Wealthy Kenyans are seeking to own homes in other countries as they seek to secure their legacy, according to the Africa Wealth Report 2023 released on Tuesday, March 28.
In the report, Henley & Partners - the company behind the report - detailed that the wealthy were among those who were seeking to diversify into investment migration.
The migration was also attributed to the desire of the rich to seek better education and healthcare services for their families. The search of better business opportunities was also a factor.
"There are concomitant economic and financial advantages as well as greater personal freedoms for investors and their families.
"Having a geographically diversified portfolio of residences and citizenships not only protects our wealth but also significantly enhances our prosperity, enabling us to leave a greater legacy for future generations," read the report in part.
Some of the countries the wealthy are opting to settle in include South Africa and Mauritius.
The other countries were the United Kingdom, US and the United Arabs Emirates (UAE).
"Approximately 18,500 high-net-worth individuals have left Africa over the past decade (2012 to 2022). Significant numbers have also moved to Australia, Canada, France, Israel, Monaco, New Zealand, Portugal, and Switzerland.
"Having a geographically diversified portfolio of residences and citizenships not only protects our wealth but also significantly enhances our prosperity, enabling us to leave a greater legacy for future generations," read the report in part.
The movement of the group was also aided by the visa-free deals the government was making with other countries as Kenya was ranked at 72 in the visa-free index.
Kenya's passport, on the other hand, was also ranked as the ninth strongest in the continent after South Africa, Botswana, Malawi among other countries.
Nonetheless, Kenya also offered a thriving environment for other affluent Kenyans in the continent to invest in the country. Some of the estates ranked as high-end for the wealthy were Karen and Muthaiga.
The 2023 report revealed that there are 7,700 Kenyans had an average net wealth of Ksh130 million.
