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NAIROBI: Since the founding of Microsoft in 1975, there has been a global revolution, with new money from service-based industries replacing old money from manufacturing and industries closer to the earth, like farming and mining. In Kenya, the other source of old money has been the State.
We never used to hear of people like Bill Gates, Sergey Brin (Google) or Jack Ma (Alibaba). In Kenya, we never used to hear of Safaricom or even Airtel. Looking at the Nairobi Securities Exchange, not many listings are based on new money. Except for Safaricom, the biggest firms by market capitalisation are from old money sectors — brewing, banking, farming and mining.
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