Decline of Dollar Millionaires in Kenya – Analysis from Africa Wealth Report 2025

Executive Summary

Kenya, historically among the top five African countries with the highest number of dollar millionaires, has witnessed a decline in its wealthy population despite broader continental growth in private wealth. According to the Africa Wealth Report 2025, Kenya’s number of dollar millionaires dropped from 7,200 in 2024 to 6,800 in 2025, a reduction of 400 high-net-worth individuals (HNWIs). This decline contrasts with Africa’s overall trajectory, where millionaire numbers are projected to grow by 65% over the next decade.

Key drivers behind this reduction include economic uncertainty, political instability, youth-led protests, currency depreciation and capital flight as wealthy individuals diversified assets abroad. This report provides an analysis of these factors, explores their implications on Kenya’s wealth landscape and offers recommendations for stabilizing and growing the country’s HNWI base.

Introduction

The Africa Wealth Report 2025, published by Henley & Partners in collaboration with New World Wealth, presents a comprehensive overview of wealth distribution and trends across Africa. While most African nations are experiencing strong growth in private wealth—driven by robust economies, innovation and investment opportunities—Kenya has experienced a notable setback.

This report focuses specifically on the decline in dollar millionaires in Kenya, analyzing the reasons behind this trend, its impact on the local economy and the strategies necessary to reverse it. Dollar millionaires, defined as individuals with a net worth of at least USD 1 million, play a crucial role in economic development through investment, job creation and capital formation.

Data and Analysis

1. Kenya’s Position in Africa’s Wealth Rankings

• As of June 2025, Kenya ranks 4th in Africa alongside Morocco, with 6,800 dollar millionaires, down from 7,200 in 2024.
• Africa’s Big Five wealth markets—South Africa (41,100), Egypt (14,800), Nigeria (7,200), Kenya (6,800) and Morocco (6,800)—together account for 63% of Africa’s millionaires and 88% of its billionaires.

2. Factors Behind the Decline

Economic Uncertainty and Slowing Growth

• Kenya’s GDP growth has slowed compared to previous years, with inflationary pressures and currency depreciation reducing real wealth in dollar terms.
• A weakening Kenyan Shilling against the US Dollar eroded the dollar value of local assets, pushing some HNWIs below the USD 1 million threshold.

Capital Flight

• Reports indicate that wealthy individuals moved substantial assets abroad amid uncertainty, favoring destinations like the UAE, UK and Portugal for wealth security and investment opportunities.
• This trend aligns with a broader continental pattern of “global positioning”, where affluent Africans acquire alternative citizenship and residence rights.

Political Instability and Social Protests

• The Gen Z-led protests in 2024 and 2025 against taxation and governance created perceptions of instability, discouraging local investment and prompting asset diversification overseas.

High Taxation and Regulatory Pressures

• Increased tax measures on wealth, property and businesses have added to investor concerns, contributing to wealth migration.

3. Comparative Trends

– Mauritius (+63%) and Rwanda (+48%) continue to attract HNWIs due to political stability, tax incentives and favorable business environments.

– Nigeria also saw a sharp decline (-47%), underscoring the vulnerability of wealth to governance and economic risks.

Key Findings

• Kenya lost 5.6% of its dollar millionaire population within 18 months, primarily due to currency depreciation, capital flight and political unrest.
• Nairobi still accounts for 47% of Kenya’s wealth and remains East Africa’s economic hub, but new hotspots like Mombasa are emerging.
• The decline reflects a broader trend where wealthy Africans seek global diversification in response to regional uncertainties.
• Growth sectors such as fintech, green energy and e-commerce remain underexploited in Kenya compared to Mauritius and Morocco, which have leveraged these sectors to attract wealth.

Recommendations

1. Enhance Economic Stability

• Implement monetary policies to curb inflation and stabilize the Kenyan Shilling.
• Promote fiscal discipline to rebuild investor confidence.

2. Political and Governance Reforms

• Address causes of civil unrest by engaging youth in policy dialogue.
• Strengthen governance frameworks to ensure predictability and transparency in investment regulations.

3. Incentivize Local Investment

• Introduce tax incentives for HNWIs investing in key sectors such as renewable energy, fintech and infrastructure.
• Develop residence-by-investment programs similar to Mauritius to attract both local and foreign wealth.

4. Expand Wealth Management Services

• Foster the growth of private banking, asset management, and financial advisory services to retain local wealth.

5. Promote Kenya as a Wealth Hub

• Market Kenya as a regional financial services and innovation hub to compete with emerging destinations like Mauritius and Rwanda.

References

Henley & Partners & New World Wealth. (2025). Africa Wealth Report 2025: Continent Outpaces Global Growth as New Wealth Hubs Surge .

Business Daily Africa (2025). Kenya Loses 400 Dollar Millionaires as Wealthy Move Assets Abroad .

IMF Economic Outlook (2025). Sub-Saharan Africa Economic Trends .