Self-made wealth is increasingly becoming the dominant force behind investment decisions among Kenya’s High Net-Worth Individuals (HNWIs) in 2025. This significant shift has been highlighted in the latest Wealth Report: Kenya Edition – Attitudes Survey 2025 by global property consultant Knight Frank.
The report reveals a clear trend: the majority of Kenyan HNWIs are now generating their wealth through diverse entrepreneurial ventures. This marks a notable decline in the influence of inherited wealth, which now accounts for a smaller portion of HNWI portfolios. Indeed, half of the fund managers surveyed indicated that inheritance represents less than 30% of their clients’ wealth, while a striking 77% reported it constitutes less than 40%.
While self-made wealth is on the rise, inherited assets still play a foundational role for many. Only a small percentage of wealth managers (6%) reported that their clients’ wealth had no inherited component.
“Most of Kenya’s wealthy tend to inherit assets, but they typically hold these in relatively conservative portfolios while focusing their efforts on generating new wealth through more productive and venturesome investments,” explained Boniface Abudho, Research Analyst at Knight Frank.
Historically, inherited wealth has been primarily allocated to tangible assets. Fund managers reported that over half of inherited wealth is held in property, predominantly in private rented residential real estate and real estate debt. Smaller portions were directed towards land development and education.
In stark contrast to inherited portfolios, current investment preferences among HNWIs reflect a strong shift towards more entrepreneurial and growth-oriented sectors. These include: Data centers, Healthcare, Hospitality, and Industrial or commercial assets
This shift indicates a significantly reduced interest in traditional private residential rentals and education when compared to inherited wealth holdings.
Mark Dunford, CEO of Knight Frank Kenya, emphasized this generational divergence: “In Kenya, inherited wealth typically takes the form of transferred real estate assets such as residential and land, with the younger generation being less sentimentally attached to legacy assets.”
Knight Frank further notes that HNWIs are strategically leveraging inherited wealth as a foundation for progressive expansion into more dynamic investments. This is reflected in the relatively modest scale of new capital allocations. According to fund managers, nearly half (44%) of the investments planned by HNWIs for 2025 are valued at under US$ 5 million.
“Overall, the data points to a pattern of landlord millionaires building on their existing wealth through targeted, smaller-scale investments across a broad range of commercial sectors,” Dunford added. “There is a clear emphasis on addressing emerging needs as a strategy for driving growth and sustained wealth creation.”
This trend underscores a proactive and adaptive approach by Kenya’s HNWIs, who are increasingly looking beyond traditional wealth preservation to actively drive economic growth and create new opportunities within emerging sectors.