32 Kenyan billionaires revealed by knight frank

A very good evening and welcome to Cajun

business my name is abby Agena, now we

start with a story that will leave quite

a number of billionaires trying to

figure out how they made it well. What

would you do with the 9 billion

shillings, this is the question that you

need to find out invest in land by a

company well there are 32 Kenyans today

whom this question is not just a fantasy

it is a fact of life they are ultra

high-net-worth individuals ,living in our

midst and if the latest wealth report by

the night Frank is anything to go by the

number could double by 2020 for kittens.

Adelaide Chango Lee has more

according to the fifth installment.

The Wealth Report

kanae is home to 115 out to reach

individuals with a net worth of more

than 30 million dollars or 2.7 six

billion shillings and thirty two people

from this list across their hundred

million dollar mark and I was at least

nine billion shillings there is more,

welfare and well-being created in more

different locations you know is drawing,

in the demands of luxury property with

the expected economic boom brought about

by infrastructure developments and the

rising foreign inflows into the country

the number of ultra-rich Kenyans is

expected to shoot up by 82 percent to

209 over the next ten years this is much

faster than the growth in South Africa

in Uganda but slogan Tenzin is 110

percent jump to 156 ultra rich,

individuals by 2024 as a number of

wealthy Kenyans and Africans increase it

raises the stakes in the local property

market which is a world's primary

investment of choice for the wealthy.

I can't tell you exactly what will

happen in terms of capital gains in

terms of v80 in terms of exemptions and

so on and so forth but until we get

clarity on those issues then we're going

to see people reluctant to to transact

but it is not just the rich will benefit

from the obscene in the economy

according to the report I think I will

triple the number of people in the

middle class by 2030 a fact that is,

already pulling luxury goods makers to

customise their product for the

distinctly different African markets

rolls-royce introducing luxury SUVs to

keep the reins and places as perhaps a

few more potholes and some of the other

markets so what is the biggest concern

for this ultra wealthy individuals taxes

goods are much more in where home is

held captive for Kenyan investors the

worry is a recent reintroduction of the

capital gains tax on the sale of

properties and shares in the market the

cost of transaction has an implication

on the value of the asset itself so if

you don't know what the cause the cost

of the transaction is then you don't

know what implication that has on the

value so people are holding off until

there is more clarity another huge

concern for the ultra-wealthy involve

succession plans specifically how to

ensure their descendants do not waste

their reaches on frivolities and how to

ensure their legacies leave on second

generation wealthy score about 30

percent of the wealth of their homes has

made the third generation pretty much

blow it all so it's really so we all

deserve my net worth individuals however

often they're well successfully idly ,

keychain business.

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