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
- Standard Bank opens Ethiopia office to cater to fast growing economy
- Citi to Deutsche Bank on charm offensive in Africa as banks clamor for bond issuance deals
- High stakes for high reward? Real estate funds come to Africa
- Africa’s megaprojects: 326 billion reasons Africa is on the move (Photos, Infographic & Video)
- Africa: A land of opportunity for property investors
- Starwood Hotels accelerates growth in Africa with seven new deals
- CEO of world’s largest sovereign wealth fund turns to Africa to boost profits
- Is there hidden value in Nigeria’s Stanbic IBTC?
- Africa: Now a major player in emerging markets financial services
- Ranks of African millionaires swell
- Top property markets in Africa
- Private equity firm Abraaj is interested in buying Barclays Africa (Infographics & Video)
- Africa Report 2015 – Real Estate Markets in a Continent of Growth and Opportunity: Knight Frank (Infographics & Report)
- Africa’s Liquid Telecom raises $700m in bond and term-loan issue
- Old Mutual Spends Bulk of Africa War Chest on UAP Stake in Kenya
- African economic growth: The twilight of the resource curse?
- Africans Open Fuller Wallets to the Future
- A New Map for Business in Africa
- East Africa’s second-tier cities hold untapped potential
- 5 things to know about building business in Africa: Anthony Lewis, Director, Capital Markets, JLL Sub-Saharan Africa
- High-net-worth individuals (HNWIs) from Africa set to double by 2025: Knight Frank’s 2015 Wealth Report
- Barclays Africa Seeks Nigerian Investment Banking License
- EXEO Capital’s agribusiness Agri-Vie Fund II attracts over $100M in first close
- Diageo: Could Africa Be The Motor For Growth?
- Investing in Africa – Nigeria vs East Africa: Malimu Museru, Senior Analyst, RisCura
- Hotel developers will invest billions of dollars in African projects over the next few years
- Compelling investment markets in Africa – Inside Riscura’s Bright Africa 2015 Report: Debbie O’Hanlon, Senior Analyst, RisCura (Infographics)
- Africa’s middle-class boom is real, study shows – and it’s gaining speed: Simon Freemantle, Senior Political Economist, Standard Bank
- Across Africa, 3 in 4 countries improve business environment (Infographic)
- Fact of the Day: Kenya’s Equity Bank is Africa’s largest bank by customer base
- China still trumps the competition in Africa Inc.
- Norway-Backed Fund on Hiring Spree in Africa Finance Venture
- Five private equity funds targeting real estate investments in Nigeria (Photos)
- Profits and pitfalls on the private equity path into Africa: Hurley Doddy, Founding Partner, Emerging Capital Partners
- Building a Boston in Cape Town: $13B dream rises from ashes of apartheid
- Kenya’s Equity Bank to focus on developing mobile banking business
- MasterCard and Ecobank partner to accelerate electronic payments adoption in 28 Sub-Saharan African countries
- Nigeria’s Too Big to Fail Bank Rules Spur Bond Sale Rush
- Urbanization and population growth fuel African real estate
- Nigeria’s Interswitch considers IPO dual-listing on London Stock Exchange & Nigerian Stock Exchange for Africa expansion