radiomast wrote:
3. Real estate billionaires are old money types who were given valuable tracts of land in and around big towns. Or were able to simply grab this land.
Did you read this part of the article?
Quote:Realtor Knight Frank has, for instance, published a report showing that Kenya created 180 new dollar millionaires in 2017, increasing the number of persons with net-worths of more than Sh500 million to 1,290.
Knight Frank said that out of the 1,290 dollar millionaires, less than 10 had a net-worth of over Sh50 billion, while 90 were worth Sh5 billion and above.
Insights:
1.
A meagre 100 of dollar millionaires in Kenya
are worth more than 5 billion. My guess is half are political dynasty types we all know who may fit your category, the other half are the Manu Chandarias, the Kirubis and the like.
2. To be a dollar millionaire in Kenya means
you only have to own about 100 million kshs in assets. A house in Lavington alone will do the trick twice over. Or a few apartments in Kilimani. Or a few maisonettes in dustbowl. Are you saying all those with such assets are politican looters or tenderpreneurs? Of course not. You build one high rise apartment complex on your plot after decades of sweat and you are easily in the 500m category. Does that make you a looter-politician too?
3.
Majuu Kenyans and majuu returnees aplenty own assets sweated over for many years that can comfortably put them in category number 2 above. Are they also looter-politicians?
Aly-khan Satchu himself is in that category. He minted big in London and came back with it. Strange he thinks these millionaires are looters yet does not see the irony that he too is a dollar millionaire who made his money cleanly (we hope!) and is thus part of the growing list that Kenya's red hot economy is churning out - or attracting from abroad - each passing year.
The huge increase by the way is NOT the top 100 group. Those top 100 guys are
old money and have been on that list for decades. It is the
NEW 180 dollar millionaires created in 2017 that one should pay close attention to.
Again I repeat,
with an economy growing at 5%+ it is
INEVITABLE that new wealth will be created; legitimately and legally. Think of someone owning a small business whose income is growing at 5% per year for 16 years. There is no way they will stay poor unless they are blowing all their money on useless things.
The funniest of funnies: those always complaining that the
"economy is tough" and that only "
looters" are moving ahead...when you offer them opportunity to buy a ka plot here and a ka plot there so that they can join in the wealth creating game..they cry you are a conman
and mark time gnashing teeth bitterly in the same spot.
Ya Kiinya kweli si chache!