[email protected]Hundreds of wealthy Kenyans have been kicked out of the dollar millionaires’ club due to the impact of Covid-19 on their liquid asset value, a new report shows. Kenya’s growing class of high-net-worth individuals (HNWIs), whose wealth exceeds Sh109 million ($1 million), dropped by 22 per cent in 2020, said the Knight Frank Wealth Report. “Covid-19 remains the biggest worry for Kenya’s wealthy,” said Knight Frank Managing Director Ben Woodhams after the release of the report yesterday. Further, according to Knight Frank, only 19 per cent of the dollar millionaires consider applying for a second passport. This means the valuation of listed firms where most of the super-rich invest and own shares were heavily impacted.

Source: Standard Digital February 25, 2021 05:46 UTC