Nairobi, Aug. 26 -- For years, a second passport was seen as part of the ultimate wealth package: another layer of security, easier access to international markets and a way of giving families more options abroad. But among Kenya's wealthiest individuals, that appetite appears to be cooling.

The latest Wealth Report by luxury property consultancy Knight Frank shows that fewer wealthy Kenyans are actively looking to acquire a second citizenship, with many choosing instead to keep their primary residence, businesses and investments at home.

Knight Frank classifies Ultra High Net Worth Individuals as people with a net worth of more than $30 million (Sh4 billion), while High Net Worth Individuals (HNWIs) have at least $1 million (Sh128 mill...