Cynthia's Interests

The world as it unfolds - told from an African American woman's perspective...

Monday, April 18, 2005

Kenya’s wealth in foreign hands

The bulk of Kenya’s wealth is in foreign hands, according to statistics obtained exclusively by The Sunday Standard.

If Kenya were a cake to be shared out, Kenyans would only lay claim to 31 per cent of the country’s total wealth. The rest would go to foreigners.

Agriculture, tourism and banking, which combined bring in the country’s largest earnings, are in foreign hands. Last year, tea, tourism, flowers and coffee earned the country Sh140 billion, nearly half of the annual national budget. Of this money, only 31 per cent ended up in the country — as tax and real earnings to the nationals.

And shareholding in the richest 20 companies that trade at the Nairobi Stock Exchange is foreign.

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