The richest 125 Kenyans hold more wealth than 43 million people, amidst deepening poverty by majority

• The richest 1% own 78% of Kenya’s total financial wealth.
• A CEO in the ten biggest companies earns on average 214 times more than a teacher.
• Nearly half of the population live in extreme poverty, with the number having increased by 7 million (37%) since 2015.
• If the wealth held by the richest 125 Kenyans were converted to 100 shillings notes, it would be enough to cover almost the entirety of Nairobi County.
• Reducing inequality at a rate of 2% annually, accompanied by 2% annual growth rate would reduce inequality three times faster than a 2% economic growth alone.

Today, 125 richest Kenyans own more wealth than 42.6 million people, amidst deepening poverty levels, a new Oxfam Kenya report reveals.

Nearly half of the population live in extreme poverty, – on less than KES 130 per day –, while only a handful have amassed enormous wealth, according to the report - Kenya’s Inequality Crisis: The Great Economic Divide. The number of people living in extreme poverty has increased by 7 million (37%) since 2015. 

Massive underfunding of education, healthcare and agriculture in favour of debt repayment has contributed to widening the gap between the super-rich and those living in extreme poverty. In 2024, out of every 100 shillings taken in taxes, 68 were used to repay debt - twice the education budget and nearly 15 times the national health budget. As a result, children from the poorest 20% of households receive almost five fewer years of schooling than those from the richest 20%. The amount of money per pupil that the government spends on primary schools is equivalent to just 18% of what it was worth in 2003. Only 4 million in a population of over 53 million people contribute actively to the compulsory Social Health Insurance Fund (SHIF) established in 2015 and are eligible for healthcare access. Private health providers reap the most from this contributory health insurance. In 2024, only 20% of national health insurance money went to public health facilities that serve majority of Kenyans seek medical services.

The problem is systemic...

‘‘Inequality is not a natural condition—it is a deliberate outcome of unjust policies and political inaction. For too long, the gap between the rich and the poor has been allowed to grow unchecked, while millions struggle just to survive. This injustice is no longer tolerable. It is time for bold, decisive action. Reducing inequality is not only possible—it is urgent, necessary, and long overdue.” Mwongera Mutiga, Executive Director – Oxfam Kenya, said.

The past ten years, 2014-2024, has seen an exponential rise in food shortage, with 17 million people now facing severe and moderate food insecurity, amidst relentless climate emergencies. The cost of food is 50% higher than it was in 2020, hitting harder those with least money. In Nairobi, the inflation rate for low-income earners was 27% higher than that of upper-income earners in 2020–24.

 Vulnerable populations are living on the edge with only 9% of Kenyans covered by at least one form of social protection. Among the poorest 20%, only a fifth receive social assistance.  Inua Jamii, the biggest state-funded social assistance programme, which supports about 1.9 million people, is yet to revise the current monthly KES 2000 per beneficiary, while annual inflation rate has risen to 4.6 percent according to the Central Bank of Kenya reports. The Kenyan job market is awfully volatile, with 85% of the country’s workforce being informal. This has continued to power significant pay and gender gaps, as well as declining wages. The likelihood of securing well-paying jobs today is highly dependent on family backgrounds and solid connection. Women face barriers in entry to the paid labour force due to unpaid care workload and social norms.  They account for 38% of the formal work force, with their total labour income share at just 62% that of men. 

The report also reveals that on average: 

• Women are five times more likely to be doing unpaid jobs than men.
• Less than a third of women own a house either alone or jointly.

The government’s revenue collection policies keep draining those who need support the most and cushioning the rich. For example, in 2023, the government introduced new flat-rate taxes on housing and health, which mainly affected low-income earners, and gave property owners some breathing space by reducing the tax rate on rental income by 2.5 percentage points.  Furthermore, consumption taxes such as VAT, which disproportionately affect the poorer members of the population, account for more than half of the national revenue.

The report offers some policy recommendations:

By reducing inequality at a rate of 2% annually, accompanied by 2% annual growth rate, for example, the government can reduce the rate of extreme poverty reduction by triple, compared to the current 2% economic growth alone.

The government should raise the education budget to at least 20% of government expenditure and increasing capitation per student would match the current annual inflation.

Scaling up the health budget to 15% of total government expenditure as a minimum and aligning health financing policies to progressively achieve Universal Health Coverage, focusing on population-wide access to quality essential health services without financial hardship, would greatly enable healthcare access for many citizens.

"Inequality is not inevitable—it is a choice. With bold leadership, the right policies, and unwavering political will, Kenya can build a future where every person thrives. By embracing progressive taxation, investing in universal education and healthcare, creating dignified jobs, and advancing land justice, we can create a nation that is not only more equal, but truly free from poverty. A fairer Kenya is within our reach—let's choose it", added Mwongera.

 Read the report here.