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So we have 8700 dollar millionaires in Kenya!
Rank: Member Joined: 1/20/2015 Posts: 489 Location: Nairobi
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jerry wrote:UpcomingPaperChaser wrote:Having done so many works in the upmarket Nairobi and had the chance to interact with the owners of such, i would like to explain one or two points:
1. We have rich people in Kenya, dont underate the number. We have importers, exporters, private consultants, gynacologists, directors, rich businessmen, thieves, corrupt people en masse!!
A lady friend works at a gynacologists office in town, the gyna is well known and has built his empire over 25 years.....she told me, from consultancy alone, they make between 50-65k per day........ include treatments and prescriptions and that goes to abt 80k per day.......roughly 2 million per month!!!!! so kulipa 250k inakuwa peanuts
Another client i know mines gems in Taita Taveta county... guy so so rich, has a small chopper parked by the swimming pool!
Another one, Indian family owns a logistics company that is a leading logistics operator in East Africa
One imports mitumba and supllies to middle men who then supply the traders.......billionaire driving Range Rover
Some Turkish businessman paid 2 years rent upfront for a 6000 square feet mansion in Eagle Park, Runda. monthly rent was 300k!! nigga paid about 7 million cash
We have so many rich Kenyans out there.......extremely rich is understatement.........dont think people are as poor as you might be Which paper is this you are about to chase?! There is a reason they don't want to own homes. What could that reason be? Apart from political reasons, they own houses that they bought after they had been constructed, and they are designed in some manner that might not meet their desires. when they therefore get a house that is customized in design to their tastes, they will leave the houses that they own n opt to rent..... Enjoy every moment of your life, you never know when your time will come.
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Rank: Veteran Joined: 8/10/2014 Posts: 979 Location: Kenya
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UpcomingPaperChaser wrote:Having done so many works in the upmarket Nairobi and had the chance to interact with the owners of such, i would like to explain one or two points:
1. We have rich people in Kenya, dont underate the number. We have importers, exporters, private consultants, gynacologists, directors, rich businessmen, thieves, corrupt people en masse!!
A lady friend works at a gynacologists office in town, the gyna is well known and has built his empire over 25 years.....she told me, from consultancy alone, they make between 50-65k per day........ include treatments and prescriptions and that goes to abt 80k per day.......roughly 2 million per month!!!!! so kulipa 250k inakuwa peanuts
Another client i know mines gems in Taita Taveta county... guy so so rich, has a small chopper parked by the swimming pool!
Another one, Indian family owns a logistics company that is a leading logistics operator in East Africa
One imports mitumba and supllies to middle men who then supply the traders.......billionaire driving Range Rover
Some Turkish businessman paid 2 years rent upfront for a 6000 square feet mansion in Eagle Park, Runda. monthly rent was 300k!! nigga paid about 7 million cash
We have so many rich Kenyans out there.......extremely rich is understatement.........dont think people are as poor as you might be I should turn my girlfriend to gynecologist  2 million per month is too much for one person
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Rank: Member Joined: 1/22/2015 Posts: 682
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UpcomingPaperChaser wrote:Having done so many works in the upmarket Nairobi and had the chance to interact with the owners of such, i would like to explain one or two points:
1. We have rich people in Kenya, dont underate the number. We have importers, exporters, private consultants, gynacologists, directors, rich businessmen, thieves, corrupt people en masse!!
A lady friend works at a gynacologists office in town, the gyna is well known and has built his empire over 25 years.....she told me, from consultancy alone, they make between 50-65k per day........ include treatments and prescriptions and that goes to abt 80k per day.......roughly 2 million per month!!!!! so kulipa 250k inakuwa peanuts
Another client i know mines gems in Taita Taveta county... guy so so rich, has a small chopper parked by the swimming pool!
Another one, Indian family owns a logistics company that is a leading logistics operator in East Africa
One imports mitumba and supllies to middle men who then supply the traders.......billionaire driving Range Rover
Some Turkish businessman paid 2 years rent upfront for a 6000 square feet mansion in Eagle Park, Runda. monthly rent was 300k!! nigga paid about 7 million cash
We have so many rich Kenyans out there.......extremely rich is understatement.........dont think people are as poor as you might be You have named 5. Two of which are not Kenyan and therefore don't count, and one who's business makes 2 million per month on the high side, which is very hard to make a million dollars out of 2m per month before expenses and taxes. So that leaves three out of your anecdote who MAYBE are in the dollar millionaire club. The point of this survey though, in my view, was not to argue over the exact number of millionaires. It just shows the stark reality of Kenya, JM Kariuki's prediction of "10 millionaires and 10 million beggars" has come to pass.
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Rank: Member Joined: 8/15/2015 Posts: 817
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and you would think this very very rich people should have some little bit of money management/financial literacy .not to waste money with renting expensive houses but buy or build
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Rank: Member Joined: 1/30/2016 Posts: 332 Location: Rift Valley
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Cornelius Vanderbilt wrote:and you would think this very very rich people should have some little bit of money management/financial literacy .not to waste money with renting expensive houses but buy or build You are incorrectly assuming that the wealthy have the same priorities as the middle class and the hustlers.
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Rank: Member Joined: 9/2/2010 Posts: 845
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owning a home is great but there is nothing wrong with renting if your income and other assets can comfortably finance it. germany, perhaps europe's most successful economy and with one of the lowest levels of unemployment, has a relatively low rate of home ownership. lower than struggling economies like greece and spain. this is from 2004 but hasnt changed much.  All my friends are heathens, take it slow. Wait for them to ask you who you know. Please don't make any sudden moves.
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Rank: Member Joined: 8/15/2015 Posts: 817
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innairobi wrote:owning a home is great but there is nothing wrong with renting if your income and other assets can comfortably finance it. germany, perhaps europe's most successful economy and with one of the lowest levels of unemployment, has a relatively low rate of home ownership. lower than struggling economies like greece and spain. this is from 2004 but hasnt changed much. so you would rather rent your whole life because your salo can comfortably support it ? thats a very bad poor mentality.remember that rented house doesnot belong to you you are just enriching somebody.Own a home and leave something for your kids
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Rank: Member Joined: 9/2/2010 Posts: 845
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Cornelius Vanderbilt wrote:innairobi wrote:owning a home is great but there is nothing wrong with renting if your income and other assets can comfortably finance it. germany, perhaps europe's most successful economy and with one of the lowest levels of unemployment, has a relatively low rate of home ownership. lower than struggling economies like greece and spain. this is from 2004 but hasnt changed much. so you would rather rent your whole life because your salo can comfortably support it ? thats a very bad poor mentality.remember that rented house doesnot belong to you you are just enriching somebody.Own a home and leave something for your kids i'm not saying dont own your home. was responding to criticism about seemingly 'foolish' rich guys renting. to give an extreme example, if you are chris kirubi and have $500m worth of diverse businesses and income-generating assets, leaving a bungalow in ongata rongai for your kids to share between themselves is an immaterial achievement in the grand scheme of things. you might even have better and more productive use for the money in the same way many retailers lease and dont buy every single property they operate in. i wouldnt be too dogmatic about paths taken to financial success. All my friends are heathens, take it slow. Wait for them to ask you who you know. Please don't make any sudden moves.
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Rank: Member Joined: 6/15/2013 Posts: 301
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innairobi wrote:Cornelius Vanderbilt wrote:innairobi wrote:owning a home is great but there is nothing wrong with renting if your income and other assets can comfortably finance it. germany, perhaps europe's most successful economy and with one of the lowest levels of unemployment, has a relatively low rate of home ownership. lower than struggling economies like greece and spain. this is from 2004 but hasnt changed much. so you would rather rent your whole life because your salo can comfortably support it ? thats a very bad poor mentality.remember that rented house doesnot belong to you you are just enriching somebody.Own a home and leave something for your kids i'm not saying dont own your home. was responding to criticism about seemingly 'foolish' rich guys renting. to give an extreme example, if you are chris kirubi and have $500m worth of diverse businesses and income-generating assets, leaving a bungalow in ongata rongai for your kids to share between themselves is an immaterial achievement in the grand scheme of things. you might even have better and more productive use for the money in the same way many retailers lease and dont buy every single property they operate in. i wouldnt be too dogmatic about paths taken to financial success. It is interesting to note the first three countries also experienced the worst crisis in Europe in the 2008/9 recession. @innairobi I agree with you paying rent can be cheaper than servicing a mortgage, even in the long term, considering the interest paid over the 10/15 years servicing the mortgage. You can multiply the cash spent on servicing a mortgage which can be used to one day buy outright your home, less stress and worries per month on how you are going to service the mortgage which is dependent on the macroeconomic conditions, plus more disposable income to pay school fees, treat your family etc and keep them happy. It makes a lot of sense however if you have idle cash in the bank and can buy the house outright rather than paying rent.
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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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innairobi wrote:owning a home is great but there is nothing wrong with renting if your income and other assets can comfortably finance it. germany, perhaps europe's most successful economy and with one of the lowest levels of unemployment, has a relatively low rate of home ownership. lower than struggling economies like greece and spain. this is from 2004 but hasnt changed much. Wonder then why nations all over the world take pride in home ownership numbers
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Rank: Veteran Joined: 7/3/2007 Posts: 1,634
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@Lolest! - "Wonder then why nations all over the world take pride in home ownership numbers" 1. Besides being a powerful motivator of savings behavior (good for all sorts of reason), home ownership is a major boost on the economy. 2. It is also a response to one of the abiding basic human needs, shelter, right there on the Maslow scale. 3. Home ownership is one of the most predictable determinants of 'stickiness' to a place (the others are family, job etc. Such stickiness is important for nation building When you consider these benefits, the risk of regular booms and busts as happened in 2008 is a small price to pay. "The opposite of a correct statement is a false statement. But the opposite of a profound truth may well be another profound truth." (Niels Bohr)
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Rank: Member Joined: 9/2/2010 Posts: 845
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mulla wrote:innairobi wrote:Cornelius Vanderbilt wrote:innairobi wrote:owning a home is great but there is nothing wrong with renting if your income and other assets can comfortably finance it. germany, perhaps europe's most successful economy and with one of the lowest levels of unemployment, has a relatively low rate of home ownership. lower than struggling economies like greece and spain. this is from 2004 but hasnt changed much. so you would rather rent your whole life because your salo can comfortably support it ? thats a very bad poor mentality.remember that rented house doesnot belong to you you are just enriching somebody.Own a home and leave something for your kids i'm not saying dont own your home. was responding to criticism about seemingly 'foolish' rich guys renting. to give an extreme example, if you are chris kirubi and have $500m worth of diverse businesses and income-generating assets, leaving a bungalow in ongata rongai for your kids to share between themselves is an immaterial achievement in the grand scheme of things. you might even have better and more productive use for the money in the same way many retailers lease and dont buy every single property they operate in. i wouldnt be too dogmatic about paths taken to financial success. It is interesting to note the first three countries also experienced the worst crisis in Europe in the 2008/9 recession. @innairobi I agree with you paying rent can be cheaper than servicing a mortgage, even in the long term, considering the interest paid over the 10/15 years servicing the mortgage. You can multiply the cash spent on servicing a mortgage which can be used to one day buy outright your home, less stress and worries per month on how you are going to service the mortgage which is dependent on the macroeconomic conditions, plus more disposable income to pay school fees, treat your family etc and keep them happy. It makes a lot of sense however if you have idle cash in the bank and can buy the house outright rather than paying rent. true. its possible to be overly fanatical about home ownership even when it doesnt make financial sense or lead to a better quality of life. All my friends are heathens, take it slow. Wait for them to ask you who you know. Please don't make any sudden moves.
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Rank: Member Joined: 9/2/2010 Posts: 845
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Lolest! wrote:innairobi wrote:owning a home is great but there is nothing wrong with renting if your income and other assets can comfortably finance it. germany, perhaps europe's most successful economy and with one of the lowest levels of unemployment, has a relatively low rate of home ownership. lower than struggling economies like greece and spain. this is from 2004 but hasnt changed much. Wonder then why nations all over the world take pride in home ownership numbers it is okay to own your home but its possible to disproportionately ascribe way more value to that than is deserved. come to think of it, going by the latest kenya demographics survey released early this year, kenya actually has a far higher rate of home ownership than germany. yet the average german is tens of thousands of times richer than the average kenyan and has a far far better quality of life. occasionally, kenyans are even forced to beg for food and other humanitarian aid from german taxpayers. All my friends are heathens, take it slow. Wait for them to ask you who you know. Please don't make any sudden moves.
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Rank: Member Joined: 1/20/2015 Posts: 489 Location: Nairobi
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Assuming you own lots of mansions in Runda, but you would like to live in Lavington but there is no land to build and develop in Lavington, you will only be left with the option of renting in Lavington regardless of how rich you could be Enjoy every moment of your life, you never know when your time will come.
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Rank: Veteran Joined: 7/8/2008 Posts: 947
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innairobi wrote:Lolest! wrote:innairobi wrote:owning a home is great but there is nothing wrong with renting if your income and other assets can comfortably finance it. germany, perhaps europe's most successful economy and with one of the lowest levels of unemployment, has a relatively low rate of home ownership. lower than struggling economies like greece and spain. this is from 2004 but hasnt changed much. Wonder then why nations all over the world take pride in home ownership numbers it is okay to own your home but its possible to disproportionately ascribe way more value to that than is deserved. come to think of it, going by the latest kenya demographics survey released early this year, kenya actually has a far higher rate of home ownership than germany. yet the average german is tens of thousands of times richer than the average kenyan and has a far far better quality of life. occasionally, kenyans are even forced to beg for food and other humanitarian aid from german taxpayers. @innairobi ... spot on. The fascination with living in your house is very strange. I think owning a home is an important investment but I am not enamoured to living in my house because it is mine. I bought a house in 2011 and finished paying mortgage on the house Nov 2015. I tried living in the house for a short while but the commute was a big hustle in terms of traffic and transport cost. I moved out of the house and rented it out but the rent contributed only 15% of the mortgage. Anyway moving out was the best thing to happen to me. I stopped being emotional about the house and started looking at it as an investment. I worked to clear the mortgage as quickly as possible and now want to remortgage the house at a higher value to fund a new project. I am happy renting a place close to the office with more peace of mind. A house can be a great investment but home ownership for it's own sake is neither here or there. My 2 cents!
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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Kenya will have the highest dollar millionaires in Africa by 2025-PD Is it due to biz,entrepreneurship or corruption? If Obiero did it, Who Am I?
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Rank: User Joined: 1/20/2014 Posts: 3,528
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Swenani wrote:Kenya will have the highest dollar millionaires in Africa by 2025-PD
Is it due to biz,entrepreneurship or corruption? Tenderpreneurship!!! Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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So we have 8700 dollar millionaires in Kenya!
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