Number of Dollar Millionaires in Kenya Drops to 3,323

The number of high-net-worth individuals (HNWIs) in Kenya declined by over 20 percent in 2020, according to a new survey.

The Knight Frank Attitudes Survey 2020 indicates that Kenya’s population of HNWIs, who are persons worth more than one million dollars (Sh108 million), dropped by 22 percent last year compared with a global decline of eight percent, attributed to the COVID-19 pandemic.

The report says that 912 Kenyans dropped out of the HNWIs club last year, with the number standing at 3,323 compared to 4,235 in 2019.

A majority of the respondents in the survey mentioned COVID-19 as the biggest worry for rich Kenyans as far as creating and preserving their wealth is concerned.

Wealth advisers interviewed in the study said their Kenyan clients allocated their property investment portfolio in the following property types; residential private rented sector (22 percent), retail (17 percent), offices (14 percent), and retirement (13 percent).

Retirement and development land (38 percent), residential private rented sector (33 percent), agricultural (29 percent), healthcare and retail (25 percent), and offices (21 percent) are the top five popular sectors that wealthy Kenyans are becoming more interested in and directing investments towards.

The survey further established that nearly 20 percent of the rich in Kenya are looking to acquire a new home this year, with Kenya as their most preferred destination ahead of the UK, US, South Africa, and Canada.

“The pandemic is super-charging demand for locations that offer green spaces as more people are increasingly focused on wellness as they spent a great deal of 2020 at home, working remotely,” the survey states.

Only 19 percent of Kenya’s HNWIs are planning to apply for a second passport or new citizenship in 2021.

Sixteen Kenyans dropped out of the ultra-rich list in 2020 as the Covid-19 pandemic disrupted businesses and hammered most asset classes across Africa.

The number of ultra-rich Kenyans, comprising individuals with a net worth of at least $30 million (Sh3.3 billion), stood at 90 last year compared to 106 in 2019, according to the report.
 
The population of the rich in Kenya is expected to bounce back by 46 percent over the next five years.