Kenya's high-net-worth individuals grow as investor confidence remains strong

Kenya’s wealthy population is growing at a faster pace. A new survey shows that while most wealth managers recorded growth of less than 10 per cent in their high-net-worth client base in 2025, nearly half now report growth of between 11 and 20 per cent over the past year.

Boniface Abudho, Research Analyst, Knight Frank Africa, says: “There is domestic confidence in the country…and a number of reasons that are boosting this confidence. I can give an example of the local currency, the Kenyans shilling remained stable over the past two years. At Ksh.129 against the US dollar. This gives some level of confidence to the high net worth individuals and probably helps them to invest more.”

But how the wealthy are investing is also changing. Instead of putting more money into homes and traditional commercial buildings, many are turning to alternative investments such as data centres, farmland, logistics, Real Estate Investment Trusts (REITS) and fixed-income products in search of stronger returns and greater liquidity.

“We’re seeing an oversupply of offices, the commercial spaces especially the grade B office segment…and therefore does not have better yields compared to an asset class and therefore feeling that for them to get some good yields, they need to diversify to other asset classes,” said Abudho.

The report also shows that confidence in Kenya remains strong. Most affluent investors continue to keep the bulk of their investments at home, with limited interest in second citizenships or moving their wealth abroad.

Mark Dunford, CEO, Knight Frank Kenya adds: “Our growth rate, our urbanisation, our population metrics, our investment in infrastructure. All positive things. Our geographic location, our airlift, when this new airport comes which it will, that is only going to serve to boost us more. So, yes, I think it is very exciting to see that not just domestic capital but international capital is looking at this market.”

As Kenya’s wealthy diversify into newer sectors while keeping their capital largely within the country, their investment choices could influence where future growth and private capital flow.