Top 20 Richest People in Kenya And Their Networth In 2024

In this article, you will discover the top 20 wealthiest individuals in Kenya and learn about their backgrounds and how they made their fortunes

Dec 24, 2023 - 17:35
Dec 24, 2023 - 17:35
Top 20 Richest People in Kenya And Their Networth In 2024
Top 20 Richest People in Kenya And Their Networth In 2024

Kenya is a country that is rich in culture, history, and natural resources. It is also home to many successful entrepreneurs and business leaders who have built wealth through hard work and determination. These individuals have not only made a name for themselves in Kenya, but they have also made a significant impact on the global economy. This article will look at the top 20 wealthiest individuals in Kenya and explore their backgrounds and how they made their fortunes.

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1. Daniel Moi

Daniel Moi, the former President of Kenya, is a prominent figure in the country's political history. He served as the second President of Kenya for 25 years, and during his tenure, he was known for his dictatorial government. However, despite the criticisms of his government, Daniel Moi is also known for his immense wealth.

 According to estimates, Daniel Moi and his family have an estimated net worth of $500 million (USD), making them one of the wealthiest families in Kenya. Despite the diversity and secrecy of his wealth, it is clear that Daniel Moi is one of the richest men in Kenya and beyond.

 

The source of Daniel Moi's wealth is unclear, but some Kenyans have speculated that it may have stemmed from looted funds during his presidency. However, it is also known that Daniel Moi has made a significant impact as a business partner, with investments in various niches in Kenya. His notable investments include Paradise Holdings Limited, Kenya Television Network, Transnational Bank Kenya Limited, Loan of Kenya Insurance Company, and Insurance Company of East Africa.

SUMMARY: 

Category Information
Net worth Estimated at $500 million (USD) at the time of his death in 2020.
Richness One of the richest people in Kenya.
Business Owned and operated a number of businesses, including:
- Kabarak University
- Kabarak Farm
- Kabarak Hotel
Also had investments in a number of other companies, including:
- Kenya Airways
- Safaricom
- East African Breweries
Source of wealth - Salary as President of Kenya (1978-2002)
- Business interests
- Corruption allegations (Moi was accused of corruption during his presidency, but was never convicted.)

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2. Nicholas Biwott

 

Nicholas Biwott, a Kenyan businessman, was known for his secrecy and enigmatic business dealings. Despite the lack of transparency surrounding his financial status, it is clear that he was a successful and wealthy individual.

 

At the time of his death, Biwott owned the prestigious Yaya Center, a landmark shopping center in Nairobi. 

This was just one of his many business ventures, including Air Kenya. However, due to the secretive nature of his business dealings, it was difficult to determine his exact net worth.

 

Despite the mystery surrounding his wealth, the Nigerian Venture magazine placed Nicholas Biwott's net worth at $1 billion, making him one of the wealthiest men in Kenya and Africa. This estimate highlights the significant impact that Nicholas Biwott had on the Kenyan and African business landscape, despite the secrecy surrounding his financial dealings.

SUMMARY: 

Category Information
Net worth Estimated to be around $1 billion in 2013, according to Nigeria's Venture Financial Magazine. However, his total wealth remains a mystery.
Richness Biwott was one of the richest men in Kenya, known for his lavish lifestyle. He owned a number of homes, including a mansion in Nairobi's exclusive Karen neighborhood. He also owned a private jet and a collection of luxury cars.
Businesses Biwott had a number of business interests, including:
- Kenol-Kobil, a chain of filling stations across East Africa
- AirKenya, a domestic airline
- Yaya Centre, a shopping mall in Nairobi
- HZ Group of Companies, a conglomerate with interests in various industries
- Shares in blue-chip companies
- Educational institutions
- Kipsinende Farm
- Lima Ltd (agricultural machinery)
Source of wealth Biwott's source of wealth is somewhat of a mystery, believed to have been amassed through a combination of business acumen, insider trading, and corruption.

3. Mama Ngina Kenyatta

Mama Ngina Kenyatta is a prominent figure in Kenya's business and political landscape. As a member of the Kenyatta family and the wife of the former President, Jomo Kenyatta, she belongs to one of Kenya's most influential and wealthiest families.

After Kenya's independence from British control, Jomo Kenyatta became its first President and served for 15 years (1963-1978). Jomo Kenyatta is worth over $500 million alongside his family, making them the country's second-biggest landowner. Her wealth is primarily in the real estate, banking, and hospitality sectors, and she is one of the three women that made it to Africa's billionaire club.

The Kenyatta family is known for owning several companies and holding stakes in several reputable companies, such as The Village Market, Prestige Air, The Heritage Hotel Group, Peponi Schools, Commercial Bank of Africa, and Brookside Dairy Limited.

SUMMARY:

Category Information
Name Mama Ngina Kenyatta
Family Widow of Jomo Kenyatta, Mother of Uhuru Kenyatta
Net Worth Estimated at over $500 million (USD)
Known Sources of Wealth
  • Inheritance: Mama Ngina inherited a significant amount of wealth from her husband, Jomo Kenyatta. Jomo Kenyatta was a successful businessman before he became president, and he owned a number of properties and businesses. 
  • Business: Mama Ngina has her own businesses, including a chain of hotels and a tour company. She is also a major shareholder in several Kenyan companies.
  • - Investments: Mama Ngina has invested heavily in real estate and stocks. She owns a number of properties in Kenya and abroad, and she is a major shareholder in several Kenyan companies.
Known Businesses
  • - Brookside Dairy: One of the largest dairy companies in Kenya, owned by the Kenyatta family, with Mama Ngina as a major shareholder.
  • Mediamax Network: A Kenyan media company that owns several television and radio stations, also owned by the Kenyatta family, with Mama Ngina as a major shareholder.
  • - Heritage Hotels: A chain of hotels in Kenya, owned by Mama Ngina. , - KenolKobil: An oil company operating in Kenya and several other African countries, with Mama Ngina as a major shareholder.

4. Bhimji Depar Shah

 

Bhimji Depar Shah is a Kenyan businessman well-known for his entrepreneurial success and wealth. He is the founder and current Chairman of BIDCO Group of Companies, a Kenya-based, family-owned manufacturing conglomerate with businesses in 13 African countries.

 

Under Bhimji's leadership, BIDCO Group has become one of Africa's most successful and diversified companies, with a wide range of products and services, including edible oils, soaps, detergents, and personal care products.

 

Bhimji's business acumen and leadership skills have not gone unnoticed, and he is considered one of the wealthiest people in Kenya, with an estimated net worth of approximately US$700 million. He has built a business empire across multiple industries and countries, making him an influential figure in the African business landscape.

SUMMARY:

Category Information
Net Worth Forbes estimates Bhimji Depar Shah's net worth at US$700 in 2024.
Business Bhimji Depar Shah is the chairman and managing director of Bidco Africa, one of the largest manufacturers of consumer goods in East Africa.
Bidco Africa produces a wide range of products, including edible oils, soaps, detergents, and personal care products.
The company has operations in Kenya, Tanzania, Uganda, Rwanda, and Ethiopia.
Sources of Wealth - Bhimji Depar Shah's wealth comes primarily from his ownership of Bidco Africa.
- He also has investments in real estate, banking, and insurance.

5. Naushad Merali

 

Naushad Merali is a Kenyan businessman and industrialist known for his successful business ventures. He is the chairman of the Sameer Group, a Kenyan conglomerate active in agriculture, construction, information technology, property, and finance.

 

Naushad began his career in telecommunications, where he was a businessman and mobile service provider for Kencell and French media giant Vivendi. He then became the chairman and largest individual shareholder of Bharti Airtel's operations in Kenya, but in 2014 he sold his shares and stepped down from the company's board. 

Naushad has built a significant fortune throughout his career, with an estimated net worth of USD 550 Million. He is considered a shilling billionaire and a reputable Kenyan investor. He manages several companies worth over US$1.6 billion shillings, including the renowned Sameer Group.

SUMMARY:

Name Naushad Merali
Net Worth (2024) US$1.6 billion
Source of Wealth Manufacturing, Telecommunications, Property Development, Media
List of Businesses Sameer Group, Safaricom, Nation Media Group, Sameer Business Park, Sameer Steel, Sameer Africa, Sameer Investments
Chairman of Sameer Group
Sameer Group One of the largest manufacturers in Kenya, with interests in steel, tires, and batteries
Sameer Business Park Prime properties in Kenya, including the Sameer Business Park in Nairobi

6.Uhuru Kenyatta

 

Uhuru Kenyatta is a prominent figure in Kenya's political and business landscape. He is a former President of Kenya and a member of one of the country's wealthiest and most influential families.

Before his tenure as President, Uhuru Kenyatta managed his father's wealth and businesses, allowing him to acquire wealth. He is considered one of the wealthiest people in Kenya, with a total net worth of US$500 million.


Uhuru Kenyatta has diverse business interests, including investment in real estate, banking, and hospitality sectors. He is known for his business acumen and has accumulated significant wealth throughout his career.

SUMMARY:

Category Information
Net Worth $500 million
Source of Wealth
- Business Successful businessman with interests in dairy farming, tourism, and real estate. Founder and chairman of Wilkens Group.
- Politics Prominent Kenyan politician. Served as the fourth president of Kenya (2013-2022) and held various government positions.
- Family Inheritance Inherited a significant fortune from his father, Jomo Kenyatta, the first president of Kenya.

7. Chris Kirubi

 

Chris Kirubi is a Kenyan businessman, industrialist, and philanthropist. He is known for his diverse business interests, dynamic personality, and societal contributions. He is the current chairman of Centum Investment Company Limited, one of the leading investment companies in Kenya, where he is the largest individual shareholder. His net worth is over US$300 million.

 

Chris Kirubi's business career began as a salesman dealing in cars. However, he has grown to become one of the wealthiest dignitaries in Kenya. He has a diverse portfolio of businesses, which includes serving as a shareholder in some of Kenya's leading companies, such as Centum Investment Group, Kiruma International Limited, Capital FM, Sandvik East Africa, UAP Insurance Kenya, Haco Tiger Industries, and Capital FM. He is known as the East's most prominent mall owner, owning Central Africa's Two Rivers Mall.

 

Beyond his business pursuits, Chris Kirubi is also known for his philanthropic efforts and contributions to society. He is an associate of Kibaki and is known for his reputation as a visionary businessman with a strong sense of social responsibility.

SUMMARY:

Category Information
Name Chris Kirubi
Net Worth US$300 million (2024 estimate)
Source of Wealth Business, investments
Businesses
- Centum Investment Company Diversified investment company with interests in energy, financial services, real estate, and agriculture
- Haco Industries Consumer goods manufacturing and distribution company
- Capital Group Diversified investment company with interests in financial services, real estate, and manufacturing
- DHL International Kenya Logistics and transportation company
- UAP Insurance Leading insurance company in Kenya
Overview Successful businessman and investor with a diversified portfolio of businesses. Main source of wealth is his business interests, including investments in energy, financial services, real estate, agriculture, consumer goods, logistics and transportation, and insurance.

8. Manu Chandaria

 

Manu Chandaria, also known as Manilal Premchand Chandaria, is a Kenyan businessman and industrialist known for his success in building the Comcraft Group of Companies into a leading steel, plastic, and aluminium manufacturing company in sub-Sahara Africa. Comcraft operates in over 11 African countries, making it a significant player in its manufacturing industry.

 

Manu Chandaria is not only involved in the manufacturing industry but also in the real estate business. He is considered a reputable Kenyan investor and owner of multi-million dollar companies, with an estimated net worth of US$1.1 billion 

His portfolio includes Mabati Industries and East African Match Company, among the top companies in their respective industries. Manu Chandaria has built a significant fortune and has become one of Kenya's wealthiest men through his hard work, vision, and business acumen.

SUMMARY:

Category Information
Name Manu Chandaria
Net Worth US$1.1 billion (2024)
Source of Wealth Manufacturing, construction, and healthcare
Businesses
- Comcraft Group Conglomerate with interests in manufacturing, construction, and healthcare
- Chandaria Foundation Philanthropic organization supporting entrepreneurship and innovation
Background Born in India in 1937, moved to Kenya in 1962, and founded Comcraft Group in 1970.
Comcraft Group Manufacturing interests in steel, aluminum, and plastics. Construction division built iconic buildings in Kenya.
Philanthropy Donated millions to support education and healthcare in Kenya. Founder of the Chandaria Foundation.

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9.Atul Shah

Atul Shah is a Kenyan businessman and entrepreneur known for his success in building one of the largest privately-owned supermarket chains in East Africa. Born in Nandi Hills, Kenya, in 1961 and growing up under harsh conditions, Atul Shah became the Managing Director and Chief Executive Officer of Nakumatt Holdings.

Under Atul Shah's leadership, Nakumatt Holdings grew to become one of the largest privately-owned supermarkets in Kenya, Uganda, Tanzania, and Rwanda, with over 7,000 people on its payroll and annual sales of well over US$650 million. His net worth is more than $8.1 billion (as of March 2024).

Despite his success, Nakumatt Holdings has faced financial difficulties in recent years, and the company's downward trend may have affected Atul Shah's fortunes. Nevertheless, Atul Shah's journey from humble beginnings to becoming a successful business leader is an inspiring story of determination, hard work, and perseverance.

SUMMARY:

Category Information
Net worth $8.1 billion (as of March 2024)
Businesses
1. Glenmark Pharmaceuticals: Global pharmaceutical company with a focus on generics and specialty products.
2. API Holdings: Indian pharmaceutical company with a focus on active pharmaceutical ingredients (APIs).
Source of wealth Pharmaceutical industry

10. Peter Kahara Munga

Peter Kahara Munga is a Kenyan businessman and entrepreneur known for his leadership and success in building one of the largest banking groups in Africa. He is the group chairman of the Equity Bank Group, which serves over 9.3 million customers across the continent.

Under Peter Munga's leadership, Equity Bank Group has become one of Africa's most successful and respected financial institutions, with a strong reputation for innovation, customer service, and corporate social responsibility.

With a net worth of more than USD 280 Million, Peter Munga is considered one of the wealthiest men in Kenya. His business acumen and leadership skills have made him respected in the Kenyan and African business communities. His success has been a source of inspiration for many aspiring entrepreneurs.

11. Raila Odinga

Raila Odinga, popularly known as the "father of Modern Democracy" and "Baba" in Kenya, is a prominent political figure and businessman. His net worth of KES 2 billion makes him one of the wealthiest people in Kenya.

Raila Odinga is the son of Jaramogi Odinga, the first Vice President of Kenya. He has held various positions throughout his political career, including parliamentary members, cabinet ministers, and Kenya's prime minister. He was the presidential candidate for the Orange Democratic Movement during the controversial 2007 presidential election and later served as the Prime Minister.

In addition to his political career, Raila Odinga is a successful businessman with a diverse portfolio of assets and shares in some of Kenya's leading companies, such as East Africa Spectre Limited, Kisumu Molasses Plant, and Pan African Petroleum Industrial Services Limited.

SUMMARY:

Category Information
Net worth Estimated at Sh2 billion (KES 2 billion)
Richness Raila Odinga is one of the wealthiest politicians in Kenya. He owns a number of properties, including a house in Karen, Nairobi, which is valued at around Sh300 million (KES 300 million). He also owns shares in several companies, but has not disclosed the names or value of these shares.
Business Interests - Co-founder of East African Spectre, a security company.
- Shareholder in Spectre International, a security company that operates in South Sudan.
- Interests in real estate, including several commercial properties in Nairobi.
Source of Wealth Raila Odinga's wealth comes from a variety of sources, including:
- His salary as a politician.
- His business interests.
- Inheritance from his father, Jaramogi Oginga Odinga, who was a prominent politician and businessman.

12. James Mwangi

James Mwangi is a Kenyan businessman, banker, and CEO of Equity Group Holdings Limited. He is known for his leadership and success in building one of Africa's most successful banking and financial services companies. He is the Group Managing Director and Chief Executive Officer of Equity Group Holdings Limited, which he owns with his wife. They also own British American Insurance Company Limited (Britam), which makes their family one of the wealthiest in Kenya.

With a net worth of upward of US$170 million, James Mwangi and his family have significantly impacted the Kenyan business landscape. His business acumen and leadership skills have made him respected in the Kenyan and African business communities. His success has been a source of inspiration for many aspiring entrepreneurs and business leaders.

13. Joshua Kulei

Joshua Kulei is a Kenyan businessman and entrepreneur who rose to prominence during the reign of Daniel Moi as President of Kenya. He served as Moi's assistant during his administration, marred by complaints of maladministration and fraudulent use of public funds.

It is alleged that Joshua Kulei acquired his wealth through his presence in Moi's administration, but this has yet to be confirmed. Regardless of how he acquired his wealth, Joshua Kulei is known to be extremely rich, owning several assets, including large land areas. He has also expanded his wealth by establishing successful businesses in Kenya. His brother, Telel, reportedly manages some of Kulei's assets in the United States.

14. S.K. Macharia

S.K. Macharia is a Kenyan businessman and media mogul known for his ownership of some of Kenya's most successful media companies, including Citizen TV, Kiss, Radio Jambo, Ramogi, Muuga Chamgei, Inooro, Bahari, and Wimwaro, through The Royal Media Company. These stations collectively make The Royal Media Company one of Kenya's most successful and influential media companies.

In addition to his media ventures, S.K. Macharia has diversified his business interests in other sectors such as agriculture, real estate, transport, and banking. His net worth is estimated to be $150 million, making him one of the wealthiest people in Kenya. His investments are found in many major companies across different sectors in Kenya. He is considered an all-rounder, as he has invested in various sectors.

15. John Harun Mwau

John Harun Mwau is a Kenyan entrepreneur and investor known for his election to the Kenyan Parliament 1992. Then-President Daniel Moi appointed him to head the anti-corruption group. He is considered a wealthy individual, mainly because he successfully established the rural electrification scheme in Ukambani. He spent 80 million shillings flying all Ukambani councilors to Israel.

In addition to his investments in Kenya, Harun Mwau has diversified his business interests in other countries, with assets worth over 80 billion shillings in the United States. He is also reported to own several Asian and Middle Eastern companies worth billions of shillings.

16. Philip Ndegwa

Philip Ndegwa was a prominent Kenyan businessman who served as the ex-chairman of Kenya Commercial Bank and the ex-governor of the Central Bank of Kenya. Despite his passing, his family continues to maintain his legacy and control his billions of shillings through their ownership of shares in top companies, including East Africa Bottlers, Insurance Company of East Africa, Mackenzie Kenya, Unga Group Limited, Mitchell Cotts Limited, Lion of Kenya Insurance and Riverside Park Estate.

As a respected figure in the business sector, Philip Ndegwa played a significant role in shaping the Kenyan economy during his lifetime. His contributions to the country's financial institutions and his family's continued involvement in important companies make him a notable figure in Kenya's business history.

17. Simeon Nyachae

Simeon Nyachae is a well-known Kenyan figure who has stepped away from politics but continues maintaining his wealth and influence as a successful businessman. Known for his financial acumen and strategic investments, Nyachae is considered one of the wealthiest men in Kenya.

During his time in politics, Nyachae built a solid financial base that he has continued to expand upon through his business ventures. He is a respected Kenyan business community figure known for his ability to identify and capitalize on profitable opportunities.

SUMMARY:

Source Description Estimated Net Worth
Business Founder and chairman of the Nyachae Group of Companies with over 30 subsidiaries in various industries Ksh 100 billion
Government Service Held senior positions in the Kenyan government, including Minister of Finance, Minister of Agriculture, and Minister of Local Government Accumulated significant wealth during his tenure
Farming Large-scale farmer with over 10,000 acres of land cultivating various crops, including coffee, tea, and maize
Real Estate Owned significant real estate properties in Kenya and abroad, including homes in Nairobi, Mombasa, Kisumu, London, and the United States

18. William Ruto

William Ruto is a prominent figure in Kenyan politics, currently serving as the President of the Republic of Kenya. He is also a wealthy lawmaker, representing the Eldoret North Constituency. While his wealth may not be on par with other prominent Kenyan families, such as the Kenyatta and Moi families, Ruto has built a significant financial base through his various business ventures and assets.

Ruto rose to prominence as a YK '92 lobbying group member alongside other influential political personalities. He is an AMACO Insurance shareholder and owns various assets, including Rongai-based Osere Flats, Orterter Enterprises Limited, and Oseng Properties Limited.

SUMMARY:

Category Description Estimated Net Worth
Net Worth Estimated: $50 million - $200 million $50 million - $200 million
Richness Ranked among the top 10 wealthiest Kenyans by Forbes Africa
Source of Wealth - Business
- Politic
- Investments: Various investments in real estate and other assets.

19. Pradeep Paunrana

Pradeep Paunrana, a Kenyan businessman and founder of ARM Cement Limited, is one of the wealthiest individuals in the country. With an estimated net worth of $80 million, Paunrana has made a name for himself in the business world through his successful venture in the cement industry.

Born in 1959 and educated in Kenyan schools, Paunrana gained valuable experience working with a software company in New York before returning to Kenya in 1984. He teamed up with his father to establish ARM Cement Limited. This company is now listed on the Nairobi Securities Exchange (NSE) and has become one of the leading cement manufacturers in the country.

Apart from his successful business ventures, Paunrana is also known for his philanthropic efforts, supporting various charitable causes and organizations in Kenya. He is considered a thought leader in the business community and is a prominent figure in the country's economic development.

20. Jane Wanjiru Michuki 

As one of the leading figures in Kenya's business and legal industries, Jane Wanjiru Michuki has made a name for herself as a successful lawyer, businesswoman, and investor. With an estimated $60 million net worth, Michuki has proven her expertise in the field through her position as the managing partner of the highly respected corporate law firm Kimani & Michuki Advocates. With a diverse client base spanning the country, Michuki has established herself as a trusted and highly skilled professional, making her one of the most successful figures in Kenya's business and legal sectors. 

Through her extensive knowledge and experience in corporate law, Michuki has been able to navigate the complex legal landscape, building a reputation as a reliable and effective advocate for her clients. Additionally, her business acumen and investment savvy have made her a respected figure in the business community, making her one of the wealthiest people in Kenya.

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Final Thoughts

In Kenya, as in many other countries, the wealth of a select few stands in stark contrast to the financial hardships faced by the majority. The top 20 richest individuals in Kenya have made significant contributions to various sectors of the economy, accumulating vast fortunes along the way. While their achievements are commendable, it is essential to address the economic disparities and strive for a more inclusive and equitable society where prosperity is shared by all.

Joseph Richard Joseph Richard, a leading contributor to sledge.co.ke, uses his decade-long expertise in finance, business, and technology to offer clear, reliable guides and analyses. His work aids Kenyans in making informed financial and business decisions, earning him a reputation as a trusted industry authority.