A recent survey by Knight Frank has shown that Kenya’s high-net-worth individuals are reducing focus on foreign assets in favour of building bigger positions at home. So far, Kenya has emerged as a safe haven for its wealthiest investors, as it’s growth lures funds back home amid world turmoil and post-COVID-19 slowdown.

The survey, which is based on responses from the private bankers and wealth advisors, found expectations of wealth growth among Kenyan High Net Worth Individuals (HNWIs) remain strongly positive. 62.5% are reported to anticipate wealth increases in 2024, and three-quarters expecting to maintain or increase their wealth. This is following from a shift in assets out of foreign markets and into expanded investments in Kenya.

According to the IMF, Kenya’s GDP is forecast to rise by 5% in 2024, compared with a global average of 3.1% and an average of 4.2% across the world’s developing and emerging economies.

The survey also found that HNWIs are now holding about 60% of their wealth in homes, with just under 30% buying a home in 2023, and around the same percentage planning to buy another home in 2024. This dynamic has already brought a shift in the balance of ownership, with about 10% of Kenyan HNWIs now owning homes abroad, down from 14% at the beginning of 2023.

The shift in assets has also seen a drop in interest by HNWI’s in second passports. Almost a third of wealth managers reported that none of their clients were now interested in another passport or citizenship, and another third reporting that fewer than 10% were.

In non-home property, while interest remained subdued in commercial property, HNWIs reported strong interest in investing in additional farmland, hotels and leisure, and private rented residential properties in 2024.

Kindly find the full report here