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Wednesday, June 14, 2023 – One hundred heavy investors have already left the country over William Ruto’s taxation plan.
In a new global report seen by major media outlets, approximately 100 billionaires have flown out in search of better investment pastures.
In Henley Private Wealth Migration Report 2023 and which was published on Tuesday, June 13, wealthy individuals flew out of Kenya searching for countries with affordable taxation rates.
This exodus is attributed to the new William Ruto’s presidency that has widely been view as tax-oriented.
To worsen the situation, the report further indicated that 100 more millionaires were also set to leave the country in 2023, pointing out that investors are worried about Kenya’s current state of affairs both politically and economically.
British journalist and Rector of the Institute for Human Sciences in Vienna, Misha Glenny, stated that High-Net-Worth Individuals HNWI are primarily drawn to areas of personal freedom and political stability.
“Political stability is the key metric for those selecting where they want to live, together with low taxation regimes and personal freedom. Until Russia – Ukrainian war comes to an end, both countries will continue to export HNWIs, and this will remain the single largest driver of relocation,” read part of Glenny’s remarks as quoted in the report.
HNWIs are individuals who have amassed sh139 million ($1 million) or more in their possession.
Sunita Singh-Dalal, a partner at Private Wealth and Family Offices at Hourani, also listed rising debt, a dysfunctional healthcare system and a high-crime rate as factors driving millionaires out of Kenya.
Political volatility during the electioneering period before the August 9, 2022 general election led to uncertainty among most tycoons who sought to shift their investments to other countries.
The same report revealed the latest inflows or outflows of several dollar millionaires in 2022 and the projection for the year 2023.
Henley Private Wealth Migration Report 2022 showed that, Kenya was projected to increase the number of HNWI by 50 per cent for the next ten years.
Two year ago, the number of Kenya’s dollar millionaires grew by 2 per cent.
