People with political connections control more than 50 per cent of the Kenya’s wealth that is owned by individuals, a new report has shown.
Highlighting this as one of the factors that could
negatively impact on Kenya economic growth in future, the Wealth in
Kenya 2014 report says that a common thread running through almost all
the dollar millionaires is their political connections as well as their
ownership of large tracts of land.
The list of the wealthy political dynasties and billionaire landowners reflects Kenya’s top political leadership.
However, the report does not give details about
how their wealth was acquired and does not suggest that the wealth was
acquired irregularly. The Kenyatta, Moi, Kibaki, Karume, Kulei, Biwott,
Nyachae, Odinga, Saitoti, Michuki and Mwau families are listed among the
wealthiest in the report compiled by a British organisation. The same
families also own large tracts of land.
Other large individual land owners include Mr
Swaleh Nguru, Mr Saleh Said Sherman, Mr Tahir Sheikh Said (TSS) and
Kamlesh Pattni.
The group is likely to get even richer because property prices continue to rise in the east African country.
According to the report, Kenya’s residential
property prices rose by four per cent in dollar terms and 42 per cent in
shilling terms, fuelled by strong economic growth and high demand by
foreign buyers particularly in Nairobi and coastal area. (NMG)
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