Kenya has missed out on the top five favourable countries for investment by Africa's High Net-Worth Individuals and Ultra-High Net-Worth Individuals, a new survey has revealed.
According to the 2024 Africa Wealth Report by Henley and Partners, Nigeria, South Africa, Egypt, Zimbabwe, and Algeria emerged among the top five countries with increased investment migration programs.
These programmes offer investors permanent residency visas upon investing in the specified countries. Investors can achieve this by purchasing properties or acquiring stakes in existing businesses.
According to the survey, African investors prefer countries with stronger passports due to the enhanced global mobility they provide.
"By acquiring a second citizenship or residency in a country with a stronger passport, African investors can unlock new opportunities, enhance global mobility and secure their future," the survey read in part.
For instance, South Africa, which is ranked 97th in the global Passport index, offers visa-free access to over 108 destinations, accounting for 48 per cent of the world.
Meanwhile, Kenya offers visa-free access to 76 destinations, indicating a 34 per cent visa-free travel out of the world.
Despite maintaining a front lead in East Africa in the passport index, Kenya dropped from position 67 in 2023 to 132 in 2024.
"The allure of a strong passport is clear when considering the global rankings of African passports. The ability to unlock greater freedom of movement and access to key markets is a powerful motivator for African investors seeking to expand their horizons and seize new opportunities," read part of the survey.
The five stipulated countries provide African investors the chance to expand their business horizons and tap into new markets.
Globally, investment program options attracting African investors include Portugal's Residence Permit Program which provides tax incentives and favourable path to citizenship after five years of residence.
Spain's Residence by Investment Program and Greece's Golden Visa Program also provide lucrative options for those looking to invest in assets while also gaining access to the European Union's vibrant business landscape.
For many affluent Africans, the reasons for investing in these countries include securing access to world-class education and healthcare for themselves and their families.
