Kenya’s Power Players: List Of Wealthy Families and Their Diverse Investments
Since gaining independence, Kenya has experienced remarkable progress, transitioning from a colonial state to a developing nation and further evolving into a lower middle-income economy.
This transformation has been steered by the ambitions of both men and women who saw vast opportunities in their homeland.
Kenya has long been hailed as the land of opportunity, a place where individuals with dreams of a better life have thrived.
The nation’s economy has witnessed significant diversification, moving away from its heavy reliance on agriculture. Many enterprising Kenyans have seized these opportunities, investing in various sectors to create wealth and foster economic growth.
One sector that has seen substantial investment is manufacturing. Kenyan entrepreneurs, recognizing the growth potential, have strategically invested in this industry, reaping substantial rewards. These success stories are not limited to manufacturing; Kenyans have ventured into multiple sectors, demonstrating their business acumen and resilience.
In this article, Kenyans.co.ke takes a look at five prominent Kenyan families who have amassed considerable wealth over the years.
Apart from the generational wealth, these families continue to dominate the Kenyan economic landscape even now which calls for a closer look.
Biwott Family
Nicholas Biwott, the late politician, left behind a fortune for his extensive family upon his passing in July 2017.
Serving in various governmental positions under President Daniel Arap Moi, he earned the nickname “Total Man” and represented Keiyo South as a Member of Parliament for 28 years.
Biwott’s investments spanned diverse industries including real estate, and agriculture, particularly in wheat and maize production, manufacturing, oil, and banking.
His vast wealth earned him a spot among Africa’s top 50 billionaires according to Ventures Financial magazine.
He was a major shareholder in a major oil marketing company and owned HZ Company, specializing in road contracts.
Biwott also held shares in telcos, banks, and air travel companies across several countries.
Upon his passing, his seven children inherited his wealth.
Recently, the Biwott Family decided to sell Yaya Centre, one of their enterprises, to the Kantaria family.
Chandaria Family
Manu Chandaria is a renowned industrialist, heading the Comcraft Group, a conglomerate he founded in 1956.
Under his guidance, the group, spanning three continents, employs over 40,000 people and specializes in manufacturing steel and aluminum products.
In addition to Manu’s endeavors, his brother Mahesh Chandaria oversees Chandaria Industries, a notable home products empire.
The Chandaria family’s influence also extends into diverse sectors, including banking, real estate, mining, and car manufacturing.
Kenyatta Family
The Kenyatta family, which has produced 2 of Kenya’s 5 presidents is arguably the wealthiest in the country.
Kenyattas are known for their vast wealth and have interests in virtually all economic sectors.
In the hospitality sector, the family owns the Heritage Hotel East Africa, Voyager Resort in Mombasa, Intrepids, Great Rift Valley Lodge, and Mara Explorer Camp.
Additionally, they own Brookside Dairies (Agriculture), and Beta Healthcare (Health) and own a stake in Mediamax Group (Media) and NCBA (Financial Services).
As of 2022, retired President Uhuru Kenyatta’s wealth was estimated at Ksh60 billion, according to Wealth X.
Kantaria Family
It is fair to call the Kantaria Family old money.
The most visible of them, Rasik Kantaria credits his family’s prominence to his grandfather’s migration from India.
The elder Kantaria settled in Limuru when he came to Kenya. This move laid the foundation for the family’s immense wealth and dominance in Kenya’s hospitality industry.
Following his grandfather’s legacy, Rashik founded Prime Capital and Credit Finance Company, which eventually grew into a network of commercial banks within Kenya and across Africa.
The Kantaria family has diversified their investments across various sectors such as manufacturing, horticulture, hospitality, real estate, transport, and milling, creating employment opportunities for thousands of Kenyans directly and indirectly.
Their recent acquisition of Yaya Center from the Biwott family further adds to their extensive chain of businesses.
Rai Family
Last but not least; the Rai Family whose son; Jaswant Rai has featured in the news lately after President William Ruto threatened him over blocking reforms at Mumias Sugar through court cases.
Originating from India, the Rai family, just like the Kantaria family, found their home in Kenya.
In 1963, Tarlochan Singh and his brother ventured into the family business by acquiring tea and coffee farms in Congo.
Tarlochan and his wife, Sarjit Kaur Rai, raised four sons—Jaswant, Jasbir, Sarbjit, and Iqbal Rai—who eventually assumed different roles within the family enterprise.
The Rai family’s business portfolio expanded significantly beyond the sugar industry. Their investments span diverse sectors, including manufacturing, agriculture, timber, edible oils, sawmilling, and real estate, among others.
Not confined to Kenya, the Rai family’s wealth reached far beyond borders; they are prominent sugar millers in Uganda.
Among their notable companies are Raiply, West Kenya, Sukari Industries, Rai Cement, Menengai Oil Refineries Limited, Timsales, and Tulip Properties, reflecting their extensive and diversified business interests.
Kenya’s Power Players: List Of Wealthy Families and Their Diverse Investments
