Kenya’s High Net Worth Individuals (HNWIs) are increasingly turning to lifestyle assets, with new research showing a stronger appetite for art, classic cars and jewellery than for traditional real estate.
Findings shared during a wealth insight breakfast hosted by Stanbic Bank Kenya and Knight Frank in Nairobi revealed that 72 percent of HNWIs are keen on acquiring art, 50 percent are interested in classic cars and 44 percent are looking at jewellery and high-end furniture.
The research, facilitated by Knight Frank, also highlighted a strong sense of domestic confidence among Kenya’s wealthy, with fewer than 10 percent planning to apply for a second passport or new citizenship in 2025.
Commenting on the findings, Abraham Ongenge, Head of Personal and Private Banking at Stanbic Bank Kenya, said the shift reflects evolving priorities among HNWIs who are blending lifestyle ambitions with long-term wealth preservation.
Knight Frank Kenya CEO, Mark Dunford, added that real estate is experiencing notable changes. Fewer than 10 percent of HNWIs invested in commercial property in 2024, while only between 1 and 10 percent bought or plan to buy a home in 2024–2025.
Instead, investors are broadening into non-traditional asset classes, with environmental, social and governance (ESG) considerations shaping decisions. The report showed that 72 percent of wealthy Kenyans weigh the impact on the wider community when making property investment choices.
Africa is currently home to more than 135,000 HNWIs, with Kenya standing out as a leading wealth hub. Against this backdrop, Stanbic Bank, recognised as the 2024 Best International Private Bank in Kenya by Euromoney, is deepening its personalised wealth management solutions by leveraging its global expertise and local market insights.
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