Over 300 Kenyans joined the ranks of dollar millionaires in 2018, according to Knight Frank’s 2019 Wealth Report, despite economic challenges. The study found 9,482 high-net-worth individuals (HNWIs) in Kenya, a 3% increase from 2017, with 125 ultra-high-net-worth individuals (UHNWIs) possessing assets exceeding Sh3 billion.
The report forecasts a 24% rise in Kenya’s millionaire population over five years, reaching 11,584 by 2023. This growth aligns with surveys indicating optimism among UHNWIs about future wealth expansion, though political and economic uncertainties remain concerns.
Manufacturing, real estate, and technology sectors drove the surge in new millionaires. Nairobi hosts 82 UHNWIs, reflecting the city’s rapid accumulation of wealth. Kenya’s UHNWI count is projected to reach 155 by 2023, accounting for 6% of Africa’s total.
While Kenya’s growth outpaces Uganda (33 new millionaires) and Tanzania (187), it lags behind South Africa’s 1,816 additions. Despite economic headwinds, including a 2017 drought and political instability, Kenya’s GDP expanded 5.8% in 2018, with 2019 growth forecasts ranging from 5.2% to 6.8%.
The survey, based on insights from 600 wealth advisers managing $3 trillion, highlights shifting investment trends toward education, logistics, and tech-sector real estate. However, local political and economic challenges continue to impact wealth retention for high-net-worth individuals.
