Top Richest People in Kenya 2024


Share post:

Explore the abundant realm of Kenya’s wealthiest individuals through our comprehensive catalogue featuring the country’s most prosperous citizens.

Delve into the fortunes amassed by Kenya’s most affluent, as defined by the Cambridge Dictionary, as individuals possessing substantial monetary assets or valuable possessions. In this article, we endeavour to profile and rank Kenya’s most affluent personalities, offering a glimpse into their remarkable financial success and influence.

As the leading economic powerhouse in East Africa, Kenya boasts a GDP of US$264 billion in terms of purchasing power parity as of the conclusion of 2022 (Source: World Economics). However, it’s intriguing to note that Forbes magazine has not yet recorded any Kenyan billionaire with a net worth exceeding 1 billion dollars as of publication.

Nonetheless, the individuals highlighted in this article hold substantial fortunes in the multi-million dollar range. They’re routinely featured in the listings of Kenya’s wealthiest individuals, further reinforcing their status among the country’s financial elite.

List of wealthiest people in Kenya by order

Moi and Family

The late Daniel Arap Moi, who ruled Kenya for 24 years, and his family rank among the wealthiest Kenyans with an estimated net worth of $2.1 billion. The figures dropped from $2.7 billion in 2016 due to assets subdivision and financial commitments related to political affairs and power struggles.

The Moi family has interests in various sectors, including banking, oil, insurance, hotel and tourism, maritime and freight, media, manufacturing, airline, agriculture, real estate, education, and health.

Some of their notable businesses are Standard Group Limited, Transnational Bank Limited, Safaricom Limited, Kenya Television Network (KTN), and InterCon Hotel Nairobi, among others. Due to its diversity and secrecy, the Moi family’s wealth is hard to track. Still, they are undoubtedly one of the most influential families in Kenya.

Nicholas Biwott

Nicholas Biwott was a Kenyan politician and entrepreneur who died in 2017. He was a successful businessman who owned several ventures, including Yaya Centre, a landmark shopping centre in Nairobi that he partnered with Israeli tycoon Zeevi, and Air Kenya, an airline company.

His business dealings were secretive and controversial, making it hard to determine his net Worth. However, various sources have estimated it to be between $100 million and $1.1 billion, making him one of the wealthiest men in Kenya and Africa.

Mama Ngina Kenyatta

Mama Ngina is one of the wealthiest people in Kenya, with a net worth of $1 billion (Sh86 billion) as of 2022. Her massive wealth originates from stakes in the business empire owned by the Kenyatta family.

The family is one of the biggest landowners in the country, with vast pieces of land in Nairobi, Thika, Taita Taveta, Nakuru, and Naivasha, among other places. They also have interests in real estate, banking, hospitality, dairy farming, media, and energy sectors.

Bhimji Depar Shah

Bhimji Depar Shah, the founder and current chairman of BIDCO Group of Companies, started his business career at age 15 by selling clothes.

Over time, he established manufacturing businesses in 13 African countries, focusing on soap production, edible oil production, animal feed processing, baking products, hygiene products, beverages, and renewable energy.

His net Worth is estimated to be US$790 million as of November 2021. In February 2023, his son Vimal Shah was ranked the wealthiest person in Kenya, with a net worth of over US$2 billion.

For his contribution to national development in Kenya, Bhimji Depar Shah was awarded the Chief of the Order of the Burning Spear (CBS) from former president Mwai Kibaki in 2011.

Naushad Merali

Naushad N. Merali, a CBS (born 2 January 1951 – 3 July 2021), was a Kenyan billionaire businessman and industrialist. He founded Kencell Kenya, a mobile service provider, alongside French media giant Vivendi in 2004.

Merali was also the chairman of Sameer Group, a prominent Kenyan conglomerate active in agriculture, construction, information technology, property, and finance. Merali attended Highway Secondary School in Nairobi.

In 2004 he made headlines with a corporate boardroom manoeuvre that earned him 20 million dollars in profits within an hour thanks to the pre-emptive rights of his stake in Kencell Kenya.

Later on, he stepped down from the board of Bharti Airtel – where he was formerly their largest shareholder – after selling his shares off in 2014. By 2015, Forbes Magazine estimated his net Worth at 550 million dollars.

Uhuru Kenyatta

Uhuru Kenyatta is the fourth president of Kenya and one of the wealthiest people in the country. According to different sources, his net Worth is estimated to be between US$500 million and $4 billion. His wealth comes from various sources, including his family’s vast land holdings, businesses, investments, foundations, and offshore companies.

His family’s land holdings date back to the colonial era when his father, Jomo Kenyatta, Kenya’s first president, acquired large tracts of land from British settlers. Some of these lands are still under dispute by local communities who claim the Kenyatta family dispossessed them.

His businesses and investments span various sectors, such as banking, media, hospitality, agriculture, and energy. Some of his notable companies include Commercial Bank of Africa (CBA), Mediamax Network Limited (MNL), Heritage Hotels, and Brookside Dairy.

Chris Kirubi

Chris Kirubi was a Kenyan businessman, industrialist, and philanthropist who passed away on 14 June 2021. He was born in Murang’a County and was the chairman of Centum Investment Company Limited, a business conglomerate in which he was the largest individual shareholder with a 28.64 per cent stake.

According to some sources, Kirubi had an estimated net worth of $400 million, while others reported it as over $300 million. His investments spanned various sectors, such as banking, media, hospitality, agriculture, and energy. Some of his notable companies included Commercial Bank of Africa (CBA), Mediamax Network Limited (MNL), Heritage Hotels, and Brookside Dairy.

Kirubi’s most notable investment is Two Rivers Mall, the biggest mall in East and Central Africa, which covers 65,000 square meters of retail space. The mall houses several international brands, such as Nike and Adidas, and local stores, such as Sarit Centre and Nakumatt Supermarket.

Manu Chandaria

Manu Chandaria is a renowned Kenyan businessman, industrialist, and philanthropist.

He is the CEO and chairman of the Comcraft Group of Companies, which manufactures steel, plastic, and aluminium products in more than 40 countries. He is also involved in real estate, banking, insurance, and other sectors. His net Worth is estimated at $1.7 billion as of 2019.

Chandaria also receives the 2022 Carnegie Medal of Philanthropy for his dedication to providing essential human services to long-overlooked African communities through his family foundation. He is also a patron and chairman of the Global Peace Foundation in Africa.

Peter Kahara Munga

Peter Kahara Munga is a prominent Kenyan businessman and entrepreneur who has founded and led several successful companies.

He is the founder chairman of Equity Bank Group, one of the largest bank holding companies on the African continent, with over 14.2 million customers as of 30 June 2020.

He retired from this position in 2018 after 35 years of service1. He is also the chairman of Britam Holdings Plc, a leading diversified financial services group in East Africa with interests in insurance, asset management, banking, and property.

He holds a significant stake in Britain through various entities, estimated at over USD 95 million as of 20153. His net Worth is estimated at over USD 280 million as of 2021, making him one of Kenya’s wealthiest men.

Vimal Shah

Vimal Shah is a Kenyan businessman and entrepreneur who has made a name for himself in the East African Community. He is the Chairman and Chief Executive Officer of Bidco Oil Refineries, the largest manufacturer of edible oils in East and Central Africa. With an estimated net worth of $ 1.6 billion, Vimal Shah is one of the wealthiest people in Kenya.

James Mwangi

James Mwangi is a businessman, banker, and the current Group Managing Director and Group Chief Executive Officer of Equity Group Holdings Limited. He and his wife also own shares in Equity Group Holdings Limited and British American Insurance Company Limited (Britam) stock, making the family one of the wealthiest in Kenya. The family’s name is on marble, with a net worth of upward of US$170 million at a time.

S.K. Macharia Net Wort

S.K. Macharia is a businessman and media mogul who owns numerous English, Kiswahili, and Vernacular stations, including Citizen TV, Kiss, Radio Jambo, Ramogi, Muuga Chamgei, Inooro, Bahari, and Wimwaro. These stations collectively make The Royal Media Company one of Kenya’s most successful media companies.

S.K. has also tried his hand in Agriculture, Real estate, Transport, and Banking. His total net Worth is estimated to be $150 million. He is said to be an all-rounder, as his investments are found in all major companies in Kenya.

Bharat Thakrar

Bharat Thakrar is valued at USD 90 Million. Founder and CEO of Scangroup, East Africa’s most extensive marketing services, he is the largest shareholder in the company. He is valued to be US$$90 million in net Worth.

Duncan Ndegwa

The asset valuation of Fina Bank (Kenya) is estimated to be approximately $171 million. The first African governor of the Central Bank of Kenya (CBK), Ndegwa also served as the first Kenyan African Head of the Civil Service. His exact Net Worth has yet to be discovered but will undoubtedly run into the millions of dollars.

Philemon Shisia
Philemon Shisia
Philemon is a talented published author who contributes to the LUYA blog, showcasing their passion for content creation through writing articles. Their enthusiasm spans across a wide spectrum of topics, demonstrating their versatility and dedication to delivering engaging and informative content. With their expertise in crafting articles, Philemon captivates readers with well-crafted and thought-provoking pieces.

Related articles

List of Updated NHIF Rates 2024

Looking for NHIF Rates for 2023? Find them in the table below. NHIF Kenya, a state-owned corporation established in...

Navigating the World of Cryptocurrency Investments: A Comprehensive Guide

Cryptocurrency investments have gained significant popularity in recent years, attracting both seasoned investors and newcomers alike. The allure...

The Power of Diversification in Investment Portfolios

Investing is a crucial aspect of financial planning, and it plays a significant role in building wealth and...

Strategies for Paying Off Student Loans Faster: A Comprehensive Guide

Are you burdened by the weight of student loans? Do you dream of a future free from the...