Kenya is one of the largest economies in the east African region and the country is home to some of the richest people in the whole of Africa. Kenya is ranked at fourth place in the Kint Frank’s wealth report, among the richest African states. But have you ever wondered, wanderers, who the richest people in Kenya are?
There are different reports available online that state there is a steady rise in the number of rich people in Kenya. As per one such report, there are about 3,362 citizens who have a net worth of over Sh113 million in 2022 as opposed to 3,323 in 2020.
So, here we will be sharing the details of the Top 10 Richest People in Kenya according to the latest 2023 reports.
Top 10 Richest Men In Kenya 2023 – Updated List
- James Mwangi – $180 million
- Raila Odinga – $250 milion
- Peter Kahara Munga – $280 million
- Atul Shah – $290 million
- Manu Chandaria – $300 – $350 million
- Uhuru Kenyatta – $500 million
- Bhimji Depar Shah – $700 million
- Mama Ngina Kenyatta – $1.65 billion
- Nicholas Biwott – $1.5 -$2 billion
- Daniel Moi and Family – $3 billion
Top 10 Wealthiest Men Of Kenya In 2023
| Name | Rank | Age | Net Worth (in million dollars) |
|---|---|---|---|
| James Mwangi | 10 | 61 | 180 |
| Raila Odinga | 9 | 78 | 250 |
| Peter Kahara Munga | 8 | 80 | 280 |
| Atul Shah | 7 | 62 | 290 |
| Manu Chandaria | 6 | 93 | 300 – 350 |
| Uhuru Kenyatta | 5 | 61 | 500 |
| Bhimji Depar Shah | 4 | 91 | 700 |
| Mama Ngina Kenyatta | 3 | 89 | 1.65 Billion |
| Nicholas Biwott | 2 | 77 | 1.5 – 2 Billion |
| Daniel Moi and Family | 1 | – | 3 Billion |
10. James Mwangi – $180 million
James Mwangi is a Kenyan banker, businessman, and entrepreneur. Currently, he is serving as the group chief executive officer and group managing director at the largest banking network in Africa, Equity Group Holding Plc.
He was also included on the list of most influential people in Africa by the Financial Times in 2009. Born in 1962 at Kangema in the central province, he also plays a pivotal role in the socio-political scenario of Kenya.
The net worth of James Mwangi is estimated to be around $180 million, making him one of the top 10 richest people in Kenya. A major share of his income comes from his business. He is currently the Managing Director and Group Chief Executive Officer of Equity Group Holdings Limited.
The banking network is one of the largest in Africa, and as the CEO of the company, he is entitled to multiple other allowances and incentives apart from his salary for serving the company. He is also known to have a good number of other investments too, which contributed to making him one of the richest men in Kenya.
9. Raila Odinga – $250 milion
Raila Amolo Odinga comes next on our list of the richest man in Kenya list. He is a prominent politician who has served in positions like Prime Minister of Parliament and also as the Prime Minister of Kenya from 2008 to 2013. Odinga is often described as the father of modern democracy in Kenya.
A highly powerful position in Kenya’s politics has indeed helped with the growth of his business. After his overseas education, Odinga returned to Kenya in 1970, and the following year he founded Standard Processing Equipment Construction & Reflection Ltd.
They are the only company that manufactures liquid petroleum gas cylinders in Kenya.The company was later renamed East Africa Spectre and being the sole manufacturer of the mentioned commodity, it is Odinga’s company that rules the African market for liquid petroleum gas cylinders.
Being the sole company working in the field, he generates a huge profit, which adds up to Raila Odinga’s net worth of approximately $250 million.
8. Peter Kahara Munga – $280 million
Born in 1943 in Kenya’s central province Kangema, Peter Kahara Munga is a very successful businessman and entrepreneur. He completed his primary education at the Gaichanjiru high school and later, the University of Nairobi awarded him with an honorary Doctor of Philosophy degree.
Peter Kahara Munga is a richest businessman in Kenya. Through his successful business, Munga was able to generate a huge sum of money over the years and the net worth of the businessman is estimated to be a little bit over $280 million, making him the tenth richest man in all of Kenya. The main source of Munga’s income is his business venture Equity Bank.
The Equity Bank Group was established in October 1984 as Equity Building Society. The firm originally aimed at providing mortgage financing to people who had a very low income.
Also Read: Top 10 Richest People In Uganda And Their Net Worth In 2023
The group grew in their business and currently, they are one of the biggest banking networks in the whole of the African continent. The firm is estimated to have over 9.2 million customers. Munga serves as the chairman of the Equity Bank Group.
7. Atul Shah – $290 million
Atul Shah is one of the most prominent members of the Visa Oshwal community in Kenya. His father Mangal Shah migrated from India to Kenya in around 1947.
Mangal Shah set up his family in Kenya and Atul Shah was born in Nandi Hills in the year 1965. The business venture of the family started with Atul’s father who opened a retail clothing store in the Nakuru market.
Even though they faced some backlash, they were able to overcome it and today, Atul Shah is one of the richest people in Kenya.
Atul Shah is a successful entrepreneur and businessman and has different successful ventures under his ownership. As per the latest reports, the net worth of Atul Shah is calculated to be around $290 million.
A major share of his net worth is generated from his business venture Nakumatt Holdings. Atul Shah is the current managing director and chief executive officer of the firm.
Nakumatt is one of the largest privately owned supermarket chains in Africa with multiple outlets in different countries like Kenya, Uganda, Rwanda, and Tanzania. The company is calculated to generate a revenue of $650 million in business.
6. Manu Chandaria – $300 – $350 million
Just like Atul Shah, the family of Manu Chandaria also came to Kenya from India and they also are prominent members of the Visa Oshwal community. Manu Chandaria’s family also had a very humble beginning.
They started their business on a small scale and currently, they are the owners of the Comcraft Group of Companies, which are one of the major manufacturers of steel, plastic, and aluminum products.
Comcraft is a major company not only in Kenya but in the entire continent as well. The company is a billion-dollar enterprise, and they have offices in over 40 countries.
Manu Chandaria also serves as a board member for many major companies that operate in the Eastern African region.
Apart from the metal and plastic manufacturing business, Manu Chandaria also has a strong presence in the real estate business. Running such a successful business firm has contributed immensely to his net worth of around $300 million making him one of the richest people in Kenya.
5. Uhuru Kenyatta – $500 million
Uhuru Kenyatta is also a very notable Kenyan politician who served his time as the President of Kenya from 2013 to 2022. Uhuru Kenyatta was born into a very wealthy family in Kenya as he is the son of Jomo Kenyatta, the first president of Kenya.
Unlike the earlier mentioned richest people in Kenya, Uhuru grew up in his father’s wealth, making it more and adding his contribution to their net worth.
The business empire of Uhuru Kenyatta is spread over different areas like luxury hotels, livestock management, and also in dairy products.
Coming from an already rich family, the business ventures and initiatives of Uhuru Kenyatta have only added to his already high net worth. As of now, Kenyatta’s net worth is estimated at $500 million, making him one of the wealthiest people in Kenya.
Uhuru Kenyatta has built a business empire that includes a television network, a healthcare facility, luxury hotels, dairy product manufacture, and along with it, a very large area where crops are grown and livestock is read, both for export and local use.
4. Bhimji Depar Shah – $700 million
Born in the early 1930s in Cairo, Egypt, Bhimji Depar Shah was once listed as the richest man in Kenya by the popular magazine Forbes.
Even though he was born in Egypt, Bhimji relocated to Kenya and thus Kenya became the home for his multiple successful business ventures.
Bhimji started his career in business through a petrol station in Nyeri, where he used to live after he moved to Kenya. Slowly, Bhimji started to explore new areas to develop his business. He started a garment manufacturing business in 1970 called Bidco Industries limited.
The company also started the manufacture of commodities like soaps and detergents in 1985 and currently, Bhimji and his company rules the Kenyan market when it comes to commodities like soaps, detergents, and baking powder.
The company is so successful that it is speculated to generate around $500 million annually. Currently, the net worth of Bhimji Depar Shan is estimated to be around $700 million.
Vimal Shah, the son of Bhimji Depar Shah, serves as the company’s CEO. Bhimji was able to expand his business outside Kenya and today, they have their roots in almost 13 African countries. Bhimji Depar Shah still serves as the chairman of the company.
3. Mama Ngina Kenyatta – $1.65 billion
Mama Ngina Kenyatta is the former first lady of Kenya. Being the wife of the first president of Kenya, Jomo Kenyatta, she is a very strong figure in both politics and business in Kenya.
Ngina Kenyatta is also the mother of Uhuru Kenyatta, who served as the fourth president of Kenya. Mama Ngina Kenyatta has also served as a Cabinet Minister of Kenya too. The Kenyatta Family is one of the most powerful and Richest families in Kenya and all of Africa.
She is also one among the three women who made it to the billionaire’s list from Africa with a net worth of $1.65 Billion
Being married to Jomo Kenyatta, who was already on the list of richest people in Kenya, who owned multiple successful businesses, Mama Ngina did her best to build the fortune even more.
She is currently the owner of the Publishing and Broadcasting House in Kenya, Media Max Limited. Apart from that, she also owns multiple other ventures like hotels, plantations, and ranches, which are calculated to generate a significant amount of annual revenue.
Ngina Kenyatta has significant power and control over the Kenyatta family business which spreads over different sectors like healthcare, hospitality, livestock management, and agriculture.
2. Nicholas Biwott – $1.5 -$2 billion
The name Nicholas Biwott is familiar to the people of Kenya as a strong politician and also a successful businessman.
Biwott served as a member of the Kenyan Parliament and also as a minister of the government during the presidential reign of Daniel arap Moi. Biwott was born in the Keiyo district on February 22, 1940.
His father was Cheserem Soti and his mother was Maria Soti. Biwott was born into a very small and poor family and his father used to work as a cattle herder.
He was a very bright student and earned his Bachelor of arts degree in subjects like Economics, and Political Science and also a diploma from the University of Melbourne.
The Yaya Center is one of the most iconic and landmark shopping centers which is located in the capital city of Kenya, Nairobi. Biwott owned the building as one of his possessions during the time of his death.
Biwotta also owned Air Kenya, which has also added a significant amount to his net worth. Even though he was a public figure, a major part of his business world was kept very private from the media and the public eye.
So, the task of calculating an exact number for his net worth is somewhat impossible but it can be easily assumed to be beyond $1 billion.
1. Daniel Moi and Family – $3 billion
Even after his death in 2020, Daniel Toroitich arap Moi and his family remain the richest people in Kenya. Just like most of the people mentioned on the list, Daniel Moi also was a very influential person in Kenyan politics.
He served as the second president of Kenya and is also the longest-serving Kenyan president to date. The family built their fortunes and expanded their business empire into almost every sector not only in Kenya but in all of Africa.
The overall net worth of Daniel Moi and his business enterprises is estimated to be around $3 billion. After the death of Daniel, the family business is run by his sons, who are said to have major shares in different companies like Kent Ship, Homestead Enterprises, Chesco Ltd, Giant Fox Bureau, and many more.
There are many successful businesses that are owned by the family of Daniel Moi like Eagle Airlines, Fresh Produce Ltd, Car Track Kenya Ltd, First American Bank, Equatorial Bank, and many more.
The Moi family is also considered the richest and one of the most influential families in Kenya and also in Africa.
Richest People In Kenya – Conclusion
Being one of the biggest economies in Eastern Africa, Kenya is home to many wealthy families and businessmen. It can be easily noted that some of the richest people in Kenya are also people who had a significant role and influence in the political scenario of Kenya.
Kenya is one of the African countries which is on its way to development and the business ventures and other investments of these rich people are also expected to contribute to the growth and well-being of the nation as well as its citizens.
Frequently Asked Questions
- Who is the richest person in Kenya?
Daniel arap Moi, the second president, is still considered to be the wealthiest man in Kenya.
- What is the net worth of the richest man in Kenya?
The richest man in Kenya, Daniel arap Moi, is estimated to have a net worth of $3 Billion.
- Which is the richest family in Kenya?
The Moi family is the richest family in Kenya.
