Last updated on January 12th, 2024 at 03:13 pm
We’re back with the most recent list of the top ten wealthiest men in Kenya for 2021/2022, complete with information on each man’s current net worth, source of fortune, succinct biography, and more.
We all know that wealth is measured in terms of net worth, which is calculated as the sum of all a person’s financial and non-financial assets less the sum of all their debts.
It is vital for us to share with you the list of the top 10 richest men in Kenya because Kenya has the highest GDP in East Africa.
Be prepared for this list, which includes some of Kenya’s most esteemed men and well-known figures. The ten richest men in Ghana have been listed by us. Also, you ought to look into that.
The COVID-19 lockdown led to a huge loss in the net value of most businessmen, especially those whose revenue sources were directly touched by the coronavirus epidemic, and had an influence on businesses worldwide.
Conversely, tough people endure when severe conditions do not. In our exclusive ranking of Kenya’s top 10 richest men, we’ve included those who have managed to survive despite the effects of Covid.
We produced a list of the top ten richest men in Kenya along with a brief bio of each man’s sources of wealth based on customer demand.
After conducting an extensive study, we were able to compile this list by looking at lists from Forbes, Bloomberg, and other highly reputable sites.
Table of Contents
| Rank | Name | Net Worth |
| 1. | BHIMJI DEPAR SHAH | $700 Million |
| 2. | Manu Chandaria | $800 Million |
| 3. | NARENDRA RAVEL | $600 Million |
| 4. | SAMUEL KAMAU MACHARIA | $400 Million |
| 5. | PETER MUNGA | $300 Million |
| 6. | Naushad Merali | $600 Million |
| 7. | Atul Shah | $350 Million |
| 8. | Raila Odinga | $290 Million |
| 9. | Baloobhai Patel | $10 Billion |
| 10. | James Mwangi | $250 Million |
1) Bhimji Depar Shah
Bhimji depar Shah is an industrialist, businessman, and the founder of BIDCO Africa Industries, which was established in 1970 to make clothing but has since expanded to produce soap, edible oil, fats, laundry soap, personal care and skin products, animal feeds, drinks, and culinary items.
The largest producer and marketer of consumer goods in East Africa, this company presently has branches in 17 African nations. Bhimji Deparw Shah, one of the wealthiest persons in Kenya, has an astounding net worth of $700 million, which is mainly attributed to the tremendous growth of the company.
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2) Manu Chandaria
Manu Chandaria has a net worth of roughly 1.7 billion dollars, making him the second richest person in Kenya.
He is the chairman and CEO of the Kenyan steel and aluminum company Comcraft. He is a businessman of Indian heritage.
Manu Chandaria’s business, Comcraft, specializes in the production of steel and aluminum goods in Africa.
Comcraft, the largest steel producer in Africa as of 2015, with yearly sales of over $2 billion, employed over 30,000 people over roughly three continents, and had over 30,000 employees overall.
Following his graduation from the University of Jamnagar in India, Manu Chandaria enrolled at the University of Oklahoma to pursue an engineering degree.
He completely entered the business after earning his BSc and master’s degrees and has since become one of Africa’s most powerful figures.
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3) Narendra Ravel
Entrepreneur and industrialist Narendra Ravel is currently the executive chairman of the Deuki Group of Companies, which produces building materials like cement, aluminum, and steel. It also specialized in helicopter charter, and it is subordinate to seven other companies.
Narenda Ravel has a net worth of $600 million, as determined by Forbes, thanks to his business and numerous other interests, making him one of the richest persons in Kenya.
4) Samuel Macharia
Entrepreneur Samuel Kamau Macharia, also known as S.K. Macharia, founded Royal Media Services, one of the largest private radio and television networks in East Africa, which houses a variety of radio stations and television brands.
S.K. Macharia, one of the richest men in Kenya with a net worth of $400 million, also has further investments in banking, real estate, and agriculture.
5) Peter Munga
The creator of Equity Bank Group, the top banking brand in Africa and one of the biggest financial holding companies in Africa with over 10 Million active customers, is Peter Kahara Munga.
He was the Chairman of Equityw Group Holding PLC for 35 years before retiring at the age of 75. During that time, the group won numerous awards for being one of the best banking brands in Africa and was notably ranked by the World Bank as the No. 11 Bank in the world on global return on assets. He continues to be one of the most well-respected businessmen in Kenya.
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6) Naushad Merali
The sixth richest individual in Kenya is Nashad Merali, who has an estimated net worth of 600 million dollars. He is a successful businessman and the creator of the Kenyan mobile service provider Kencell.
Additionally, he serves as the chairman of Kenya’s Sameer Group, a conglomerate involved in building, farming, finance, and information technology.
Prior to selling his shares and resigning as a board member, Naushad was a significant shareholder in the Airtel telecom company. He continues to rank among Kenya’s wealthiest men and is well-known throughout Africa.
7) Atul Shah
Atul Shah serves as the company’s managing director and chief executive officer. Nakummat Holdings was founded in 1987 and since then has grown to become one of the biggest supermarkets in Kenya, Uganda, Tanzania, and Rwanda. The company also deals in home furnishings and retails consumer goods in more than five African nations.
The Company typically had gross yearly revenues above $500 Million until it was forced to close in January 2020 as a result of certain financial difficulties it eventually ran into. Despite this, Atul Shah has maintained his position as one of the richest men in Kenya with a $350 million net worth.
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8) Raila Odinga
Kenyan businessman and politician Raila Amolo Odinga previously held the positions of Prime Minister of Kenya from 2008 to 2013 and Member of Parliament from 1992 to 2007. He has ran for president of Kenya four times, in 1997, 2007, 2013, and 2017 consecutively.
Aside from politics, he is the owner of businesses like Pan African Petroleum Company, Spectre International Limited, and East Africa Spectre, a factory that makes gas cylinders. In addition to his real estate holdings, he also has additional, secret investments that help to make up his $290 million net worth.
9) Baloobhai Patel
As the owner and managing partner of Transworld Safaris Limited and a non-executive director of Pan Africa Insurance, Baloobhai Patel is a remarkable businessman and entrepreneur.
Additionally, he owns shares in the following companies: Carbacid Investment Limited, Abasa Bank, Cooperate Bank, Williamson Tea Kenya, Diamond Trust Bank group, Safari Company, and Barclays Bank Kenya. Bamburi Cement is a major cement producer in East Africa with one of the largest cement plants in Africa.
He is one of the wealthiest men in Kenya thanks to his net worth of 10 billion Kenyan Shillings, which includes all of these things.
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10) James Mwangi
James Mwangi is an accountant, banker, and entrepreneur. He currently holds the position of Managing Director and Group Chief Executive Officer of Equity Group Holding Plc, one of the largest banks in Africa. James Mwangi is also one of the highest paid CEOs in Kenya, earning a monthly salary of 300 million Kenyan Shillings before any bonuses or allowances to which he is entitled.
James Mwangi, one of the wealthiest investors in Kenya, famously convinced Equity Bank to invest more than $2 billion, in addition to having a number of other assets that account for a sizeable portion of his current net worth of $250 million. Consequently, they earned a slot on this list of the top 10 richest Kenyans.
