Kenya is generating new wealth at a slower rate than most of its African peers despite having the fourth largest population of high net worth individuals on the continent.

The New World Wealth (NWW) Report released this week shows that the wealth per person in Kenya increased by 89 per cent since the turn of the millennium compared to five times (527 per cent) for countries like Angola.

Kenyans on average had equivalent of $620 each at the start of millennium, a worth that has grown to $1,170. Angolans who emerged from a prolonged civil war with the same level of wealth today boast $3,890.

The survey, however, assumes that Kenya’s $50 billion wealth is distributed equally among citizens. In reality, Kenya’s wealth is concentrated in just a few hands with 8,300 people controlling 62 per cent of the national wealth of $50 billion.

The NWW survey shows that with average wealth of $11,310 per person a South African is the continent’s wealthiest individual while Ethiopians are the poorest with $260 per person.

Just like Kenya, South Africa is also unequal society with wealth control by a small clique of business tycoons and powerful politicians.

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These figures, however, fall below the global average of $27,058 per person and even lower than top-ranked states such as Switzerland and Australia with wealth per capita of over $250,000.

“Interestingly, the (Arab nations of) North Africa — Libya, Tunisia, Algeria, Egypt, and Morocco — all rank high on the list,” the NWW survey shows.

In East Africa where Kenyans have teamed up with neighbours to set up a common market, Ugandans have each managed to double their wealth from $180 in 2000 while Tanzanians have grown their wealth by 80 per cent from $250 to $450.

It is only Zimbabweans who have seen their wealth shrink over the period by 10 per cent from the $630 that each had at the start of the millennium.

During the period, Zimbabweans have suffered as key western capitals imposed sanctions on President Robert Mugabe over his controversial forced land acquisition.

Similarly, Libya which has receded to near-anarchy after overthrow of strongman Muammar Gaddafi a few years ago, has also seen its citizens’ wealth grow marginally by only four per cent from the $10,590 average.

The NWW survey relies on official country-wise income distribution statistics of the World Bank Group to determine the average wealth of individuals in each country and the number of individuals in each tier.