A recent wealth report by Knight Frank indicates that only 475,000 Kenyans are worth $20,000 (Sh2.2 million) and above.
The number represents one percent of Kenya’s population, which stands at 47.5 million as per the 2019 national census.
Monaco is the leading sovereign land in the world with the wealthiest one percent of its population, according to the report whose findings were published on Bloomberg.
To make the cut for the richest one percent in Monaco, one must be worth at least $8 million.
Switzerland and the US have the second and third highest entry points, requiring fortunes of $5.1 million and $4.4 million respectively.
With one percent of the country’s population worth just $20,000, Kenya was the lowest-ranked of the 30 locations in Knight Frank’s study. Monaco’s elite one percent is 400 times wealthier than Kenya’s elite percent.
The World Bank estimates that two mission Kenyans have fallen into poverty due to the COVID-19 crisis.
Singapore ($2.9 million), New Zealand ($2.8 million), Hong Kong ($2.8 million), Australia ($2.8 million), Ireland ($2.6 million), France ($2.1 million), and Germany ($2 million) close the list of top countries with wealthiest one percent of their population.
Others are the UK ($1.8 million), Taiwan and Japan ($1.5 million), Spain and Italy ($1.4 million), United Arab Emirates ($1.3 million), South Korea ($1.2 million), China ($850,000), Malaysia ($540,000) and Russia ($400,000).