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Newest Kenyan Billionaires: Names of the Ten Digit Mortals

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Kenya’s Zacchaeus, KRA, has published a new list of Kenyan Billionaires.

The names of the ten digit mortals have been derived from the top taxpayer’s list which has uncovered over 100 silent Kenyan billionaires.

The term ‘silent’ should tell you that your local celebrities are not in the list.

When it comes to making the real dough, forget those blinged out celebrities with fake accents and an acquired skin color; the loaded make real money in silent. Well, except for a few.

The new billionaires have joined the A-list of the most elite economic class in Kenya: the ten digit club.

It seems that while many Kenyans face tough economic times that have characterized Kenya in the past three years, others have been balling.

According to KRA, those named are individuals who have no qualms with adopting transparency in the management of their wealth and tax obligations.

Things have taken an interesting twist this year since at least three women are in the list of newest Kenyan billionaires.

Two of the women are Lucy Mwiti and Faith Mwikali.

Not much is known about these two entrants but, isn’t it always the case with members of the coveted club of the rich?

The two women are entering a club that has been traditionally dominated by men. They are proof that women can also join the billionaires club.

As expected, there are some prominent people who have made it to the list. I honestly don’t think the list can be complete without them. This is Kenya.

One is the former Ethics and Anti-Corruption Commission Chairman Philip Kinisu.

Isn’t this the same guy who was kicked out of office due to corruption allegations? Yes, there is only one Kinisu associated with EACC. That Kinisu who graced your screens last year.

Well, this shows that the EACC money is that good. Or at least some of it.

KPMG’s Executive Josephat Mwaura and Ernst & Young CEO Gitahi Gichachi have also made it to the list.

Last I checked, banks were not doing that well but it turns out that some were. Or at least some bank executives. The Director of NIC Bank Andrew Ndwegwa has also joined the billionaires club. Mr. Ndegwa holds shares worth Ksh. 1 billion at NIC Bank alone.

Betting has earned some people big dough. No, I am not talking about Abisai and others. I am talking about the stakeholders of these betting companies.

Also, sponsoring big clubs like Hull City and Southampton is no joke.

It, therefore, comes as no surprise that SportPesa Chairman Paul Ndung’u has made it to the list. Have you seen the wheels that these people spin?

 Old Money 

The new billionaires join the list of Kenya’s longstanding billionaires such as stock market billionaire investor Baloobhai Patel, and businessman Naushad Merali the Sameer Investments chairman.

Others are Bharat Thakrar the Scangroup CEO, as well as industrialists Narendra Raval the Devki Group chairman, and Pradeep Paunrana the ARM Cement CEO.

Calculating the Gross Income

KRA has stated that the data used to calculate their gross income is mainly for purposes of taxation.

The income has been earned from employment, private partnership, marketable securities, and an array of businesses they control.

The statuses of the newest Kenyan billionaires can be justified by a gross annual income of between Ksh. 350 million and Ksh. 1 billion.

While KRA says that the list is made up of individuals who have adopted transparency in the management of their wealth and tax obligations, I am tempted to give the taxman the side eye. Albeit, for a second.

The problem is that a good percentage of the rich in Kenya have political connections. What this means is that they may have the privilege of evading taxes for some of their investments.

Bust still, these people are the real Kenyan billionaires.

We congratulate those who have gained entrée into the billionaires club (the Godly way).

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