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Kenyan Millionaires Turn to Real Estate Rentals to Diversify Wealth

A recent report by Knight Frank Wealth reveals a unique trend among Kenya’s dollar millionaires: leveraging their second homes for income generation. The study found a staggering statistic – eight to nine out of ten high-net-worth individuals (HNWIs) in Kenya are renting out their secondary residences.

This strategic move highlights a shift towards diversifying investment portfolios. Traditionally, Kenyan millionaires have relied heavily on established investment avenues. However, renting out their extra properties allows them to tap into a new income stream, potentially offering greater financial security and stability.

The report further emphasizes the significance of real estate in Kenya’s wealth management landscape. The majority of Kenyan millionaires own at least two residential properties, with a mere 5% holding just one. This data suggests a strong preference for property investment, with allocations ranging from 50 to 60 percent of their total wealth.

Knight Frank Wealth’s findings offer valuable insights into the financial strategies of Kenya’s affluent class. The report underscores the growing importance of real estate as a wealth-building tool, not just for personal use, but also for generating income through strategic rentals.

Report

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