The number of super rich men and women in Kenya has grown from 8,500 in 2015 to over 9,400.
This is according to the Kenya chapter report of the 2017 Knight Frank Wealth.
According to the report, these super rich individuals have assets worth more than Sh.102 million ($1 million at current exchange rates) excluding assets such as their primary homes.
The report further found out that these individuals prefer to spend their money by investing in the property industry. They allocate at least 28 per cent of their cash to buying prime residential and commercial property.
Out of those eyeing the commercial properties space, 59 per cent were considering getting into the local space while 44 per cent in foreign markets.
These high net worth individuals (NHWI) also set aside 20 per cent of their money for personal businesses while other venture options like equities, bonds, cash and precious metals accounted for 18 per cent of their total investments.
“Kenyan HNWIs clearly realise the long-term stability that property investments offer in an otherwise volatile market together with the good returns that the sector has demonstrated in the past,” said Knight Frank Kenya MD Ben Woodhams.