The wealth gap in Kenya is expanding, with just 0.1 percent of the population, or 8,300 people, owning the majority of the country’s wealth, restricting equitable access to opportunities.
According to a recent Oxfam survey, despite impressive economic growth since 2005, millions of Kenyans still live in poverty.
“It appears that a small group of affluent individuals and investors are profiting from the country’s economic success.
“While a small group of super-wealthy Kenyans amass wealth and jobs, the benefits of economic development fail to reach the poorest,” Oxfam said.
It went on to say that the wealthiest 10% of Kenyans gained on average 23 times more than the poorest 10%, and that the country’s super-rich population is one of the fastest growing in the world.
According to official data from the Kenya National Bureau of Statistics (KNBS), the number of Kenyans living in poverty decreased by 10.5 percentage points from 2005 to 2016.
Just 8,300 people, or 0.1 percent of the population, are benefiting from the country’s economic progress.
“If deprivation stays the same for the next five years, 2.9 million more people will be living in severe poverty,” according to Oxfam.
Kenya was ranked eighth on the global extreme poverty list by World Poverty Clock last year. According to the survey, 27% (14.7 million) of the 49,684,304 people are extremely poor, consuming less than $1.90 (Sh197) every day or Sh5,910 per month.
With a poverty escape rate of 0.5 people per minute, the United Nations’ Sustainable Development Goals are in jeopardy, according to the Vienna-based World Poverty Clock.
According to the report, the wealthiest 26 individuals in the world own the same amount of money as the poorest half of the world’s population.
To eradicate inequality, Oxfam suggests raising taxes on the super-rich and implementing deep-cutting measures that will ensure high-quality education and healthcare.
