High-net-worth Kenyans are increasingly favouring money market funds, government bonds, and REITs over direct property holdings amidst market fluctuations and a desire for stable income.
Kenya’s wealthiest households are shifting away from the country’s property market and into assets that can deliver steadier income and can be unwound more easily, according to Knight Frank’s latest wealth report.
The consultancy says high-net-worth individuals with assets of at least Sh130 million are no longer treating residential homes as income generators and have also become more cautious on direct holdings in offices and shopping centres, sectors that have been weighed down by oversupply. Instead, they are increasingly favouring money market funds, government bonds and real estate investment trusts, which offer access to property without the burdens of direct ownership.
Knight Frank says the change reflects a broader preference for investments that combine yield with liquidity, particularly at a time when wealthy investors are seeking to protect capital for future generations. The report suggests that many affluent Kenyans now hold residential property mainly for personal use, rather than for rental income.
The shift comes as Kenya’s asset classes have delivered sharply different returns this year. Equities were the strongest performer in the first half, helped by gains in banking shares and Safaricom, while property lagged behind with modest price growth. Treasury bonds issued over the past six months delivered annual returns of about 12 per cent to 14.2 per cent before tax, while shorter-term Treasury bills yielded less. Money market funds were offering widely varying returns by the end of June, but remained attractive to investors looking for flexibility.
Knight Frank says land is also back in favour, particularly agricultural plots and larger tracts in satellite towns and emerging growth corridors. Investors are viewing farmland as a hedge against inflation, a store of value and a long-term asset that can be passed down through families. The report adds that improved infrastructure and urban expansion are drawing capital away from prime suburbs and into peri-urban areas where land is still available and prices are lower.
Looking ahead, the report identifies data centres as one of the most promising opportunities for 2026, citing rising cloud adoption, the growth of the digital economy and demand linked to artificial intelligence. Knight Frank also says wealthy Kenyans are showing little appetite for second passports or foreign residency, implying continued confidence in domestic opportunities despite global uncertainty.
- https://www.businessdailyafrica.com/bd/markets/real-estate/where-super-rich-are-investing-after-snubbing-real-estate-5526872 – Please view link – unable to able to access data
- https://www.knightfrank.com/research/reports/wealthreport/wealth – Knight Frank’s ‘The Wealth Report 2026’ provides a comprehensive analysis of global wealth trends, highlighting the movement of wealth across various sectors and regions. The report delves into the factors influencing investment decisions, including geopolitical shifts and economic uncertainties. It also revisits previous predictions, assessing their accuracy and impact on current market dynamics. The 2026 edition marks the 20th anniversary of the report, offering insights into the evolution of wealth distribution and investment strategies over two decades.
- https://www.knightfrank.com/research/reports/wealthreport/property – In the ‘Property’ section of ‘The Wealth Report 2026’, Knight Frank examines global residential and commercial property markets, focusing on prime property trends. The report discusses the drivers and challenges affecting these markets, including economic factors and changing consumer behaviours. It provides insights into the performance of various property sectors and offers forecasts for future market developments. The analysis aims to inform investors about the evolving landscape of prime real estate and the factors influencing investment decisions.
- https://www.knightfrank.co.ke/research/the-wealth-report-12812.aspx – Knight Frank Kenya’s ‘The Wealth Report 2026’ offers insights into the Kenyan market, highlighting investment trends among high-net-worth individuals. The report discusses the shift from traditional real estate investments to alternative assets, such as data centres and agricultural land. It also examines the impact of infrastructure development on investment decisions and the growing interest in sectors like digital infrastructure. The report provides a comprehensive overview of the evolving investment landscape in Kenya.
- https://www.dawan.africa/news/data-centres-emerge-among-top-investment-choices-for-wealthy-kenyans-knight-frank-report-shows – An article from Dawan Africa discusses the findings of Knight Frank’s Wealth & Investment Trends Report 2026, highlighting the emergence of data centres as a top investment choice for wealthy Kenyans. The report indicates a significant shift in investment preferences, with high-net-worth individuals diversifying their portfolios into digital infrastructure. The article explores the factors driving this trend, including the expansion of the digital economy and the increasing demand for secure data storage and processing facilities.
- https://www.kenyans.co.ke/news/125230-kenyas-wealthy-show-little-interest-second-passports-knight-frank-report-reveals – Kenyans.co.ke reports on Knight Frank’s Wealth & Investment Trends 2026, revealing that Kenya’s wealthy individuals show little interest in acquiring second passports or foreign residency. The report suggests strong confidence in the country’s investment and living environment, despite global mobility trends. It highlights that a significant majority of high-net-worth individuals remain committed to the local market, indicating a positive outlook on Kenya’s economic prospects and investment opportunities.
- https://www.knightfrank.com/research/reports/wealthreport/wealth – Knight Frank’s ‘The Wealth Report 2026’ provides a comprehensive analysis of global wealth trends, highlighting the movement of wealth across various sectors and regions. The report delves into the factors influencing investment decisions, including geopolitical shifts and economic uncertainties. It also revisits previous predictions, assessing their accuracy and impact on current market dynamics. The 2026 edition marks the 20th anniversary of the report, offering insights into the evolution of wealth distribution and investment strategies over two decades.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article was published on July 14, 2026, making it current. However, the content heavily references Knight Frank’s Wealth Report 2025, which was released on May 13, 2025. This suggests that the article is based on information that is over a year old, potentially reducing its freshness.
Quotes check
Score:
7
Notes:
The article includes direct quotes from Knight Frank’s Wealth Report 2025. While these quotes are attributed to the report, they cannot be independently verified without access to the full report. The lack of direct access to the report raises concerns about the verifiability of the quotes.
Source reliability
Score:
6
Notes:
The article is published by Business Daily Africa, a reputable news outlet in Kenya. However, the content is based on Knight Frank’s Wealth Report 2025, which is not publicly accessible. This reliance on a paywalled source for primary information affects the overall reliability of the article.
Plausibility check
Score:
7
Notes:
The claims about Kenya’s super-rich shifting investments from real estate to money market funds, treasury bonds, and REITs are plausible and align with known investment trends. However, the reliance on a paywalled report for these claims limits the ability to independently verify the information.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article is based on Knight Frank’s Wealth Report 2025, which is not publicly accessible. This reliance on a paywalled source for primary information affects the overall reliability of the article.