Kenyans earning above Sh 100,000 declined as more companies closed, KNBS survey says

The number of Kenyans earning more than Sh100,000 dropped to 79,909 last year 2020 from 84,907 in 2019 indicating Kenya’s growing imbalance in the formal sector and tax getaway by the wealthy in the informal sector.

KNBS disclosed that the number of Kenyans earning above the Ksh 100,000 mark expanded by 2.7 percent from 2018. This represents 2.9 percent of the 2.9 million formal workers on the KRA database.

Number of Kenyans earning above KSh 100,000 rose to 84,907 in 2019. 

The Kenya National Bureau of Statistics (KNBS) data published on Tuesday whoicate that the top earners decreased by 4,861 members correlated to a rise of 2,234 from 2018, making it the first drop in a decade. 

The drop indicates significant business disruptions in the wake of global pandemic financial hardships, which accelerated losses and closure of companies after the State imposed restrictions to curb the pandemic.

The number had dropped by 0.5 per cent in the last five years despite the slight increase in 2018.