A recent survey conducted for Knight Frank's Wealth Investments Report reveals that nearly half of Kenya's wealth managers have seen their high-net-worth client base grow by between 11 and 20 percent in 2026. This marks a significant shift from the previous year, when most respondents reported growth below 10 percent. The findings indicate a wider spread of gains across the market this year, with 44 percent of surveyed wealth managers falling within the 11-20 percent growth band.
The growth in high-net-worth clients has been accompanied by an increase in the size of portfolios under management. Almost a third of respondents, 31 percent, now oversee assets worth between $21 million and $50 million, or roughly Sh2.73 billion to Sh6.5 billion. This is a departure from 2025, when most portfolios sat below the $5 million threshold, approximately Sh649.85 million. The survey also found that 19 percent of managers handle portfolios in the $51 million to $100 million range, while an equal share manages between $101 million and $500 million.
Knight Frank defines a high-net-worth individual as someone with a net worth of at least $1 million, or about Sh129.97 million. The consultancy also has a Wealth Sizing Model, which sets the threshold at $10 million, or Sh1.3 billion. Ultra-high-net-worth individuals are classified in two ways: a conventional definition of at least $30 million, or Sh3.9 billion, and a Wealth Sizing Model threshold of at least $100 million, or Sh13 billion.
Wealth managers are optimistic about the trend continuing, with just over half, 54 percent, anticipating marginal wealth growth through 2026 into 2027. A quarter of respondents expect gains of more than 10 percent. Their outlook is supported by a macroeconomic backdrop that has been broadly steady, with Kenya's economy projected to expand by 4.9 percent to 5.5 percent in 2026, up from an estimated 4.6 percent in 2025.
Diaspora remittances have played a significant role in supporting household liquidity and foreign exchange stability, standing at roughly Sh661 billion in early 2026. The shilling has traded at around Sh129 to the dollar since mid-2024, a period of relative calm after earlier volatility. This stability is expected to continue, supporting the growth of wealth in Kenya.
Despite the positive trends, the survey highlights that wealth in Kenya remains concentrated among a small group at the top of the financial pyramid. The gains reported by wealth managers are accruing to a narrow client segment, with the smallest group of managers, 6 percent, running portfolios of $501 million to $1 billion, or Sh65.11 billion to Sh129.97 billion.
The concentration of wealth among a small group of high-net-worth individuals is a familiar pattern in Kenya. However, the survey suggests that this trend may be shifting, with a wider spread of gains across the market. As the economy continues to grow, it will be interesting to see if this trend continues and if wealth becomes more evenly distributed in Kenya.
Key points
- 44% of Kenya's wealth managers have seen their high-net-worth client base grow by 11-20% in 2026.
- The size of portfolios under management has increased, with 31% of respondents overseeing assets worth $21-50 million.
- Wealth managers expect marginal wealth growth through 2026 into 2027, with 54% anticipating continued growth.
