NAIROBI, Kenya – Kenya’s High Net-Worth Individuals (HNWIs) are making strategic changes to their investment portfolios in response to global economic uncertainties and the slowing domestic economy, according to Knight Frank’s Wealth Report: Kenya Edition – Attitudes Survey 2025.
The report reveals a noticeable pivot away from “lifestyle” investments like residential and foreign assets, with a growing focus on more liquid, high-yielding opportunities within the country.
The report highlights that the growth in both the number and wealth of HNWIs in 2024 was less pronounced compared to previous years, with over 60% of wealth managers reporting a rise of less than 10% in HNWIs between 2024 and 2025.
Despite this, investor confidence remains steady as HNWIs recalibrate their strategies, moving away from luxury assets and towards investments that generate revenue, particularly in agriculture, technology, and renewable energy.
Boniface Abudho, a research analyst at Knight Frank, explained, “This shift reflects the adaptability of HNWIs, assessing the most resilient sectors in the face of slower wealth creation in traditional areas like construction and mining.”
Among the key trends, Knight Frank’s report reveals a sharp decline in the proportion of wealth held in personal homes, dropping from 60% in 2023 to just over 20% in 2024.
The number of HNWIs owning four or more homes has also significantly reduced, from 37.5% in 2023 to 22.2% in 2024.
Additionally, the preference for foreign real estate has waned, with only 10% of Kenyan HNWIs owning homes abroad, a decrease from 14% in 2023.
Of those planning to buy a home in 2025, 66% are now focusing on Kenya as their primary location, further emphasizing the shift toward domestic investment.
Mark Dunford, CEO of Knight Frank Kenya, noted, “Kenyan returns are outperforming the global average, and growing uncertainty in international markets is pushing HNWIs to place more trust in local investments.”
The trend towards sustainability is also apparent, with many HNWIs investing in energy-efficient properties and reducing their carbon footprints, such as by lowering car ownership and limiting air travel.
Dunford added, “We’re seeing a shift from consumption to conservation, where the focus is not just on financial returns but on social and environmental impact.”
Looking ahead to 2025, the report identifies data centres as a top priority investment, alongside development land, which together account for over 28% of first-choice investments.
Other areas of interest include farmland (with 83% of farmland investors targeting food production), logistics, industrial sectors, and hospitality.
While commercial property remains a traditional pillar of HNWIs’ portfolios, interest in this asset class has softened.
According to the report, 50% of wealth managers have indicated that fewer than 10% of their clients plan to invest in commercial property in 2025.
The cautious optimism reflected in the report signals that while HNWIs may expect only modest increases in wealth in 2025, the focus on revenue-generating assets and socially responsible investments is shaping a more resilient and adaptive investment landscape for the wealthy in Kenya.
