4 Kenyans own more wealth than 22 million citizens.
Four Kenyans own more wealth than the combined wealth of the country’s 22 million citizens.
Kenya’s super-rich is amassing enormous wealth as the majority of Kenyans grapple with the effects of the covid-19 pandemic, skyrocketing food prices, and unemployment.
Taxation has been blamed for the wide disparity between the super-rich and the rest of the population.
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According to Oxfam, four of Kenya’s richest people have a combined net wealth of Ksh.333 billion and own more wealth than 22 million Kenyans.
According to the analysis, Kenya’s super-rich is amassing enormous wealth at a time when most Kenyans are dealing with the effects of the Covid-19 pandemic, skyrocketing prices for basic items, and unemployment.
The vast disparity between the super-rich and the rest of the population has been blamed on taxation.
“The analysis shows that the increasing extreme wealth of the rich and increasing extreme poverty of the poor is a social ill and a shame,” Oxfam Country Director in Kenya, Dr. John Kitui, said in a press release on Wednesday, J.
Millionaires from 13 countries have petitioned world leaders attending the World Economic Forum’s annual meeting in Davos, Switzerland, to address the issue of extreme wealth.
The millionaires wrote in a letter titled The Cost of Extreme Wealth that wealth has only risen in the last five decades, and that the solution is to tax the super-rich.
An annual wealth tax on Kenya’s richest could raise Ksh90 billion if a net wealth tax of 2% was implemented.
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According to the analysis, the richest Kenyans with a net worth of Ksh.615 million or more have seen their wealth grow by 72% over the last decade.
The population of Kenyans in this category has grown by 134%, with 1890 Kenyans having a net worth of Ksh. 615 million or more.
“Tax the ultra-rich and do it now,” the millionaires write in a letter to Davos political leaders. It’s straightforward economics.”
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