Real estate, technology, treasury bonds, and money markets are the preferred investment avenues by most Kenyan millionaires, according to the latest report for Knight Frank, a real estate consultancy.
In its 2025 Wealth Report, the organisation said more and more millionaires are also venturing into direct investments in high-growth sectors such as agriculture and renewable energy, marking a shift from lifestyle-driven assets to income-generating and future-focused ventures.
In its Kenyan Edition of the wealth report, Knight Frank noted that the country’s high-net-worth individuals (HNWIs) are increasingly channelling their wealth into sectors that offer stable, long-term returns amid a slowing economy.
The millionaires now prefer income-generating assets such as commercial buildings, logistics hubs, and agricultural ventures as their top picks for investing their money, indicating a global trend of value prioritisation, according to the report.
There is also a surge in investment in fintech — the use of technology to improve, automate, or deliver financial services and products, with products such as money markets, mobile money technology, among others.
The report found that fintech, agrictech, and e-commerce are enabling young entrepreneurs to rapidly scale their enterprises and achieve significant returns on investment. The trend is mainly motivated by innovation and the digital infrastructure, which has improved in the country.
Investments in the agricultural sector were mainly driven by the need to attain food security and optimism for future export potential.
Meanwhile, despite real estate remaining important, the HNIWs have slightly shifted their interests, favouring commercial property investments over residential and holiday homes, as was the case a few years ago.
The commercial property investments span across office parks, rental apartments in high-demand urban zones, and warehousing for the growing logistics and e-commerce industries.
''The Knight Frank Wealth Report also reveals a significant shift in asset allocation among HNWIs, with the proportion of wealth held in personal homes declining sharply from 60 per cent in 2023 to just over 20 per cent in 2024. Additionally, the percentage of HNWIs owning four or more homes dropped from 37.5 per cent in 2023 to 22.2 per cent in 2024,'' the report reads in part.
Generational Investments
While older millionaires relied heavily on land and inheritance, today's wealthy Kenyans are more self-made, with many earning their fortunes in tech startups, manufacturing, and renewable energy ventures.
Experts involved in the creation of the report note that this trend is being driven by both economic realities and investor maturity. With the global economic slowdown and the high cost of living, Kenya’s rich are more cautious, aiming for cash flow and capital preservation rather than high-risk prestige investments.
As the country’s wealth landscape evolves, the rise of self-made millionaires is expected to influence policy, drive innovation, and shape the future of Kenya’s investment ecosystem, one rooted in enterprise, impact, and long-term sustainability.
