NAIROBI, Kenya, May 13 – Kenya’s wealthy are adjusting their investment strategies in response to rising global economic uncertainty, shifting away from residential and foreign assets in favour of more liquid, higher-yielding opportunities within the country.
This is according to the global property consultant Knight Frank’s Wealth Report: Kenya Edition – Attitudes Survey 2025.
The report highlights that there is a marked pivot towards investments in food production and technology, reflecting a strategic emphasis on resilience and growth.
The report further notes that the growth in both the number and wealth of High Net-Worth Individuals (HNWIs) in 2024 was more subdued compared to previous years, with over 60% of wealth managers reporting an increase of less than 10% in HNWIs from 2024 to 2025.
“With the slowdown in 2024, particularly in sectors that have been key to wealth creation, such as construction and mining, dampening overall wealth creation, there has been a considerably rapid shift in HNWIs’ portfolios and priorities,” said Boniface Abudho, a research analyst at Knight Frank.
The report highlights a growing sense of domestic focus among the wealthy Kenyans, as evidenced by a decline in foreign homeownership. As of 2024, only about 10% of Kenyan HNWIs own homes abroad, down from 14% at the beginning of 2023.
Mark Dunford, CEO Knight Frank Kenya, noted that 66% of HNWIs favoured Kenya as their first option, compared with 33% last year, further reinforcing the shift in interest towards domestic investment.
“In global terms, Kenyan returns remain sharply ahead of the world average, and rising uncertainty in many global markets is only serving to heighten HNWIs’ interest in their home market,” Dunford said.
According to the report, while commercial property remains a long-standing pillar of HNWIs’ investment and continues to attract capital, interest has softened, with 50% of wealth managers reporting that fewer than 10% of their clients plan to invest in this asset class in 2025.
Overall, the wealthy’s measured approach and shift towards funds and revenue producing assets is fueling cautious optimism, with almost half (48% of respondents) expecting a marginal increase in wealth in 2025 and 26% anticipating increases exceeding 10%.
