Business highlights – Kenyans ranked 9th richest people in Africa

Business highlights – Kenyans ranked 9th richest people in Africa

Kenyans ranked 9th richest people in Africa

  • Mauritians and South Africans are the wealthiest people on the continent a new study has found
  • According to this year’s Africa Wealth Report, the average wealth of a person living in Mauritius is Ksh2.65 million while that of a South African is around Ksh1.2 million
  • Kenya ranked at position 9 with a wealth per capita of Sh227,000

Tanzania and Uganda came in 13th and 15th position with about Ksh123,000 and Ksh103,000 respectively. Zimbabweans, with a wealth per capita of around Ksh20,000 ($200), were found to be the poorest of the countries examined in the study.

South Africa is the most popular destination for Africa’s super-rich, with about 15,000 millionaires visiting the country in a year.

READ ALSO: Rich Kenyans move to Kitiruru for Ksh80M homes, buyers say Muthaiga is too expensive

The Wealth Report is backed by Mauritius-based lender AfriAsia Bank and New World Wealth – a global market research think tank. The study defines wealth per capita as the average wealth of a person living in each country, excluding what the government lays claim to.

Kenyans urged to take up low risk investments as rich Nairobians prioritise educating their children and buying a home

  • Nairobi’s emerging rich population may grow their savings by half by moving their cash to low-risk wealth management vehicles from basic savings instruments, a report by Standard Chartered Bank has recommended
  • The Emerging Affluent Report, titled the Race to Save, suggests that about 79 per cent of emerging affluent in the country prefer savings as means of achieving their priorities. The priorities are educating their children ( 23%) and buying a home ( 18%)
  • About 74% of the emerging affluent savers – consumers with a minimum of Ksh100,000 gross income – however prefer to put their money in savings accounts

Another 35% save through time deposits (cash in bank which cannot be withdrawn before a set date or where withdrawal notice is required). Savings through investments in equities and mutual funds is still low at six per cent apiece, while that through company pension funds and fixed-income securities is at five and two per cent, respectively.

StanChart said its findings were based on responses on a 1,000 emerging affluent consumers in Nairobi between November and December 2016. Kenya’s was the only African country that participated in the annual survey. Other countries surveyed are China, India, Korea, Singapore, Taiwan and Pakistan. StanChart hired global research consultancy GlobeScan to conduct the study which sampled 1,000 respondents in each of the eight countries.

READ ALSO: New Invest in Africa portal to link SMEs to business opportunities

The survey found that only 2% of Kenyan emerging affluent millenials ( 25-34 years) prefer to save for their priorities by keeping cash under their mattresses. This was below an average of 11 per cent in the eight countries surveyed, with more than half of respondents in Pakistan at 51 per cent preferring to save under the mattress.

NHIF to offer outpatient medical cover in top private hospitals

  • Private and informal sector workers will start accessing outpatient medical treatment at top private facilities like Aga Khan, Mater and Nairobi Hospital under an arrangement in which the NHIF will pay part of their bills
  • The National Hospital Insurance Fund (NHIF) is in discussion with the premium hospitals to roll out a co-payment scheme for the insurer to pay a portion of the bills with the remainder footed by private sector employees
  • The plan seeks to end delays that have lasted since 2015 when the fund introduced outpatient cover entitling members to healthcare at both private and public facilities

But the top private hospitals opted out of the outpatient deal, denying NHIF’S 6.1 million members premium services associated with these facilities. The hospitals rejected the Ksh1,200 cash allocation that the NHIF offered for each member and their family to access out-patient services for a year, saying it is too little.

MP Shah Hospital in Nairobi is the only top private facility that currently accepts private sector workers under the NHIF’s outpatient programme.

Unlike civil servants who can access both outpatient and inpatient cover at both public and top private hospitals, private sector employees are limited to inpatient services at facilities like Aga Khan, Mater and Nairobi Hospital.

READ ALSO: High medical cover costs force 26 per cent of patients to make out-of-pocket payments

In 2015, NHIF introduced outpatient cover and enhanced benefits for cancer and kidney dialysis after raising the amount that workers contribute to the fund from Ksh320 to a graduated scale of between Ksh500 and Ksh1,700 per month.

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