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    Home»Investments»Kenya’s super rich ditch glamour homes for ventures in energy, tech
    Investments

    Kenya’s super rich ditch glamour homes for ventures in energy, tech

    May 14, 20253 Mins Read


    Jasmine Wambui By

    Jasmine Wambui

    Published on: May 14, 2025 08:00 (EAT)
    Kenya’s super rich ditch glamour homes for ventures in energy, tech

    An aerial view shows the skyline of downtown in Nairobi, Kenya October 8, 2024. REUTERS/Thomas Mukoya/File Photo

    The country’s high net-worth individuals are changing tack, moving away
    from foreign homes and luxury residential property in favour of local,
    income-generating investments.

    A new report by global property consultant Knight Frank shows a growing
    preference for investments in renewable energy and technology here in the
    country.

    The report shows that the growth in number and wealth of the very rich
    tapered significantly in 2024. A majority of wealth managers reported an
    increase of less than 10 percent in high-net-worth-individuals heading into
    2025.

    But even as wealth expansion cooled, Kenya’s wealthy are showing renewed
    confidence in local money minting opportunities.

    Boniface Abudho, Research Analyst, Knight Frank, said: “Investors are
    now trying to diversify their investment portfolio, moving away from just
    residential property investments to alternative asset classes such as the REITs.
    We also have other financial instruments such as Treasury bonds, or Money Market
    Funds. Some are also going into other high growth sectors including agriculture
    and renewable energy.”

    The share of wealth tied up in homes dropped dramatically from 60
    percent in 2023 to just over 20 percent in 2024.

    Foreign home ownership also declined, with only one in ten high-net-worth-individuals
    owning property abroad.

    “We feel that this slow pace of buying homes is attributed to a number
    of factors. Some may include the low mortgage penetration in the country, we
    also feel that the rising land and construction costs could also be a factor
    that scares people away from buying homes,” Mr. Abudho added.

    “And then we have domestic and global concerns, we all know the issues
    to do with taxes and what have you which are probably scaring away people from
    buying homes.”

    Additionally, Knight Frank notes that a majority of the very rich are
    entrepreneurs, with only a small portion of their wealth coming from
    inheritance.

    A majority of fund managers say inherited assets make up less than 40
    percent of their clients’ wealth. But legacy still plays a part, mainly in the
    form of land and residential property.

    “Though many of the wealthy individuals start from somewhere, the
    inherited wealth, we also have a good portion of people who start from scratch,”
    noted Mr. Abudho.

    The report identifies data centres and development land as top investment
    choices for 2025. Other attractive areas include farmland, hotel and leisure,
    logistics, and office spaces.

    At the same time, sustainability is becoming a priority, with the rich
    investing in energy-efficient upgrades and reducing their carbon footprint.

    Mark Dunford, Knight Frank CEO, said: “We expect almost 50 percent of
    clients’ wealth to increase in 2025, which is slightly more optimistic than we
    saw in 2024.”

    The rich also continue to favour art and classic cars as investments of
    passion. 



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