Most Kenyan billionaires don't plan to emigrate, but when they think of settling outside the country, 6 nations are on their minds.
A survey by property consultancy firm Knight Frank shows that only only 9% of Kenyan Ultra-high net-worth individuals (UHNWIs) are considering emigrating permanently to other countries.
The most popular emigration destination for these individuals who own investable assets of at least Ksh3 billion is the UK where 67% of the rich want to go.
The second destination country is Canada with 48% UHNWIs expressing their desire to relocate there.
On the other hand, US is attractive to 33% of the rich followed by Germany at 14%.
Australia and The United Arab Emirates (UAE) shared a 10% attraction.
Interestingly, only 24% of Kenya’s UHNWIs have a second passport or dual nationality.
"A further 20% of Kenya’s ultra-rich are considering acquiring a second passport/dual nationality," the report read.
"It’s telling that less than 10% of Kenya’s ultra-wealthy are considering emigration, which is an indication that the social and economic challenges we may be experiencing in the country are not insurmountable," Ben Woodhams, Knight Frank Kenya Managing Director was quoted.
The survey further revealed that wealth transfer and succession plans to pass wealth to the next generation remains a delicate matter among Kenya’s rich.
Only 43% of the rich have robust plans to facilitate the transfer of wealth.
