A new report by Stanbic Bank and Knight Frank Kenya reveals that Kenya’s high-net-worth individuals (HNWIs) are increasingly turning to passion investments such as art and classic cars.
The findings, shared during a wealth insights breakfast in Nairobi, show that a significant portion of Kenya’s wealthiest individuals are diversifying their portfolios beyond traditional assets. The research indicates that:
- 72% of HNWIs are interested in acquiring art.
- 50% are keen on classic cars.
- 44% are looking to invest in high-end jewelry and furniture.
The report, a Kenya specific edition of the Wealth Report 2025, also reveals a strong sense of domestic confidence among the country’s elite, with less than 10% of HNWIs planning to seek a second passport or new citizenship in 2025.
Mark Dunford, CEO of Knight Frank Kenya, noted that the data points to a broader trend of wealth creation. “The fact that we’re seeing these smaller portfolios is an indication that we are seeing a growing wealth coming up from the middle class,” he said, highlighting the rise of non-inherited, generational wealth.
The report also sheds light on shifts in real estate investment. In 2024, less than 10% of HNWIs invested in commercial property, and only 1-10% bought or plan to buy a home in 2025. This shows a move toward non-traditional asset classes, with Environmental, Social, and Governance (ESG) factors becoming a key consideration. A striking 72% of HNWIs now consider the impact on the wider community when making property investment decisions.
According to recent data, Africa is home to over 135,000 HNWIs, and Kenya is positioned as one of the continent’s leading wealth markets. Stanbic Bank, which was named the 2024 Best International Private Bank in Kenya by Euromoney, is leveraging its expertise and network to support this growing demand for personalized wealth solutions.