The 2019 Knight Frank Wealth Report indicates that 306 Kenyans with net worth exceeding Ksh100 million joined the ranks of the country's wealthiest in 2018.
The report notes that Kenya's high-net-worth individuals (HNWIs) increased to 9,482 in 2018, up from 9,176 in 2017, marking a 3.3% annual growth. Among these, 125 were classified as Ultra High Net Worth Individuals (UHNWIs), each holding assets exceeding Ksh3 billion.
The report projects a 22% increase in the number of Kenyans with net worth exceeding Sh100 million, reaching 11,584 by 2023.
In 2018, Kenyan high-net-worth individuals allocated their investments as follows: 25% to equities, 22% to real estate, 22% to cash equivalents, 20% to bonds, 3% to private equity, 3% to luxury assets, 1% to gold, and 4% to other categories.
According to Andrew Shirley, editor of the report, the primary sectors driving wealth growth in 2018 were financial services (17%), technology (15%), retail and luxury goods (11%), transport and logistics (7%), and extractive industries (6%).
Shirley noted that while 2018 was a strong year for global UHNWIs, survey results highlight growing concerns about future challenges facing wealth creators.
An attitudes survey revealed that 85% of respondents found Kenya's political and economic climate challenging for wealth preservation, up from 2017.
