Kenya, Aug. 27 -- Kenya's wealth landscape is shifting as the nation has lost 400 dollar millionaires, bringing the total to 6,800 in June 2025, down from 7,200 the previous year. This decline, reported in the 2025 Africa Wealth Report, reflects economic challenges impacting high-net-worth individuals (HNWIs), defined as those with liquid assets worth at least $1 million (approximately Sh130 million).
Factors such as a weakening Kenyan shilling, economic slowdown, and capital flight to safer markets like the UK and Dubai have contributed to this trend, raising concerns about Kenya's ability to retain its ultra-wealthy population.
The reduction in Kenya's dollar millionaires follows a pattern observed since 2021, when the country boasted 8,500 millionaires during a post-COVID economic rebound with 7.6% growth.
By 2023, this number had already fallen to 7,200, driven by currency depreciation and a tough business climate. The Kenyan shilling's value dropped significantly, from Sh123.38 to Sh157.29 against the US dollar in 2023, eroding the wealth of HNWIs in dollar terms.
Additionally, economic uncertainties, including last year's deadly youth-led protests against tax hikes and a slowing economy growing at 4.7% in 2024, prompted many wealthy Kenyans to move investments offshore.
According to the 2025 Knight Frank Wealth Report, 10% of Kenya's millionaires shifted funds abroad, favouring stable financial hubs like London and Dubai.
This wealth migration poses challenges for Kenya's economy. The loss of dollar millionaires reduces local investment and job creation, as HNWIs often drive growth through asset management, real estate, and high-growth sectors like technology and renewable energy.
Nairobi, home to 4,200 millionaires, remains East Africa's wealth hub, but the city's share of Kenya's total wealth base is under pressure. Despite this, Kenya ranks among Africa's top five wealth markets, alongside South Africa, Egypt, Nigeria, and Morocco, which collectively account for 63% of the continent's millionaires.
The 2025 Africa Wealth Report highlights that Kenya's HNWIs are diversifying into liquid assets like treasury bonds and real estate investment trusts (REITs) to mitigate market volatility.
Looking ahead, experts project that Kenya could see an 80% increase in dollar millionaires by 2033, driven by opportunities in fintech, green tech, and agriculture.
However, retaining these dollar millionaires requires addressing economic instability and improving the business environment. The Kenyan government is under pressure to reform tax policies and create incentives to keep wealth in the country.
As of June 2025, the 6,800 dollar millionaires still wield significant influence, shaping industries and inspiring entrepreneurship. The decline in dollar millionaires underscores the need for strategic policy actions.
With 6,800 HNWIs remaining, Kenya must balance attracting foreign investment with retaining local wealth. The shift of funds to Dubai and the UK highlights the urgency of stabilising the shilling and fostering a conducive investment climate.
As Kenya navigates these challenges, the resilience of its 6,800 dollar millionaires will be key to driving economic transformation and sustaining Nairobi's status as a wealth hub.
Published by HT Digital Content Services with permission from Bana Kenya.