Among the stabilized country in the Eastern Part of Africa is Kenya, and this can be shown with the stabilized economy that they are working with. But what makes this economy to become stabilize? You might not agree with me, but it is the role high profile individuals and the Government is playing that is making the economy go smoothly.
Apart from having a stabilized economy, over the years, Kenya has grown so well in areas like business, ICT, agriculture, etc. This has even provoked some curious minds that Kenya is the country with the biggest economy in Africa. But is that really true? I will leave you to decipher the answer to that.
Most of the richest men in Kenya today are active players in politics. However, note that the popularity of these people is not a result of the active role they played in Kenya’s politics but due to the fact that they are among the richest man in Kenya. In fact, they are even among the richest in the whole of Africa. And this has brought enormous glory to Africa.
Top 10 Richest Men in Kenya 2021
1. Daniel Moi
Net Worth: estimated $2.8 B
Daniel Moi has emerged as the richest man in Kenya. When it comes to the political history of Kenya, it will not be complete without mentioning Daniel Moi as he served as the second president of the country for good 25 years.
During his presidential tenure, many allegations were made, one of which is that the massive wealth he had was gotten from looted funds. He also involved himself in business that has provided for him another route of income. Such investments include Paradise Holdings Limited, Transnational Bank Kenya Limited, Loan of Kenya Insurance Company, Insurance Company of East Africa, and Kenya Television Network.
2. Manu Chandaria
Manilal Premchand Chandaria, also called Elder of the Burning Spear, is a businessman born on the 1st of March, 1929 in Nairobi. Chandaria is a prominent member of several East-African Companies. From the University of Oklahoma, he obtained both his BSc. Eng. and MSc. He actually has two BSc, the second which he got from Jamnagar India University. His area of business lies in the steel and aluminum industry.
Net Worth: $1.7B (Estimated). He is a co-founder of Comcraft Group, which is a conglomerate worthy of $2.5 Billion. Currently, he holds many posts, one of which is chairman of the Bank of India Advisory Committee, His personal business, however, spans through the whole of Kenya’s economy and over fifty (50) countries. Together with his family, they established the Chandaria Foundation that aims at providing charitable work to Kenyans in pursuit of their philanthropic exploits.
3. Bhimji Depar Shah
Bhimji Depar Shah is an entrepreneur, industrialist, and businessman. He founded the BIDCO Group of Companies.
BIDCO is a family-owned conglomerate in Kenya. The company has other businesses in 13 African countries. Bhimji is one of the richest men in Kenya with a net worth of $960 million.
4. Naushad Merali
Net Worth: estimated $600 M
Naushad Merali is another Kenyan businessman of Indian descent. He is the Executive Chairman of the Sameer Group, which is a business conglomerate based in Nairobi, Kenya. The conglomerate comprises 15 companies with operations in Kenya and other African countries. Sameer Group has operations in the manufacturing, agriculture, construction, finance, and transport sectors of the Kenyan economy.
Some of the subsidiaries of Sameer Group include Sameer Africa Limited, (manufacture of tires) Sasini Tea and Coffee, Kenya Data Networks Limited ( which is an Information Technology firm), Savanna Coffee Lounge, and their banking arm which is Equatorial Commercial Bank.
Apart from the businesses under the umbrella of his conglomerate, Mr. Merali is a shareholder in the Commercial Bank of Africa, and he also owns a 5% stake in the popular communications brand Airtel network.
5. Uhuru Kenyatta
Net Worth: $650 M
Uhuru Kenyatta is the current president of Kenya. His father Jomo Kenyatta was also Kenya’s first President. He is the heir apparent to the biggest and wealthiest family in Kenya. He has proven himself to be an astute businessman and earns himself a spot on the list of the richest men in Kenya. Most of Uhuru’s wealth can be traced to the business empire owned and controlled by the Kenyatta family. The Kenyatta family are the owners of Brookside dairy which has expanded to Rwanda and Uganda, Heritage hotels, Chartis insurance, Peponi schools, Mediamax Group (K24, the people Newspaper, Kameme Fm, Meru Fm, Milele Fm), Enke holdings, Timsales Holdings, a timber processing company. They also have a 24.92% stake in the Commercial Bank of Africa (CBA), and a 13.2% stake in NIC bank.
6. Chris Kirubi
Beginning his business career in dealing with cars as a salesman, Chris Kirubi is today one of the richest men in the Republic of Kenya. Do you see how business skills can transform one’s life?
Currently, he has many shares, if not as an owner, in many Kenyan Companies which include Kiruma International Limited, Capital FM, Haco Tiger Industries, Sandvik East Africa, Centum Investment Group, and many more. Associating with Kibaki Mwai, Chris Kirubi maintains his business reputation.
7. Peter Kahara Munga
Net Worth: Estimated $280 M
Peter Munga is a Kenyan businessman, industrialist, and billionaire. He is mostly known as the founder and chairman of Equity Group Holdings Limited (EGHL), a holding company with various investments in the financial services industry. The company is based in Nairobi.
The company has under its umbrella Equity Bank, which is one of the largest commercial banks in Kenya. Apart from Kenya the company also has a business presence in Uganda, Rwanda, South Sudan, Tanzania, and DRC.
The company has over 13 million customers and generates annual revenues in excess of KSh19.5 billion. Equity Group Holdings Limited also has assets estimated at about KSh530 billion and pays over 10,000 employees.
8. Raila Odinga
With a net worth of $250 Million, Raila Odinga is among the richest men in Kenya. He is also an active player in the politic of the country. Being the son of the first vice president of the country, he has held many public offices which include: cabinet minister, Kenya Prime Minister, and also as a parliamentary member. He once contested for the presidential seat under the umbrella of the Orange Democratic Movement in 2007.
However, his assets are mostly shares in reputable industries like East Africa Spectre Limited, Pan African Petroleum Industrial Services Limited, and Kisumu Molasses Plant. He has also involved himself in many philanthropic activities.
9. James Mwangi
Net Worth: Estimated $170 M
James Mwangi is a Kenyan corporate businessman of a reputable quality. He was born in Kangema, Muranga County in Kenya. James Mwangi started as an accountant in the banking industry. He is now an entrepreneur and venture capitalist. He is the current managing director and CEO of Equity Group Holdings Limited (EGHL), making him a business partner of Mr. Peter Munga who has been highlighted above. James Mwangi is among the major individual shareholders of EGHL with a 5.52% stake. He also has a stake in the British American Insurance Company Limited (Britam). He serves as the Chancellor of Meru University and the chairman of Kenya Vision 2030.
10. Musalia Mudavadi
Being a child of one of the influential cabinet ministers under the administration of Daniel Moi as President, Musalia Mudavadi joined the parliamentary arm of the Kenyan Government. His role as a cabinet minister was actually an inheritance from his father who died also as a cabinet minister. Apart from the fact that he is among the richest men in Kenya, he has also served the country in many ways. One of which is serving as the minister of local government and as well deputizing the Kenya Prime Minister.
Even though it was for a very short time of three months, he also served as Kenya’s Vice President. Currently, Musalia Mudavadi holds many assets and shares in many banking and insurance companies.
On the fifth position of our list, is the lawmaker from Kenya’s Eldoret North Constituency. Even though his wealth cannot be compared with other rich men like Kenyatta or Moi Family, he is known to own and control a number of assets. The popularity of William Ruto, together with many other political personalities actually got a high note under the influence of a lobbying group called YK ’92.
He holds shares in many organizations one of which is AMACO Insurance. His assets include Orterter Enterprises Limited, Oseng Properties Limited, Rongai-based Osere Flats, and many more.
After the era of Kenyatta and Moi’s administration has faded, Mwai Kibaki became the third president of the Republic of Kenya. At the end of his tenure, he was displaced and replaced by Uhuru Kenyatta who definitely is from the Kenyatta family.
Apart from being one of the richest men in Kenya, the 50 years’ political experience of Kibaki has made him a distinguished and highly experienced politician in the Kenya Political Environ. He is well known for possessing shares in many Kenya Countries and also having ownership over many hectares of land. Both his Residential and commercial assets have been found to go across the whole of Kenyan regions.
Being a wealthy Kenyan investor and also a co-founder of the African Stock Exchanges Association. He has been a cornerstone in the Kenya Business Sector looking at his past experience and also his current role as an investment banker. Also, he was the Chairman of the Nairobi Stock Exchange which he actually ruled in an authoritative manner for good ten years.
Currently, he has many shares distributed across many Kenyan Companies like Africa Consulting Group Limited, Dry and Blair Investment Bank, Jitegemee Trust Limited, Occidental Insurance Company, Nairobi Equator Hospital, and many others.
Being a renowned Kenyan who has involved himself in Kenyan politics over the year, he is one of the richest men in Kenya who makes use of the opportunities provided by politics.
However, recently, he resigned from politics even though that does not affect his financial load. This is due to the fact that he also involved himself in business that fetches him extra income. Today, he will never be forgotten in Kenya Politics.
Charles Njonjo is another retired civil worker who has played a major role in the justice arm by serving as the attorney general in the past years. His popularity was not due to his high financial load but rather due to his outspokenness and his active roles in Kenya’s Politics.
Even though he also exploited the opportunities provided by politics, he also invested his money into many Companies like Alico Insurance, CFC Stanbic Bank, Barclays Bank, Kenya, British American Investment Company, CMC Holdings, and many more.
So, Who Is The Richest Man In Kenya?
Just like any other country that has individuals of high personality, so does Kenya and in order to provide you with the richest men in Kenya, hence the birth of this article. Many things have been written about Kenya like richest families, richest women, etc. It is the time for the richest men in the country.
Questions like who is actually the richest among these men? How did they come about their wealth? What do they do to maintain it? And many others. All these have their answers in our article, you just sit back and browse through our content as we decipher the answers to you in a slow and steady manner. Here are the top 10 richest men in Kenya with their net worth. Enjoy your read.
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Being a rich man is not actually the issue but rather how to maintain it. This is why you will have noticed that most of the rich men in Kenya are actively involved in Business which is a continuous flow of income for them. Failure to do will shake their financial load if not reduce it drastically. Also, you have to appreciate the philanthropic activities that these men are involved in just to make the world a better place.
But are the women also doing great in business to be among the richest? You will get an answer to that in our next compilation of the richest women in Kenya. So, watch out for it.
Now, I believe the richest man in Kenya shouldn’t be a nightmare to you any longer as we have deciphered him in our compilation. I hope this article will do justice in that regard.