Browsing: Kenya’s wealthy

Wealth in Kenya
  • Kenya’s ultra-wealthy performed better than their counterparts elsewhere in the world in 2023 
  • The world’s wealthiest saw their fortunes slashed globally by 10% in 2022 owing to challenges including post-pandemic property price falls, soaring energy prices, and surging inflation 
  • Africa’s super wealthy saw the lowest losses, recording an overall drop of just 5%

Kenya’s wealthy fared better than the wealthy anywhere else in the world during the economic turmoil of 2022, retreating from international citizenships and foreign property in favour of Kenya and Africa as safe havens.

This is according to the 2023 attitudes survey issued with Knight Frank’s annual Wealth Report. As per the survey, the world’s Ultra-High Net Worth Individuals (UHNWIs) saw their fortunes slashed globally by 10% in 2022 on a cocktail of post-pandemic property price falls, soaring energy prices, falling stock markets, and surging inflation and interest rates.

The super-wealthy in Europe were by far the …

Three countries possess over 50% of Africa's total wealth

According to New World Wealth, Africa will have a 38% wealth increase over the next decade, with eastern African countries likely to lead the way, with “over 60% growth estimated in Rwanda and Uganda by 2031, and over 50% in Zambia and Kenya .”

It goes on to say that this will be fueled by rapid expansion in the technological and professional services industries.

According to the research, “South Africa has the largest luxury market in Africa in terms of revenue, closely by Kenya and then Morocco.” Over the next decade, the African wealth management market is expected to rise by 60%.

According to the report, Africa’s most enormous wealth was recorded in 2012 at US$2.4 trillion, while the largest number of dollar millionaires was 148,000 in 2017. However, the continent has been widely chastised for producing millionaires while leaving hundreds of millions of residents in poverty.…

L-R: Andrew Shirley, Maina Mwangi and Ben Woodhams. The Knight Frank Wealth Report notes that Kenya’s dollar millionaires are repatriating their wealth to adopted home countries.

The proportion of Kenyans seeking foreign passports is not the highest for Africa, with 31 per cent of high net worth individuals (HNWIs) in South Africa seeking a second passport, and 44 per cent of HNWIs in Nigeria.

Andrew Shirley, editor of The Wealth Report at Knight Frank said that amongst Kenyans seeking new passports, the proportion was interested in reducing their tax bills, enhancing their safety, or getting a better quality of life just as much as the wealthy globally.

Of Kenyans seeking new passports, around 59 per cent are doing so as an investment, against a global average of 17 per cent, while 38 per cent cite education as a driver, compared with 18 per cent worldwide.

Meanwhile, 34 per cent are seeking better healthcare, compared with 13 per cent worldwide.…