Kenya’s high-net-worth individuals grow by up to 20 per cent in 2026 – report

Kenya has recorded faster growth in its high-net-worth individual (HNWI) population, with nearly half of wealth managers reporting an increase of between 11 and 20 per cent in wealthy clients in 2026.

The latest Wealth Investments Report by Knight Frank shows that 44 per cent of respondents recorded growth of between 11 and 20 per cent in their HNWI client base compared to 2025, when more than half reported increases of less than 10 per cent.

“The 2026 survey data indicate a clear growth of high-net-worth individuals compared to the previous year,” Knight Frank said in the report.

The consultancy defines a high-net-worth individual (HNWI) as someone with a net worth of at least $1 million (Sh129.97 million), although its Wealth Sizing Model uses a higher threshold of at least $10 million (Sh1.3 billion) to classify individuals in this category.

A further 31 per cent of wealth managers registered growth of up to 10 per cent in their HNWI client base, pointing to a broader expansion of Kenya’s affluent population and strengthening demand for wealth management services.

The report also points to a significant shift in the value of wealth management portfolios, with 31 per cent of respondents overseeing investments worth between $21 million (Sh2.73 billion) and $50 million (Sh6.5 billion).

This marks a notable improvement from 2025, when most portfolios were concentrated below the $5 million (Sh649.85 million) threshold.

Additionally, 19 per cent of wealth managers reported portfolios ranging between $51 million (Sh6.63 billion) and $100 million (Sh13 billion), while another 19 per cent managed portfolios valued between $101 million (Sh13.13 billion) and $500 million (Sh64.99 billion).

At the upper end, however, the report highlights the continued scarcity of ultra-high-net-worth individuals (UHNWIs), with only six per cent of respondents managing portfolios worth between $501 million (Sh65.11 billion) and $1 billion (Sh129.97 billion).

An ultra-high-net-worth individual (UHNWI) is conventionally defined as someone with a net worth of at least $30 million (Sh3.9 billion).

However, Knight Frank’s Wealth Sizing Model sets the threshold higher, classifying individuals with a net worth of at least $100 million (Sh13 billion) as UHNWIs.

The shift comes as Kenya’s economy is projected to grow between 4.9 and 5.5 per cent in 2026, up from 4.6 per cent in 2025, supported by domestic demand and easing inflationary pressures.

Diaspora remittances, which reached approximately Sh661 billion in early 2026, have also supported household liquidity and foreign exchange stability.

Looking ahead, investor sentiment remains positive, with 54 per cent of respondents expecting marginal wealth growth in 2026 heading into 2027, while 25 per cent anticipate an increase exceeding 10 per cent.

The report attributes this optimism partly to the shilling’s relative stability at around Sh129 against the dollar since mid-2024, which has helped ease imported inflation and improve business predictability.

Despite the growth, wealth remains concentrated among a small group at the top of Kenya’s financial pyramid. The report thus highlights the need for increasingly sophisticated financial planning services as portfolios expand.