Keypoints:
- Wealthy Kenyans seek more liquid investments
- HNWIs view farmland as an inflation hedge
- Data centres draw growing investor interest
KENYA’S high-net-worth investors are cutting their exposure to directly owned property while targeting farmland and data centres and placing more money in liquid financial assets, according to Knight Frank’s latest research.
The shift reflects growing demand for stable income, easier exits and long-term capital preservation. Money-market funds, Treasury bonds and real estate investment trusts are attracting current allocations, while farmland and digital infrastructure are emerging as important future targets.
Wealth moves beyond direct property
The Knight Frank Wealth & Investment Trends Report 2026 examines how Kenya’s wealthy are changing their property and investment strategies.
Its findings suggest investors are not abandoning real estate, but are becoming less dependent on directly owned homes, offices and shopping centres.
Residential property still plays an important role in preserving wealth. Knight Frank found that 60 percent of wealthy Kenyans’ residential holdings remain in Kenya, compared with 25 percent in the UK and 15 percent in South Africa.
However, directly owned buildings can be difficult to sell quickly and often carry maintenance and management costs. Money-market funds, government securities and listed property vehicles provide regular income while allowing investors to respond more rapidly to interest rates, currency movements and economic uncertainty.
Farmland offers defensive value
Farmland attracted interest from 29 percent of respondents, making it one of the strongest emerging investment choices in the survey.
Agricultural land offers several potential advantages. It can generate income, preserve value during inflation and benefit from urban expansion or new transport links. For wealthy families, it can also serve as an intergenerational asset.
The economic benefit will depend on how the land is used. Investment in irrigation, storage, processing and modern production could strengthen food security and create jobs.
Land held mainly for appreciation, however, could raise prices without improving agricultural output.
Data centres gain attention
Data centres attracted 24 percent of respondents, ahead of logistics assets at 18 percent. Interest is being driven by cloud adoption, artificial intelligence and growing demand for secure data storage in Kenya.
Nairobi’s role as a financial and technology hub strengthens the investment case. Kenya’s effort to become an African AI centre has attracted international interest, while rising digital activity is increasing demand for reliable computing infrastructure.
The opportunity is substantial, but so are the risks. Data centres need dependable electricity, fibre connectivity, suitable land and long-term customers.
Delays affecting planned $1bn Microsoft-G42 data centre show how financing structures, power guarantees and regulatory uncertainty can complicate large digital-infrastructure investments.
Wealth growth requires context
Knight Frank also recorded stronger growth in wealth managers’ client bases. Forty-four percent of respondents reported increases of between 11 and 20 percent, while 31 percent recorded growth of up to 10 percent.
Those figures do not prove that Kenya’s total millionaire population increased by 20 percent. They may reflect new fortunes, transfers between advisers or previously unmanaged assets moving into professional portfolios.
The trend nevertheless reinforces Nairobi’s position as the centre of Kenya’s private-wealth economy. Nearly half of the country’s private wealth is concentrated in the capital, where financial services, property and technology businesses dominate.
Productive capital is the real test
The investment shift could benefit Kenya if private wealth supports agriculture, digital infrastructure, logistics and transparent capital markets.
But diversification alone will not make growth more inclusive. Farmland held for speculation and data infrastructure serving only a narrow corporate market could reinforce existing wealth divides.
The real test is whether wealthy investors finance productive assets that create employment, expand economic capacity and spread opportunity beyond Nairobi’s affluent circles.
