Stanbic Bank And Knight Frank Reveal Rising Appetite For Non-Traditional Assets Among Kenyan HNWIs

Kenyan HNWIs are showing strong interest in passion investments, with 72% expressing a desire to acquire art, 50% interested in classic cars, and 44% keen on jewelry and high-end furniture.

The research, facilitated by Knight Frank Kenya, further revealed a strong sense of domestic confidence among the country’s wealthiest individuals, with less than 10% of HNWIs planning to apply for a second passport or new citizenship in 2025.

Commenting on this, Abraham Ongenge, Head Personal and Private Banking, Stanbic Bank Kenya, said, ‘’ We pride ourselves in being a growth enabler for our clients through knowledge sharing, market advisory, and service differentiation. The insight session with Knight Frank provided a platform to provide industry expertise and connect our clients to good insights in the Kenyan market, with some nuance around global markets. We continue to invest in the right platforms and partnerships to effectively cater to our clients’ wealth creation, planning, and protection needs.”

On his part, Mark Dunford, CEO, Knight Frank, added, “There is quite a healthy distribution of money in Kenya’s wealth market. The fact that we’re seeing these smaller portfolios is an indication that we are seeing a growing wealth coming up from the middle class and that kind of non-inherited, generational wealth.”

According to the Wealth Report 2025 – Kenya Edition, real estate emerged as a rapidly shifting segment with pronounced changes in consumer behavior. Notably, less than 10% of clients invested in commercial property in 2024, while only 1–10% of clients bought a home in 2024 or plan to in 2025.

The report also highlighted growth in investment in non-traditional asset classes, with ESG considerations emerging as a key influence in decision-making. Markedly, 72% of HNWIs consider the impact on the wider community when making property investment decisions.

The report comes on the back of increased demand for personalized wealth solutions across emerging markets. Latest data indicates that Africa hosts over 135,000 HNWIs, with Kenya positioned as one of the leading wealth markets. Stanbic Bank, which was named the 2024 Best International Private Bank in Kenya by Euromoney, has established itself as a leading wealth management entity in the country, leveraging its network, capabilities, and in-depth market knowledge to drive wealth accumulation and preservation.

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