Uhuru Kenyatta and Chris Kirubi among Africa’s 40 richest people

Forbes’ inaugural list of the 40 Richest People in Africa has two Kenyans, Kenya’s Deputy Prime Minister Uhuru Kenyatta who is ranked at position 26 and  business man Chris Kirubi at position 31.

Methodology Used
The list focused on citizens of African countries – thereby excluding potential members like Sudanese-born billionaire Mo Ibrahim, who’s a U.K. citizen; South African-born Ivan Glasenberg (the CEO of commodities trader Glencore, who is an Australian citizen) and former South African billionaire Donald Gordon (who has become a British citizen and lives in the U.K.). We calculated the fortunes using stock prices and currency exchange rates from close of business Wed. November 2. To value privately-held businesses we couple estimates of revenues or profits with prevailing price-to-sales or price-to-earnings ratios for similar public companies.

We have purposely excluded dispersed family fortunes such as the Chandaria family of Kenya and the Madhvanis of Uganda, because the wealth is believed to be held by dozens of family members. We do include wealth belonging to a member’s immediate relatives if the wealth can be traced to one living individual; in that case, you’ll see “& family” on our list as an indication.

Here is a description of the two Kenyans on the list and their sources of wealth.

Uhuru Kenyatta

Uhuru Kenyatta:  Position 23

Net Worth: $500 Million. Source of Wealth:  Land Age: 50 Marital Status: Married

Kenya’s Deputy Prime Minister Uhuru Kenyatta is the son of Kenya’s first president, Jomo Kenyatta, and heir to some of the largest land holdings in Kenya. He owns at least 500,000 acres of prime land spread across the country. The land was acquired by his father in the 1960s and 1970s when the British colonial government and the World Bank funded a settlement transfer fund scheme that enabled government officials and wealthy Kenyans to acquire land from the British at very low prices. Uhuru and his family also own Brookside Dairies, Kenya’s largest dairy company, as well as stakes in popular television station K24 and a commercial bank in Nairobi, among other interests.

Chris Kirubi

Chris Kirubi: Position 31

Net Worth: $300 Million. Source of Wealth: real estate Age: 70

Kenya’s most flamboyant tycoon, Chris Kirubi got an early start buying up small, dilapidated residential and commercial real estate in Nairobi, then renovated the properties and flipped them for a profit. He now owns Nairobi’s landmark International House building, one of the city’s longest standing and most prestigious commercial properties, as well as several other commercial and residential buildings in Nairobi. Other assets include a 49% stake in Haco Tiger Industries, which manufactures consumer products; a controlling stake in Centum, a Nairobi Stock Exchange-listed private equity firm; UAP Insurance, one of Kenya’s largest insurance companies and Sandvik East Africa, a Kenyan construction firm. Also owns the DHL Franchise in Kenya, and Capital FM, Kenya’s most popular radio station. Devout disciple of social media keeps active Twitter and Facebook accounts. Avid golfer.

Here is the complete list of the 40 richest Africans.

Source: Forbes.com

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