Kenya and China have been ranked number six globally as countries that will produce more new millionaires in the next five years, according to a report by research firm Wealth-X.
According to the Wealth-X High Net Worth Handbook 2019 the two countries will experience a growth rate of 9.8% each year, for the next five years, in terms of upcoming millionaires.
In 2018, Kenya had at least 1,290 individuals whose wealth was valued at over KSh 500 million ($40m). This was revealed in a report by Knight Frank. The number had increased by 180 individuals from 1,110 super rich people who existed in the country in 2016.
Poland and Kenya are "surprising cases," the report noted, because they are not seen in traditional groupings of top emerging nations familiarized by terms such as BRICS (Brazil, Russia, India, China and South Africa) and MINT (Mexico, Indonesia, Nigeria and Turkey).
"The top ten countries with the fast growing HNW populations are a motley group," the report noted. "With a growth measure we would expect to see some less affluent countries with small HNW populations but Poland and Kenya are two surprising cases."
However, looking just at Africa, Kenya only comes in at third place. The report found the West African nation of Nigeria to be the front runner, set to see its high net worth population balloon by a compound annual rate of 16.3% between now and 2023. It was followed by Egypt at 12.5% and Bangladesh at 11.4%.
The global high-net-worth population—defined as those with a net worth of between $1m million and $30m—is forecast to exceed 30.1 million by 2023, an increase of 7.7 million in five years, or an annual compound growth rate of 6.1%
In 2018, the HNW population reached 22.4 million last year, a 1.9% increase from 2017. Their combined net worth totaled $61.3trn, rising 1.8% year-over-year, according to the report.