Kenya’s ultra-wealthy population is shrinking rapidly, with the number of dollar millionaires falling by 10% in 2024 according to the latest Knight Frank Wealth Report.
The country now counts just 7,700 individuals with a net worth of at least $1 million, down from 8,500 a year earlier, reflecting broader concerns about Kenya’s economic stability and investment climate.
Mwangi Donfrank, Knight Frank Kenya’s Managing Director, explained that “We saw the biggest contraction in 2022 and 2023. There was also uncertainty about the change of government. There are flights to safety with investments moving offshore. We are still suffering from these effects.”
According to Mwangi, the wealth exodus has been accelerated by multiple factors, including political turbulence that spooked investors when deadly protests against the Finance Bill prompted many wealthy Kenyans to shift assets offshore.
“More than 50 people were killed during the youth-led marches that successfully pressured the government to withdraw the bill, causing a $316 billion loss in offshore investments and delaying crucial funding from the International Monetary Fund,” he said.
Despite being Africa’s fastest-growing economy since the COVID-19 pandemic, Kenya’s recent economic growth has been hindered by stock market disruptions, high taxes, and fiscal pressures.
The gross domestic product—measuring overall economic activity—grew by just 4.7% in 2024 compared to 5.7% in 2023.
During this slowdown, Knight Frank’s tracking of the rich reveals wealth movements based on insights from private bankers and wealth advisors who manage the super-rich.
The report indicates that Kenya’s wealthy have traditionally favored offshore European markets like the United Kingdom, but interest is growing in Middle East alternatives, with Donfrank noting that “UHNWIs typically head to European markets such as London. A lot of work is being done by the Treasury to UK, which is a growing haven.”
The report identifies several key patterns in Kenya’s wealth landscape, with about 55% of wealthy managers reporting that they manage portfolios of at least $5 million, while a further 17% oversee portfolios between $5-25 million per client.
Only 8% manage portfolios of $25-100 million, and a mere 3% handle ultra-wealthy clients with over $100 million in assets.
This concentration pattern is typical of emerging markets, where extreme wealth remains concentrated among relatively few individuals, and “These UHNWIs are likely to possess globally diversified investment portfolios and substantial holdings in major Kenyan corporations,” according to the report.
Looking ahead, Knight Frank predicts only marginal increases in wealth for 2025, as heavy taxes and fiscal pressures continue to challenge wealth creation in Kenya, with Donfrank concluding that “The growth in the total number of the wealthy is showing at the moment, but the wealth of the rich is growing more exponentially.”
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