Million)
Bhimji Depar Shah is a Kenyan Businessman, Entrepreneur, Founder, and Chairman of the BIDCO Group of Companies in Kenya, which has grown with outlets in thirteen African countries. The company deals with processing household products such as Soaps and detergents, edible oil, animal feeds, beverages, and renewable energy.
According to Forbes, He was ranked 31strichest man in Africa with a net worth estimated at US$790 million by 2023, entirely from the net profits from BIDCO Companies. His wealth also cuts across real estate and corporate investments through banking and insurance services.
Bhimji was awarded the Chief of the Order of the Burning Spear (CBS) 2011 by former president Mwai Kibaki for his contribution to the country’s economy.
4) Naushad Merali (Networth-$ 790 million)
Naushad Merali was a prominent businessman and industrialist well-known as the founder of the telecommunication company Kencell, a Kenyan mobile service provider, and the Sameer Group. He was the Group executive chairman of SAMEER Group of Companies, a Kenyan business chain that deals with construction and property development, agriculture, technology, manufacturing, finance, and Logistics distribution.
He was ranked the third richest person in Kenya and the 48th richest man in Africa in 2015, with a net worth estimate of $ 790 million as of 2023, which cut across the net profits from his companies and business investments. His Group of companies is valued at an estimated US$ 1.6 billion, which has contributed to the business and economic growth of the country.
Naushad also founded a philanthropic organization known as the Zarina and Merali Foundation that supports charity work through donations. He is remembered for his most significant donation of US$ 1.17 million to Kenyatta National Hospital to build a daycare center.
5) Narendra Raval (Networth-$ 400 million)
Narendra Raval is a Kenyan businessman and entrepreneur who serves as the Executive Chairman of Devki Group of Companies, a chain of manufacturing industries in East Africa that manufactures steel, aluminum, and cement; as of 2021, the company’s annual revenue was valued at over US$ 650 million.
In 2015, according to Forbes, his net worth was estimated at US$ 400 million, ranking him as the second richest man in Kenya and the 46th richest in the Forbes list of Africa’s wealthiest persons. However, his net worth has increased as of 2023, estimated to be more than US$ 400 million.
Narendra is also a philanthropist and passionate about charity work; he has publicly pledged to give out half of his wealth for charity work to help people in need through education and healthcare.
6) Uhuru Kenyatta (Networth-$ 500 million)
Uhuru Kenyatta is the fourth former president of the Republic of Kenya. He has risen to be a prominent figure in Kenya’s business landscape, placing him among the wealthiest personalities in the country. He manages the family’s wealth and business through which he has invested his share of inheritance, generating millions of dollars in returned investments.
As of 2023, his net worth is estimated to be US$ 500 million, which cuts across net profits from diverse business chains, including Media, real estate, hospitality, corporate investments, the energy sector, and agriculture.
He owns Multi-million companies, including Mediamax Network Limited, Commercial Bank of Africa, Brookside Dairy, and Heritage Hotels, and his wealth comprises vast family lands, business, and offshore companies valued at billions of dollars.
7) S.K. Macharia (Networth-$ 130 million)
S.K. Macharia is a successful businessman and media mogul. He is the Founder and Chairman of Royal Media Service, a Media house with the largest Television Network and private radio stations, which has risen to be Kenya’s most successful and influential Media company.
In 2012, Macharia was named among the top ten African Millionaires by Forbes Magazine. Besides his Media company, he has expanded his business to other sectors, including real estate, transport and logistics, agriculture, and corporate investments. His net worth is estimated at US$ 130 million, the net profits from his media outlets, business ventures, and corporate acquisitions.
8) Chris Kirubi (Networth-$ 300 million)
The late Chris Kirubi was a Kenyan Businessman, entrepreneur, and industrialist. He was the director of Centum Investment Company Limited, a leading investment company that operates in East Africa.
Kirubi started as a car dealer, and over time, he rose to be among the wealthiest personalities in the country through investment in the stock exchange and shares; his assets include Centum Investment Company, Haco Industries Limited, Kenya Commercial Bank Group, Nation Media Group, and Capital FM. His net worth is estimated to be at US$ 300 at the time of his death in 2021.
He was also a philanthropist through his Youth Mentorship Program dubbed ‘Ask Kirubi’, which aimed at mentoring and empowering youths across Africa.
9) Peter Munga(Networth-$ 280 million)
Peter Munga is a Kenyan businessman and entrepreneur. He is also the immediate past group chair of Equity Bank Group, the largest financial institution that serves an estimated population of 9.3 million people within the East Africa region.
Munga is among the country’s most reputable and wealthiest people due to his vast wealth spread across shares of stocks, business, and corporate investments. His net worth is estimated at US$ 280 million as of 2023.
He owns shares of stocks in publicly traded companies, including British-American Investment Company (Held through Equity Holdings Limited), British-American Investment Company (held directly), British-American Investment Company( Held through Filimbi Limited), and Equity Bank Group
10) Atul Shah (Networth-$ 290 million)
Atul Shah is a successful businessman and entrepreneur. He is the Managing Director and CEO of Nakumatt Holdings Limited and the founder of the largest privately owned supermarket chain, Nakumatt Supermarkets, with outlets across the East African countries with annual sales of US$ 650 million.
As of March 2023, his net worth is estimated at US$ 290 million, generated from the net profits from his company and business ventures. In 2013, he was reported as a shareholder of equity in the retail chain with shares valued at US$400 million (KSh34 billion at that time)
Conclusion
As we’ve seen, these titans of industry have not just accumulated wealth; they’ve reshaped Kenya’s economic landscape. Their journeys offer insights into the dynamic nature of wealth creation in Kenya and underscore the potential for future economic growth and social development. As Kenya continues to evolve, the ripple effects of its investments and philanthropy will undoubtedly play a crucial role in shaping the country’s future
FAQs
1. Who will be the richest person in Kenya in 2023?
As of 2023, Manu Chandaria is the richest man in Kenya, with a net worth estimated at $2.5 billion billion. His wealth includes net profits from his business empire, the Comcraft Group of Companies.
2. Who is the richest man in Africa in 2023?
Aliko Dangote, a Nigerian businessman and President of the Pan-African Conglomerate, the Dangote Group, has been ranked as the wealthiest man in Africa. According to the Forbes 2023 Index, Aliko remains the richest person for the twelfth consecutive year.
3. How Many Billionaires Are in Kenya?
According to Business Daily Africa, at least 340 Kenyans have a net worth of more than $10 million (or Ksh 1.2 billion). However, only 15 Kenyans are worth over $100 million (or Ksh 12 billion), also known as cent-millionaires.
4. How Many Trillionaires Are in Kenya?
There is no single Kenyan trillionaire. However, there are more than 340 billionaires in Kenya, according to Business Daily Africa. The 340 billionaires have estimated earnings of over $10 million (Ksh 1.2 billion).
5. What are the primary sources of wealth for Kenya’s richest men?
The primary sources of wealth for most of Kenya’s billionaires are their net profits from their multi-million investments valued at more than a billion dollars that span various investment sectors, including real estate, manufacturing, corporate acquisitions, and Agriculture. However, a few billionaires have acquired their wealth from their family inheritance and have invested into multi-million dollars.
6. Who are some notable philanthropists among Kenya’s wealthy individuals?
Most of Kenya’s billionaires and wealthy persons are involved in philanthropic work by founding an organization that supports education, healthcare, and social welfare for marginalized people through donations and grants. A few have been awarded various awards and titles for their work, e.g. Chief of the Order of the Burning Spear and Carnegie Medal of Philanthropy.
