What income level is Kenya?

What income group is Kenya in?

Economy of Kenya

Trade organisations AU, AfCFTA, EAC, COMESA, CEN-SAD, WTO and others
Country group Developing/Emerging Lower-middle income economy
Statistics
Population 47,564,296 (2019)
GDP $106.041 billion (nominal, 2021 est.) $262.669 billion (PPP, 2021 est.)

Is Kenya a high or low income country?

Economic Overview

Kenya is the economic, financial, and transport hub of East Africa. Kenya’s real GDP growth has averaged over 5% for the last eight years. Since 2014, Kenya has been ranked as a lower middle income country because its per capita GDP crossed a World Bank threshold.

What is the average income per person in Kenya?

GDP per capita in Kenya averaged 1029.69 USD from 1960 until 2020, reaching an all time high of 1513.44 USD in 2019 and a record low of 587.56 USD in 1961.

What is lower middle income country?

The lower middle income economies are countries where the per capita GNI falls between $1,026 and $3,955. The countries that are part of the upper MIC classification with a GNI that falls between $3,956 and $12,475.

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Is Kenya considered a middle income country?

OVERVIEW. Until the COVID-19 pandemic, Kenya was one of the fastest growing economies in Africa, with an annual average growth of 5.9% between 2010 and 2018. With a GDP of $95 billion, Kenya recently reached lower-middle income status, and has successfully established a diverse and dynamic economy.

Does Kenya have a middle class?

Domestic data put the low income earners as those taking home 23,670 shillings (about 216 U.S. dollars) and below while those earning between 216 dollars to 1,094 dollars are classified as middle class.

How is Kenya ranked in Africa?

Kenya is ranked 28th among 47 countries in the Sub-Saharan Africa region, and its overall score is below the regional and world averages.

How rich is Kenya in the world?

According to the report, Credit Suisse’s 12th edition of the Global Wealth Report, Kenya ranks fourth in Africa with the highest concentration of wealthy individuals whose total wealth is estimated at ($338billion) as of 2020.

Why is Kenya not a developed country?

However, its key development challenges still include poverty, inequality, climate change, continued weak private sector investment and the vulnerability of the economy to internal and external shocks.

What is the minimum wage in Kenya?

Kenya’s minimum wage rate is set by the government by location,age and skill level; the lowest urban minimum wage was 10,107.10 shillings per month,and the lowest agricultural minimum wage for unskilled employees was 2,536 shillings per month,excluding housing allowance.

Is Kenya a poor country?

Although Kenya’s economy is the largest and most developed in eastern and central Africa, 36.1% (2015/2016) of its population lives below the international poverty line. This severe poverty is mainly caused by economic inequality, government corruption and health problems.

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What is the capita income in Kenya?

The statistic shows gross domestic product (GDP) per capita in Kenya from 1986 to 2026.

Characteristic GDP per capita in U.S. dollars
2020 2,103.55
2019 2,110.46
2018 1,983.37
2017 1,805.38

What do middle class families make?

Pew defines “middle class” as a person earning between two-thirds and twice the median American household income, which in 2019 was $68,703, according to the United States Census Bureau. That puts the base salary to be in the middle class just shy of $46,000.

What is the most developed country in the world?

The United States was the richest developed country on Earth in 2019, with a total GDP of $21,433.23 billion. China was the richest developing country on Earth in 2019, with a total GDP of $14,279.94 billion.

What is an upper income country?

A high-income economy is defined by the World Bank as a nation with a gross national income per capita of US$12,696 or more in 2020, calculated using the Atlas method. … Thus, a high-income country may be classified as either developed or developing.