Table of Contents
Key Points
- Kenya’s 30 wealthiest individuals dominate key industries, from manufacturing and banking to real estate, cementing the nation’s economic strength.
- The country is home to 330 multimillionaires and 8,300 high-net-worth individuals, with Nairobi emerging as a key hub for millionaires.
- Business figures in manufacturing, finance, and real estate continue to drive Kenya’s economic resilience amid inflationary pressures and currency fluctuations.
Kenya, East Africa’s economic powerhouse, is home to a fast-growing class of wealthy entrepreneurs who have shaped industries, built generational businesses, and steered the country’s private sector to new heights.
With a GDP of $108 billion and a population of 53.7 million, Kenya has solidified its position as the region’s financial hub, attracting both local and international investment across key sectors—including banking, real estate, manufacturing, agriculture, and technology.
Despite global economic turbulence, Kenya’s wealth creation has remained robust, fueled by a thriving private sector and a business environment that rewards resilience, ambition, and strategic foresight. The country ranks among Africa’s top five in total private wealth, with an estimated $90 billion in assets controlled by individuals. According to AfrAsia Bank, Kenya is home to 330 multimillionaires and 8,300 high-net-worth individuals (HNWIs), with Nairobi emerging as one of the continent’s leading cities for millionaires.
From industrialists who built their fortunes in cement, steel, and logistics to financial moguls shaping banking and investment landscapes, and tech pioneers redefining the digital economy, Kenya’s wealthiest individuals are not just business leaders—they are economic architects. Their ventures have created jobs, spurred industrialization, and propelled the country’s development forward. Many of them are also active philanthropists, channeling their wealth into education, healthcare, and social initiatives that foster long-term economic stability.
As Kenya navigates inflationary pressures, currency fluctuations, and shifting global markets, these business figures remain key players in sustaining the country’s economic resilience. Billionaires.Africa has compiled an exclusive list of Kenya’s 30 richest individuals, detailing their net worth, industry influence, and financial footprint.
To ensure a conservative and realistic valuation, a 30 percent discount has been applied to account for country-specific risks—such as market volatility, liquidity constraints, and political uncertainty—particularly for private assets. An additional 20 percent discount has been factored in for individuals whose liabilities are not publicly disclosed, ensuring a more measured and credible assessment of their wealth.
Here’s a closer look at Kenya’s wealthiest business leaders and the industries that have cemented their financial dominance:
- Bhimji Depar Shah
Sector: Manufacturing
Net Worth: $420 million
Bhimji Depar Shah, founder of Bidco Industries, leads one of East Africa’s most influential business empires. Established in 1970 as a garment manufacturer, Bidco expanded into soaps in 1985 and edible oils in 1991. Today, it ranks as Kenya’s leading edible oil producer, generating over $300 million in annual revenue and marketing products in 13 African countries. The company also manufactures detergents, beauty soaps, and baking powders. His son, Vimal Shah, serves as CEO. While Forbes last estimated his net worth at $700 million in 2015, with no recent valuation, his net worth is pegged at $420 million.
- Narendra Raval
Sector: Manufacturing
Net Worth: $240 million
Narendra Raval is a Kenyan industrialist and philanthropist, best known as the founder and executive chairman of Devki Group. With annual revenues exceeding $600 million, Devki Group dominates East Africa’s steel, aluminum, and cement industries. Raval's empire includes Devki Steel Mills, Kenya’s largest steel manufacturer, and National Cement Company, which owns Simba Cement. In 2019, he acquired ARM Cement Limited for $50 million. Forbes last estimated his net worth at $400 million in 2015, but with no recent valuation, his current estimated net worth stands at $240 million.
- Zarin Merali
Sector: Diversified
Net Worth: $220 million
Zarin Merali oversees the estate of her late husband, Naushad Merali, a business mogul and founder of Sameer Group. At his passing in 2021, he was among Kenya’s wealthiest men, with investments in agriculture, finance, real estate, and manufacturing. The family holds a 74.06 percent stake in Sameer Africa, 65.46 percent in Sasini Tea, and 5.2 percent in NCBA Group. They also retained control of Legend Investments Ltd. While Naushad Merali’s net worth was estimated at $370 million in 2015, there hasn't been a recent valuation. Today, Zarin Merali’s fortune is estimated at $220 million.
- Mama Ngina Kenyatta
Sector: Diversified
Net Worth: $210 million
As the matriarch of the Kenyatta family, Mama Ngina Kenyatta oversees one of Kenya’s wealthiest and most influential familues, with investments spanning agriculture, banking, real estate, media, and hospitality. The family’s 500,000 acres of land make them among East Africa’s largest private landowners. Their assets include a 13.2 percent stake in NCBA Group, control of Brookside Dairy, which commands 60 percent of Kenya’s dairy market, and ownership of Mediamax Network Limited (K24 TV, The People Daily). Their Northlands City development is set to reshape Kenya’s urban landscape. Billionaires.Africa estimates the Kenyatta family’s fortune at $210 million after accounting for liabilities.
- Mary-Ann Musangi
Sector: Diversified
Net worth: $100 million
Mary-Ann Musangi leads the Kirubi family estate, which includes major stakes in Centum Investment Plc, KCB Group, Haco Industries, and Capital Media Group. Following the passing of Chris Kirubi in 2021, his fortune—valued at $140 million—was largely inherited by Mary-Ann and her brother Robert Kirubi. The estate also includes assets in real estate, insurance, and healthcare. Billionaires.Africa estimates the Kirubi family’s fortune at $100 million, primarily under Mary-Ann Musangi’s control.
- Moi Family
Sector: Diversified
Net Worth: $100 million
The heirs of Kenya’s second president, Daniel arap Moi—Jonathan, Raymond, Philip, John Mark, and Gideon—control an empire spanning banking, media, aviation, real estate, and energy. They own Standard Media Group (KTN, The Standard newspaper) and Siginon Group (logistics & aviation). With 300,000 acres of land, they are Kenya’s second-largest landowners. Their holdings include Kabarak University, Sacho High School, and Moi Educational Foundation. Billionaires.Africa estimates their net worth at $100 million.
- James Mwangi
Sector: Financial Services
Net Worth: $70 million
James Mwangi, CEO of Equity Group, is Kenya’s wealthiest banker, holding a 3.39 percent stake (127.8 million shares) in the financial giant, valued at $66 million. He also owns 2.97 percent of Britam Holdings (75 million shares), worth $4.5 million. Under his leadership, Equity Group has grown into East Africa’s largest lender, significantly increasing shareholder value. Billionaires.Africa places his net worth at $70 million.
- Humphrey Kariuki
Sector: Diversified
Net Worth: $60 million
Humphrey Kariuki is the founder of Janus Continental Group, a billion-dollar conglomerate with interests in power generation, petroleum distribution, construction, real estate, hospitality, and beverages. He owns GL Africa Energy, which operates in Kenya, Uganda, Zambia, and Mozambique, and Dalbit Petroleum, a major fuel distributor across Africa. His hospitality assets include the Fairmont Mount Kenya Safari Club (acquired for $18 million) and The Hub Karen, a premier shopping mall in Nairobi. His diversified investments cement his status as one of East Africa’s wealthiest business figures.
- David Kimani Mukuha
Sector: Retail
Net Worth: $50 million
David Kimani Mukuha leads Naivas International, Kenya’s largest supermarket chain with 98 outlets nationwide. The Mukuha family, originally sole owners of Naivas, sold a 31.5 percent stake for $61.5 million in 2020 and an additional 8.5 percent stake for $31.5 million in 2022 to Mauritian conglomerate IBL Group. Despite reducing its ownership, the family retains a significant control, making them one of Kenya’s wealthiest retail dynasties. Billionaires.Africa estimates David Kimani Mukuha’s net worth at $50 million.
- Suresh Bhagwanji Shah
Sector: Financial Services
Net Worth: $45 million
Suresh Bhagwanji Shah is the founder of I&M Bank Group, a leading financial institution with operations in Kenya, Tanzania, Rwanda, and Mauritius. He owns a 10.58 percent stake in the bank, valued at over $47 million. Beyond banking, he has expanded his wealth through MTZ Holdings, which supports financial access across the region. His lasting impact in East Africa’s banking sector has secured his place among Kenya’s richest financiers.
- Jaswant Singh Rai
Sector: Diversified
Net Worth: $45 million
Jaswant Singh Rai is the chairman of Rai Group, a diversified conglomerate with interests in sugar, real estate, timber, edible oils, and paper manufacturing across East Africa. He leads West Kenya Sugar Limited, the country’s second-largest sugar producer, commanding over 50 percent of the national sugar market. His business empire extends through Rai Paper Mills, Timsales, Menengai Oil Refineries, and Tulip Properties, solidifying his influence in multiple industries. With regional investments, including ownership of Mufumbira Paper Mill in Tanzania, Rai remains one of East Africa’s most prominent business figures.
- Baloobhai Patel
Sector: Diversified
Net Worth: $40 million
Baloobhai Patel is a seasoned investor and entrepreneur with a vast portfolio spanning multiple industries. He owns Transworld Safaris, one of Kenya’s oldest safari companies, and holds significant stakes in leading firms. Through Aksaya Investment Holdings, he consolidates his wealth and succession strategy. Patel owns 49.9 percent of Carbacid Investments Plc, a major carbon dioxide producer, and holds substantial stakes in Williamson Tea, Bamburi Cement, and Sanlam Kenya Plc (20.7 percent). His investments extend into banking, with interests in Absa Bank Kenya and Co-operative Bank of Kenya. Beyond equities, Patel has made strategic real estate and financial investments, ensuring his legacy as one of Kenya’s most astute investors.
- Julius Mwale
Sector: Healthcare & Technology
Net Worth: $40 million
Julius Mwale is a Kenyan multimillionaire entrepreneur and the visionary behind Mwale Medical and Technology City (MMTC), a $2-billion smart city in Kenya. His business empire spans healthcare, technology, and infrastructure, with MMTC expanding into 12 African countries. He is also the primary investor in SBA Technologies Inc., a New York-based company specializing in secure mobile commerce platforms. Mwale’s latest project involves developing a state-of-the-art medical city in Ghana, following similar ventures in Botswana, Congo, and Sierra Leone.
- Bharat Shah
Sector: Manufacturing
Net Worth: $35 million
Bharat Shah is the chairman of Kenafric Industries Ltd., East Africa’s largest confectionery manufacturer. Established in 1987, the family-run business has expanded into beverages, biscuits, and culinary products, operating across Kenya, Uganda, Tanzania, Rwanda, Burundi, the DRC, and Malawi. Kenafric recently acquired Economic Industries Ltd., a top stationery manufacturer, strengthening its FMCG market position. Through a partnership with India’s Britannia Industries, the company is set to enter Zambia. With a regional distribution network serving 40,000 retail outlets, Kenafric has attracted investor interest, with Amethis and Metier Private Equity reportedly looking to sell stakes worth over $100 million.
- David Langat
Sector: Diversified
Net Worth: $35 million
David Langat is a leading Kenyan businessman and the owner of DL Group, a diversified conglomerate with interests in tea farming, real estate, hospitality, and trading. His portfolio includes DL Koisagat Tea Estate, a 1,342-acre estate in Nandi Hills, and Mufindi Tea & Coffee Limited in Tanzania. He also owns Nyali Center, Mombasa’s largest mall, and Sunrise Resort Hotel & Spa Nyali. His investments extend to DL Furniture and Firefox Kenya, a fire safety solutions provider. However, Langat has faced financial difficulties in recent years, with his prized DL Koisagat Tea Estate facing auction due to unpaid debts.
- Manu Chandaria
Sector: Manufacturing and Real Estate
Net Worth: $30 million
Manu Chandaria is a key figure in Comcraft Group, a billion-dollar enterprise manufacturing steel, plastic, and aluminum products across more than 40 countries. His business interests span various sectors in Kenya, with a significant portion of his wealth tied to real estate investments.
- Adil Popat
Sector: Diversified
Net Worth: $30 million
Adil Popat is the chairman of Simba Corporation, a business empire with interests in auto dealerships, luxury hotels, engineering, and financial services. He owns the prestigious Villa Rosa Kempinski hotel in Nairobi and remains one of the most successful car dealers in Kenya.
- Kimani Rugendo
Sector: Manufacturing
Net Worth: $28 million
Kimani Rugendo is a Kenyan multimillionaire who built a consumer goods empire through Kevian Kenya, a company known for its packaged water and fruit juices. Since its inception, Kevian has grown into one of East Africa’s leading juice brands, launching products like Pick ‘N’ Peel and Afia, which dominate markets in Kenya, Central Africa, and beyond.
- Samuel Kamau Macharia
Sector: Media
Net Worth: $25 million
Samuel Kamau Macharia is the founder of Royal Media Services (RMS), East Africa’s largest private radio and TV network. RMS owns Citizen TV and 14 FM radio stations, broadcasting across six countries—Kenya, Uganda, Tanzania, Rwanda, Burundi, and Zambia. The company is among the few in Sub-Saharan Africa to acquire a KSh300-million ($3.5 million) helicopter for news coverage.
- Suleiman Said Shahbal
Sector: Financial Services and Energy
Net Worth: $20 million
Suleiman Said Shahbal is a veteran investment banker with over 25 years of experience, having structured deals worth over $1 billion worldwide. He played a key role in the sale of shares in Gulf Energy Holdings to French multinational Rubis Energie. Shahbal is the founder of Gulf Energy, Kenya’s fourth-largest energy company, with a presence in Uganda, Tanzania, Rwanda, Burundi, Zambia, and South Africa. Prior to the 2020 sale, his stake in Gulf Energy was held through Monte Carlo Investments Limited, a company he fully owns. He also pioneered Kenya’s first Islamic bank, Gulf African Bank, which set the foundation for the country’s Islamic finance sector. Today, the bank ranks as Kenya’s 14th largest financial institution.
- John Kibunga Kimani
Sector: Diversified
Net Worth: $16 million
John Kibunga Kimani, a seasoned investor and agricultural expert, holds a diverse portfolio exceeding $15 million on the Nairobi Securities Exchange (NSE). He is best known for his 34.54 percent stake in Kakuzi Plc, a leading agribusiness firm. His investment footprint extends to Centum Investments (4.39 percent stake), Nation Media Group (3.86 percent stake), and Safaricom Plc, Kenya’s top telecom company. Kimani is also closely linked to Rural Development Services, a company with extensive land holdings in Kenya. His background in agricultural development—bolstered by experience with the World Bank and JICA—has influenced major irrigation and resource planning projects in the country.
- Atul Shah
Sector: Retail
Net Worth: $15 million
Atul Shah is the former CEO and managing director of Nakumatt Holdings, the parent company of Nakumatt Supermarkets. Once East Africa’s largest retail chain, Nakumatt had over 50 stores across Kenya, Uganda, Tanzania, and Rwanda, generating annual revenues of $450 million at its peak. Shah valued the company's shareholder equity at $400 million in 2013. However, Nakumatt later faced financial difficulties, leading to its collapse. Despite the company’s downfall, Shah remains an influential figure in Kenya’s retail industry.
- Jimnah Mbaru
Sector: Financial Services
Net Worth: $15 million
Jimnah Mbaru is the chairman of Dyer & Blair Investment Bank, Kenya’s top investment bank, managing assets worth over $300 million. He holds a 5.15 percent stake in Britam Holdings, a leading financial services group, valued at Ksh 1 billion ($7.73 million). Mbaru also has significant holdings in Equity Bank and TransCentury Group, an infrastructure investment firm. His strategic investments, particularly in Britam, have appreciated significantly in 2024, reinforcing his status as one of Kenya’s most influential financial players.
- Benson Wairegi
Sector: Financial Services
Net Worth: $12 million
Benson Wairegi is a veteran businessman and the former CEO of Britam Holdings Plc. With over 40 years in the industry, he is Kenya’s longest-serving CEO of a listed company. Before retiring in 2021, Wairegi held a 4.03% stake in Britam, valued at Ksh 782.98 million ($6.05 million). Under his leadership, Britam navigated financial difficulties, including a $90-million loss in 2020, prompting major restructuring efforts. Wairegi remains an influential figure in Kenya’s financial sector.
Sector: Real Estate
Net Worth: $12 million
Edward Kirathe is the founder and CEO of Acorn Holdings Africa, a market leader in purpose-built student housing in Kenya. Acorn pioneered Africa’s first Green Housing Bond and successfully launched Real Estate Investment Trusts (REITs). Under Kirathe’s leadership, the company has completed over 65 projects, growing its asset base to $142 million. With over 25 years in real estate, Kirathe is driving sustainable urban development in Kenya’s property sector.
- Francis Koome Njogu
Sector: Energy
Net Worth: $11 million
Francis Koome Njogu was also instrumental in the sale of shares in Gulf Energy Holdings to French multinational Rubis Energie. Like Shahbal, he made millions of dollars from the deal.
- Peter Munga
Sector: Financial Services
Net Worth: $10 million
Peter Munga is a prominent businessman and the founder of Equity Bank Group, which he established in 1984 as Equity Building Society. Today, Equity Bank has over 15 million customers, making it one of Africa’s largest banking groups. Munga also holds a 2.97 percent stake in Britam Holdings, valued at Ksh577.5 million ($4.46 million). He serves as a non-executive director at Britam and HF Group, a Kenyan mortgage finance provider.
- Paul Wanderi Ndung’u
Sector: Technology
Net Worth: $9 million
Paul Wanderi Ndung’u is a telecom and gaming industry investor. He founded Mobicom Kenya, one of the country’s largest mobile phone retailers, with over 85 outlets and annual revenues exceeding $50 million. Ndung’u was an early Safaricom dealer before shifting focus to Telkom Kenya. He also holds a 17% stake in Pevans East Africa, the parent company of SportPesa, Kenya’s top sports betting platform. Despite legal battles over SportPesa’s ownership, Ndung’u remains a major player in Kenya’s telecom and gaming industries.
- Gideon Muriuki
Sector: Financial Services
Net Worth: $8 million
Gideon Muriuki is the CEO of Co-operative Bank Group, a major banking institution in East Africa. He owns a 2 percent stake in Co-op Bank, amounting to 117.47 million shares. Under his leadership, the bank has expanded regionally, operating subsidiaries like Kingdom Bank Ltd. and Co-operative Bank of South Sudan. Muriuki has played a pivotal role in Co-op Bank’s profitability and growth strategy.
- Tabitha Karanja
Sector: Manufacturing
Net Worth: $7 million
Tabitha Karanja co-founded Keroche Breweries in 1997 with her husband, initially producing fortified wines for Kenya’s rural farmers. Today, Keroche is Kenya’s second-largest alcoholic beverage manufacturer after Diageo-owned East African Breweries Limited. The company produces a variety of beers, vodkas, wines, and spirits, securing Karanja’s position as one of Kenya’s most influential entrepreneurs in the manufacturing sector.
