How Wealthy Kenyans Of Today Are Making Their Millions: Report

Wealthy Kenyans of today are preferring to create their own wealth compared to older millionaires who used to rely heavily on land and inheritance from their parents to grow their wealth.

This is according to the latest report by Knight Frank, a real estate consultancy, titled the 2025 Wealth Report, which stated that individuals with substantial generational wealth are actively engaging in wealth creation.

This highlights a shift towards entrepreneurship, portfolio diversification, and new investment opportunities beyond inherited assets.

Photo of a dinner setting at a luxurious hotel in Kenya. /LUCIDA TOURS AND TRAVELS

While inheritance remains an important factor, the country is witnessing the rise of self-made wealth. Business innovation, real estate expansion, and the growing influence of capital markets are contributing to a new generation of wealth creators.

However, "The inherited wealth in Kenya is mainly channelled into the Residential Private Rented Sector (PRS) (39%), followed by Real Estate Debt (17%)," the report reads in part.

"Other notable asset classes include Development Land and Education, each accounting for 11% of inherited wealth investments."

The report, however, highlights a notable decline in the influence of inherited wealth, which now constitutes a minority share of HNWI portfolios. Half of the fund managers surveyed indicated that inheritance accounts for less than 30 per cent of their clients’ wealth, while 77 per cent said it represents less than 40 per cent.

Experts behind the report say this shift is fueled by tough economic conditions and savvier investors. With the global slowdown and rising cost of living, wealthy Kenyans are playing it safe, prioritising steady cash flow and protecting their assets over flashy, high-risk ventures.

“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," Boniface Abudho, Research Analyst at Knight Frank, noted on Tuesday, May 13.

In terms of allocation, fund managers reported that over half of inherited wealth is held in property, primarily in private rented residential real estate and real estate debt. Smaller allocations are directed towards the development of land and education.

In contrast, current investment preferences among High Net Worth Individuals (HNWIs) reflect a shift towards more entrepreneurial and growth-oriented sectors such as data centres, healthcare, hospitality, and industrial or commercial assets. 

Notably, there is significantly reduced interest in private residential rentals and education compared to inherited wealth holdings.

Mark Dunford, CEO of Knight Frank Kenya, observed: “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.”

Further, Knight Frank notes that the trend of leveraging inherited wealth as a foundation for progressive expansion into more venturesome investments is reflected in the relatively modest scale of new capital allocations. According to fund managers, nearly half (44 per cent) of the investments planned by HNWIs for 2025 are valued at under US$ 5 million (Ksh644.12 million).

Dunford added, “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. There is a clear emphasis on addressing emerging needs as a strategy for driving growth and sustained wealth creation.”

As Kenya’s wealth scene transforms, the growing number of self-made millionaires is set to impact policy, spark innovation, and redefine the investment space, focusing more on entrepreneurship, meaningful impact, and sustainable growth.

Mark Dunford, CEO of Knight Frank Kenya, speaking during the release of the 2025 Wealth Report on May 13, 2025. /KNIGHT FRANK