Friday, March 11, 2016

The real economic migrants - the rich

Kenya's super rich are stashing their money abroad and might relocate there in just under ten years to safeguard the interest of their children according to the report on global wealth. Andrew Shirley, editor of the Knight Frank Wealth report says there is an increasing interest in property in the United Kingdom and Dubai. Shirley explained that with a lot of the wealthy children studying abroad, they have acquired global exposure and are more open to opportunities out there.

"There is a great mobility of wealth with Africans and Kenyans buying property abroad. London is the most popular for Kenyans searching for property followed by Dubai," he told the Nation in Nairobi yesterday.

According to Shirley 24 per cent of Africa's Super-rich plan ditching the continent in the next decade for personal security, political issues and to access higher quality of education, health and life.

With at least 202 new entries into the elite club of dollar millionaires last year pushing the current figure to 8,500 up from 8,300 and which is expected to grow 80 per cent to 15,300 in the next ten years, Kenya might witness significant amount of wealth locked abroad.

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