Kenya is the largest and the most advanced economy in East and Central Africa; with strong growth prospects supported by an emerging, urban middle class and an increasing appetite for high-value goods and services.
Local and international investors have sought to have their money invested in sectors that they believe will make them reap high returns by the end of the month.
The country has proven to be open for business to well-positioned companies with strategic objectives of tapping into the growing potential of emerging markets in East and Central Africa. This has seen people living in diaspora consider investing back home due to the many opportunities available.
But which were the top sectors that generated wealth last year? Most investors considered investing in financial investments rising to
17 percent, technology and telecommunications at 15 percent and retail, fashion and luxury goods at 11 percent.
Other sectors which saw investors reap big were the Media, transport, and logistics which stood at seven percent whereas basic materials in the extractive industry such as mining stood at six percent.
From a recent report, it indicates that the number of high-net-worth individuals (HNWIs), those with a net worth of more than $1 million (Sh100 million) excluding their primary residence in Kenya grew to 9,482 in 2018 from 9,176 in 2017, an increase of 3.3 percent.
The number is expected to hit 22 percent before the year 2023 as the rich will keep on exploiting the areas above hence making more from their investments.
“Last year was an overwhelmingly positive one for Ultra-High Net Worth Individuals (UHNWIs) globally in terms of wealth growth,” said Andrew Shirley, Editor of The Wealth Report.
“There is growing awareness around the world regarding the increasing number of emerging challenges that wealth creators will need to overcome over the next few years and beyond.”
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