According to a report carried in the Business Daily, Kagwe’s net worth is valued at Ksh667.8 million, a figure he attributes to his sprawling empire borne out of hard work.
As per documents tabled in Parliament, the nominee disclosed that he owned two companies which, in 2019 alone, earned him an aggregated sum of Ksh5.4 million in profits.
The firms were Tell-Em, a public relations company that raked in Ksh2.87 million and research agency TNS RMS East Africa which made Ksh2.625 million.
Former Senator Mutahi Kagwe when he appeared in Parliament for vetting on Thursday, February 20, 2020.
The politician further noted that he owned a raft of other properties alongside his two companies. TNS RMS made revenue of Ksh218,750 in revenue in January.
He further pointed out that his wealth accumulation kicked off 40 years ago while he was still a student at the University of Nairobi.
“I am worth what I am worth as a result of my hard work. I started doing feasibility studies in my room at Hall 2 at the University of Nairobi and for over 40 years I must have made some money,” Kagwe told the committee.
If approved, he will be second richest CS trailing his labour counterpart Simon Chelugui who, in 2018, declared that his wealth stood at Ksh796 million.
At the time, Chelugui was appointed as Water and Sanitation Secretary before the latest reshuffle.
ICT CS Joe Mucheru comes in third, with a net worth of Ksh500 million as of 2018.
Water Cabinet Secretary Simon Chelugui who pegged his wealth at Ksh796 million in 2018.