Kenya’s hidden billionaire network: Secret financiers steering politics, economy, and elections

While Kenya may not feature prominently in Forbes’ global billionaire rankings, the report argues that politically connected business dynasties, corporate tycoons, and elite networks wield extraordinary influence over government decisions, public spending, and electoral outcomes.

From banking and energy to transport, telecommunications, and media, Oxfam paints a picture of what it describes as a slow slide into “the rule of the rich”, where wealth increasingly determines who governs, which policies survive parliamentary debate, and who benefits from public resources.

Their influence, the report says, is rarely visible on the ballot paper. Instead, it is exercised through campaign financing, lobbying, family ties, and strategically placed allies within government institutions. Many of these actors never run for office themselves because they do not need to.

“In Kenya, we once had free primary education; now we do in name only,” said Wanjira Wanjiru, a grassroots activist and co-founder of the Mathare Social Justice Centre. “This retreat from education, health, and social protection is not incompetence. It is deliberate austerity imposed on the poor, while the wealthy continue to extract with impunity.”

Oxfam’s findings suggest that ordinary Kenyans face heavy taxation amid a punishing cost of living, while corporations and political elites benefit from exemptions, loopholes, and opaque financial arrangements that shield their wealth. Some powerful actors operate through front companies, remaining largely absent from public debate while actively participating in policy negotiations.

The report highlights the financial incentives tied to political office itself. Five members of President William Ruto’s cabinet are estimated to hold a combined net worth exceeding $ 20 million, with several having significantly increased their wealth since assuming office.

Election financing exposes the cost of political power in Kenya

Election financing has become one of the clearest pathways through which wealthy interests exert influence. Every five-year election cycle sees billions of shillings funnelled into campaigns, largely from private sources.

Kenya’s campaign finance laws remain weak and unevenly enforced, with political parties rarely publishing full donor lists. Even when they do, official disclosures often exclude cash donations, shell company transfers, and in-kind support such as helicopters, billboards, and logistical networks.

According to a study by the Netherlands Institute for Multiparty Democracy, the cost of winning political office in Kenya far exceeds the salaries attached to those positions. In the 2022 elections, aspiring senators spent an average of $390,000, whereas candidates for Women’s Representative seats spent approximately $240,000.

Parliamentary candidates spent approximately $222,000, and even the least expensive position, Member of the County Assembly, required approximately $31,000. In many cases, these sums exceed total earnings over a full term in office.

“The super rich have built their political power by buying politics, legitimising elite power and directly accessing institutions,” Oxfam said, warning that wealth-driven patronage systems now shape everything from energy regulation to infrastructure concessions.

Kenya’s energy sector is singled out as a clear example of the nexus of wealth politics. Independent power producer contracts have locked the country into costly long-term agreements, contributing to high electricity tariffs even when demand is lower than projected.

“Governments around the world are run by rich people,” Kivoi said. “The difference is whether leaders are willing to serve the population. If the government is committed, public systems can work regardless of wealth.”

Public anger, protests, and the widening gap between wealth and power

The report situates Kenya within a broader global pattern. Billionaires worldwide are estimated to be thousands of times more likely than ordinary citizens to hold political office, shaping laws and economies in ways that reinforce wealth concentration.

Media ownership is a critical lever of this power, with billionaire-owned outlets often influencing public narratives and sidelining marginalised voices.

Amnesty International Secretary-General Agnès Callamard warned that rising inequality and authoritarianism are deeply interconnected.

“They are not distinct dilemmas. They are entwined, as governments side with the powerful, not the people, and choose repression, not redistribution,” she said.

To reverse the trend, Oxfam urges governments to build firm barriers between wealth and politics, including higher taxation of the super-rich and tighter restrictions on campaign financing.

Without such reforms, the report warns, democratic institutions risk being hollowed out, leaving power firmly in the hands of those who can afford it.