A google search reveals that there are currently 6.2 million dollar millionaires in China. Their wealth is in property, share capital, and individual businesses they own. Diaspora Kenyans today have the opportunity to turn some of the dollars they will make in the next 5 years to even become $1 million of wealth in the $2 billion new wealth plan. The $1 to Ksh 153 exchange is an opportunity for Diaspora Kenyans to create wealth.
The system of growing wealth is achieved through making a person’s time productive to produce their consumption and other people's consumption needs. For example a Diaspora Kenyan working as a Registered Nurse (RN) who works 2,000 hours at a rate of $40 an hour produces $80,000 income. They also produce nursing services of $80,000 for the region.
The developed economic system has about 80% of the income going to meet the productive person’s needs of housing, food, environment, healthcare, clean water, children needs and other basic needs. The remaining 20% goes toward investment, donations and entertainment.
The Diaspora Kenyans, $4 billion remittances in 2022 came from the portion of investment money. With the $1 exchanging for Ksh 153, if the Diaspora remittance is at $4 billion in 2024, this will be valued at over Ksh 600 billion.
The Diaspora University Town (DUT) project has set up the system and plans to create 30,000 jobs and make over 150 million hours productive in 5 years. At an average production value of Ksh 500 ($3.26) per hour this will be a total production of Ksh 75 billion. 80% or Ksh 60 billion will meet housing, food, environment, healthcare, clean water, children needs and other basic needs. Part of the remaining 20%, Ksh 15 billion, will be invested back into the DUT.
About 10,000 Diaspora Kenyans will become part of the DUT jobs creation system. In the next 10 years, some of them will become dollar millionaires as they become property developers of the DUT 3,500 townhouses and 3,200 apartments plans; Share capital investors of DUT Credit Ltd that is progressing to become the Diaspora bank; Share Capital investors in Daktari Biotechnology that will be producing and selling medicine and vaccines; and, other MSMEs the invest to own through share capital or as individuals.
The $1 to Ksh 153 enables a person in the Diaspora to apply less dollars in the DUT production system. The system over time will play a role in strengthening the dollar. If in 10 years the dollar gets back to $1 for Ksh100 the investments valued in Kenya shillings will have a higher dollar value.
Diaspora Kenyans already in DUT have started the $500 million Diaspora Remittance DUT plan. The money remitted will create over Ksh 75 billion shillings through the dollar to Ksh exchange rate. The money will also establish property and MSMEs as it creates jobs. Through the DUT system and plans the money will grow to Ksh 100 billion in 5 years.
Thereafter in the next 5 years, the DUT system and plans will continue to grow the Ksh 100 billion wealth to Ksh 200 billion. The DUT systems and plans will also play a role in strengthening the shilling to the dollar exchange to about $1 to Ksh 100. At the end of 10 years the $500 million put in the first 5 years will have grown to Ksh 200 billion will be valued at $2 billion. At least 200 Diaspora Kenyans can cross the $1 million mark and become millionaires through the DUT systems and plans.
Dan Kamau is the DUT Project Director. He is formerly of Worcester, MA. DUT System & Plans were started in collaboration with WPI Professors. The systems and plans are progressing DUT in Kenya. Email dan@dut.or.ke
