Mugundaman modest level of success in Kenya means you are just a phone call away from poverty the thing they call "middle class" or instagram money and its light years away from the money in that article.
Anyway take a closer look at the economy sector by sector and you may understand what is happening. Don't just take the numbers that are thrown from some quarters and IMF they are very subjective.

The economy rocketed in growth to 6.3% in the second quarter as recently announced by the govt.
Real Estate in Kenya as a subsector has been growing at well over 9% per annum for as long as I can remember.
Jameni what more do you want?
Surely even you yourself does not truly believe that all dollar millionaires in Kenya are corrupt!

Asante! At last I get a straight answer




No it doesn't! Allykhan Satchu may have sort of alluded to it and even then what he exactly said is this:



These are his opinions not facts, and even going by his opinions, he does not say that politically exposed persons are the ONLY category of HNWI's! Knight Frank on the other hand does not make any pretences at knowing what the composition of those numbers are. It simply states facts below:



But what about Kunal Ajmera of, CEO of Grant Thorton? Did He say anything different? Let's see for ourselves;



He says NOTHING about PEPs dominating the list. Interestingly, he claims the GINI index is going up, yet a few sentences later, this is what the article says;



Now which one is it. Is poverty going UP or poverty going DOWN, and are the red hot GDP growth numbers having a POSITIVE or a NEGATIVE impact on poverty reduction? It cannot be both!

Bottom line it is laughable to say in an economy growing at 6.3% this quarter, in which poverty numbers are rapidly declining, that "things are getting worse" or that "PEPs alone are getting wealthy" without providing even one iota of evidence besides an opinion which does not even truly say the above things. Numbers never lie and the numbers in this article are very clear;

1. Poverty is going DOWN
2. HNWIs are being created at rapid clip and they are NOT all PEPs
3. The economy is growing rapidly at 6.3% as of the last quarter

And this will only get better as more investments in infrastructure and social safety nets to cushion the poor come in place, as well as a sustained war on graft. Not everybody can be "rich" but poverty numbers can be rapidly trimmed if the economy continues to boom as it has been doing the past 16 years (since 2002)

There is a bright future ahead in Kenya for the hard working. It is easier today than in any time in our history as a country for an average Joe with financial literacy and a excellent work ethic to get out of poverty and join the swelling HNWI numbers in Kenya in their lifetime and this is an incontrovertible FACT that the numbers in the article above have shown.

Shalom.

What you are preaching here is growth delusion... and the problem is you are trying so hard convince yourself and us with certainty that the economy is doing good based on some numbers and worst of it numbers from politicians. Clearly what you are talking about doesn't resonate with the truth of what the majority are experiencing and going through. Its basic economics those numbers are not a real measure of well being even Kuznets knew that.

https://www.the-star.co....s-ago-says-cma_c1811587

According to that article, Kenya's are about 50% poorer today than they were a decade ago. The sectors that have been responsible for growth over the last 20 years or so including Telcoms, real estate and liberalization of key sectors such as healthcare can no longer support that growth. Worryingly, no other sectors seem capable of replacing real estate and telecoms, especially in regards to employment opportunities, meaning Kenya is in for a rough ride.

With all due respect, the article says no such thing! It's talking about the SAVINGS rate of Kenyans and aversion towards the capital markets, which tells us zero about poverty reduction or economic growth!My cousin in the village makes a boatload of money daily brewing muratina but spends it all 'enjoying life'so to measure his poverty via his savings rate is a tricky affair.

Savings = surplus. A decade ago, the average disposable income was so high that Kenyans could afford to YOLO and save at the same time. Anyway, according to you, what sector(s) is currently creating jobs for people, especially the hordes of graduates who are leaving college every year?

@mugundaman
The section below says that the list of wealthy is DOMINATEDby politicians whereas those who have made money in the ICT sector are FEW

Alkhan wrote:

Where is your data on this, baba? Give us the numbers and the source and maybe we can take you seriously!



Now we are getting to substance! According to Deloitte (2017):

1. Financial services - banking, insurance, pensions, capital markets
3. Public Sector - Security, women and youth empowerment, devolution, health education, Energy and resources
4. ICT
5. Agriculture
6. Manufacturing
7. Transport and Logistics
8. Tourism

and they left out the red hot real estate sector!

All growing! Jameni this is not rocket science; a sector grows, jobs are created, employment goes down, standards of living improve for everybady. Only an insane person cannot see this!

But that is just a wild conjecture in the peculiar style of jamplu by Mr Satchu! Where is his data to prove that PEPs dominate the dollar millionaire category? Please do not mistake a wild guess for fact! Remember there are a lot of industrialists, pseudo-businessmen, legit business people, real estate company owners, service industry moguls, tourism company owners and so much more in virtually every sector of the economy. So until Mr Satchu gives us concrete data, he cannot claim as fact that the list is dominated by PEPs alone.