A report released by Knight Frank on Wednesday, February 24, indicated that the number of Kenyan millionaires has reduced significantly from 2019 to 2020.
The 2021 wealth report shows that 912 Kenyans did not make it to the dollar millionaire rank. The report's data reflects the economic hurdles that Kenyans went through after the outbreak of Covid-19.
According to the data, Kenya's population of High-Net-Worth Individual (HNWIs) in 2020 was 3323 compared to 4235 which had been reported in 2019, represents a 22 percent decrease.Notes of Kenya Shilling
Andrew Shirley, Knight Frank report editor said that the HNWIs data represents anyone whose worth is over Ksh 108 million.
19 percent of HNWI are making plans to applying for a second passport to enable them to travel to other countries with more investment opportunities.
However, Shirley also noted that Kenyan millionaires will increase by over 1500 in the next five years.
“Perhaps size and model predict that in the next five years Kenya’s HNWI population will bounce back by 46 percent,” she said.
The data also shows that 16 Kenyans were left out of the Ultra-High-Net-Worth Individuals (UHNWIs) list in the 2021 report. UHNWIs is a list that includes super-rich individuals.
The report also indicates that 17 percent of super-rich Kenyans are planning to buy at least one new home in 2021 and they are all considering Kenya as the best destination.
“The pandemic is super-charging demand for locations that offer green spaces as more people are increasingly focused on wellness as they spent a great deal of 2020 at home, working remotely,” said
Knight Frank Kenya Managing Director Ben Woodhams said that the pandemic has influenced people to focus on locations with green space effect to enable them to work from home.
Participants in the Knight Frank survey indicated that they had put their investments in the Residential private rented sector, Retail, Offices, and Retirement.Knight Frank Kenya Managing Director Ben Woodhams, Head of Marketing Mwihoti M’Mbijjewe and Knight Frank Wealth Report Editor Andrew Shirley during the launch of The Wealth Report in Kenya on Wednesday, February 24, 2021The Standard
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