Kenyan Millionaire Numbers Seen Rising at Double Global Pace

The number of U.S.-dollar millionaires in Kenya will grow at more than double the global rate over the next decade as the economy expands, according to Africa’s biggest lender.

Individuals with a net worth of more than $1 million will increase 74 percent by 2024, compared with 31 percent globally, Deon de Klerk, global head of wealth and investment management at Standard Bank Group Ltd., said in an interview Thursday in the capital, Nairobi. Kenya currently has about 8,700 millionaires out of 18 million globally, he said.

“Kenya is in a great position,” he said. “It is well diversified, it is well located, it is a hub.”

Read more: Kenyan Millionaire Numbers Seen Rising at Double Global Pace – Bloomberg Business

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