Kenya's economy creates more millionaires

Knight Frank CEO Mark Dunford giving his presentation during a media briefing on Wealth and Investment Trends in Kenya on July 14,2026. [Benard Orwongo Standard]

Despite prevailing economic pressures, marked by a high cost of living and shrinking household incomes, Kenya’s economy produced more dollar millionaires in 2026.

A new report shows the number of high-net-worth individuals (HNWIs) in Kenya grew by 20 per cent in 2026, up from 10 per cent growth recorded in 2025.

The report, however, indicates a decline in the number of ultra-wealthy individuals in the country.

Almost half of respondents (44 per cent) reported an increase in HNWI numbers of between 11 per cent and 20 per cent between 2025 and 2026.

As of June 2025, Kenya had about 6,800 dollar millionaires.

According to the Knight Frank Wealth and Investment Report 2026, the latest increase marks a significant improvement from 2025, when more than half of wealth managers reported growth of less than 10 per cent, signalling more subdued wealth creation.

“31 per cent of wealth managers indicated growth of up to 10 per cent in their HNWI client base. While this reflects more moderate expansion, it still points to a broad-based upward trend in wealth accumulation across the market,” the report states.

Knight Frank Kenya Chief Executive Mark Dunford says Kenya continues to generate wealth despite economic headwinds.

“I think historically we are an entrepreneurial market; we are an entrepreneurial group of people, so we are always looking for an opportunity to create wealth,” Dunford said.

According to Knight Frank, the shift from predominantly sub-10 per cent growth in 2025 to a stronger concentration in the 11–20 per cent range in 2026 suggests improving momentum in high-value wealth creation.

The report, however, notes that extreme wealth remains highly concentrated among a small group, reinforcing the narrow apex of the country’s wealth distribution.

“And as much as the economy is doing better compared to what it used to perform previously, the inflation has gone down, for instance. The economy has remained stable over the past two years,” said Boniface Abudho, Research Analyst at Knight Frank Africa.

He said the improving macroeconomic environment is encouraging investors to channel more capital into the country.

Only about six per cent of wealth managers reported managing portfolios worth between Sh64.4 billion ($501 million) and Sh129 billion ($1 billion), compared to the previous year when the same proportion managed portfolios exceeding Sh129 billion.

According to the report, this reflects a slight downward recalibration of the ultra-high-net-worth segment and underscores the scarcity of ultra-high-net-worth individuals (UHNWIs) in Kenya.

Meanwhile, 31 per cent of wealth managers reported managing portfolios valued between Sh2.7 billion ($21 million) and Sh6.5 billion ($50 million).

This marks a substantial improvement from 2025, when most portfolios were valued below Sh645 million ($5 million).

The report attributes the shift to strengthening macroeconomic fundamentals, improving investor confidence and gradual wealth accumulation among upper-middle-income and affluent individuals.

Kenya’s real GDP growth is projected to range between 4.9 per cent and 5.5 per cent in 2026, up from 4.6 per cent in 2025, driven by stronger domestic demand and easing inflation.

Diaspora remittances have also continued to support the economy, reaching about Sh661 billion in early 2026, outperforming traditional export earnings and strengthening foreign exchange stability.

“These inflows are increasingly anchoring household liquidity and supporting wealth expansion across managed portfolios,” the Knight Frank Wealth and Investment Report 2026 states.

The report says managed portfolios indicate a gradual deepening of Kenya’s mid-to-upper wealth segments and a slow but steady maturation of the country's wealth pyramid.

Despite increasing diversification, wealthy individuals continue to invest heavily in real estate, agriculture, technology and private enterprises.

“Less than 10 per cent of wealth is allocated to properties abroad, underscoring a strong preference for investing in domestic real estate,” the report states.

It adds that many wealthy individuals continue to view Kenya’s property market as familiar, stable and strategically attractive.

The report also identifies data centres and the residential private rented sector as emerging investment opportunities.

“As businesses, financial institutions, and technology firms continue to digitise operations, demand for secure, scalable, and energy-efficient data infrastructure is expected to rise significantly,” it states.

Hospitality and leisure also remain attractive investment destinations.

“As tourism receipts continue to improve, investors are increasingly viewing hospitality assets as attractive long-term income-generating investments,” the report notes.

According to Knight Frank, Kenya remains the preferred destination for local wealth creation and property investment among the country’s high-net-worth individuals despite growing access to international investment opportunities.

The report says investment decisions are increasingly being driven by wealth preservation, resilience and sustainable returns rather than speculation.

“What we are seeing is a balanced investment approach. Investors are selectively diversifying internationally where it complements their portfolios, while continuing to allocate significant capital to opportunities within Kenya across multiple asset classes,” Dunford said.

“If foreign money is coming in or wealthy Kenyans are investing back in this market, it is only good news for us. The more expats we see in the market, the better the news,” he added.

The report also shows wealthy individuals are increasingly eyeing farmland, logistics and industrial developments in 2026.

“The 2026 investment landscape suggests that HNWIs are increasingly balancing traditional wealth preservation strategies with exposure to high-growth sectors linked to technology, demographics, infrastructure, and changing consumer behaviour,” the report concludes.