For years, a second passport was seen as part of the ultimate wealth package: another layer of security, easier access to international markets and a way of giving families more options abroad. But among Kenya’s wealthiest individuals, that appetite appears to be cooling.

The latest Wealth Report by luxury property consultancy Knight Frank shows that fewer wealthy Kenyans are actively looking to acquire a second citizenship, with many choosing instead to keep their primary residence, businesses and investments at home.

Knight Frank classifies Ultra High Net Worth Individuals as people with a net worth of more than $30 million (Sh4 billion), while High Net Worth Individuals (HNWIs) have at least $1 million (Sh128 million).

“Domestic confidence among Kenya’s HNWIs remains notably strong in 2026, with limited appetite for second citizenships or alternative residency programmes,” Knight Frank notes in the report.

Less than 10 percent

Fewer than 10 percent of wealthy Kenyans surveyed said they “plan to apply for a second passport or new citizenship” this year. Another 38 percent said they are not currently pursuing alternative citizenship status.

The findings mark a notable shift from the second-residency buzz that gained momentum after the Covid-19 pandemic. The findings are broadly consistent with the trend observed in 2025, when similarly, fewer HNWIs expressed interest in acquiring second citizenships.
Instead, more of the country’s wealthy appear inclined to keep their capital and investments closer to home.

“The continued preference for retaining primary residency in Kenya reflects sustained confidence in the country’s long-term economic prospects and investment environment, despite prevailing global uncertainties,” the report adds.

However, the broader African picture is somewhat different.

In an interview with BDLife last October, Orience, a global investment migration firm operating in Africa, said alternative residency programmes had continued to attract wealthy Africans, with South Africans and Kenyans emerging as the continent’s most enthusiastic applicants in its database between 2023 and 2025.

Kenyan demand, however, remained modest compared with South Africa, although Orience said the emerging interest pointed to a potentially significant market opportunity.

“Residency by investment programmes such as Portugal’s Golden Visa or the US’s EB-5 programme, China and India are always at the top [in terms of applications]. But among African countries, South Africa leads, followed by Kenya,” Lisa Bathurst, Orience’s South Africa manager, told BDLife.

However, Henley & Partners, a global residence and citizenship planning firm, cautions against interpreting the findings as evidence that Kenyan appetite for second citizenship or alternative residency is necessarily waning.

Sophisticated conversations

“We would be cautious about interpreting any apparent softening in demand for second citizenship or alternative residency in isolation as a decline in international mobility planning,” says Dominic Volek, Dubai-based Group Head of Private Clients at Henley & Partners.

What is changing, he argues, is the sophistication of the conversation among wealthy individuals and families.

“Increasingly, the objective is not simply to acquire a second passport or relocate permanently, but to create greater optionality across jurisdictions through a combination of residence rights, citizenships, investments, business interests, and family arrangements,” he says.

Volek suggests the latest figures may point to a more nuanced approach to wealth diversification among Kenya’s affluent.

“We describe this increasingly sophisticated approach as building a ‘sovereign portfolio’, creating a diversified geographical footprint that gives families greater flexibility and resilience in an increasingly uncertain world.”

Beyond the convenience

The motivations driving HNWIs toward second residencies, he says, extend well beyond the convenience of holding another passport.

“Geopolitical uncertainty, changing tax and regulatory environments, tighter or less predictable visa regimes, access to international business and financial centres, education opportunities, quality of life, security, and succession and legacy planning can all influence the decisions wealthy families make,” Volek says.

Many successful entrepreneurs and business families, Volek notes, remain deeply invested in their domestic economies while simultaneously establishing options elsewhere.

There is also a generational dimension to the changing conversation around second residencies.

“Younger entrepreneurs and first-generation wealth creators tend to be highly internationally minded, and their priorities can extend well beyond visa-free travel,” Volek says.

“For them, global business connectivity, access to markets and capital, the ability to operate internationally, and creating education and career opportunities for their children can all form part of the decision.”

And according to him, the evolution is not unique to Kenya. Globally, the investment migration landscape is becoming increasingly diverse, with wealthy individuals pursuing different combinations of residency, citizenship, investment and business interests.

“In the first six months of 2026 alone, Henley & Partners received applications from 86 nationalities across 47 investment migration programmes, with Americans in the USA being our biggest client cohort, illustrating the breadth and increasingly international nature of the market,” Volek says.

He argues that one of the biggest misconceptions surrounding investment migration is that it is primarily about buying a passport, securing visa-free travel or reducing tax liabilities.

“In reality, sophisticated wealth mobility planning is far broader. Rule of law, quality of life, family inclusion, geopolitical stability, capital mobility, business opportunities, and the long-term predictability of a jurisdiction are increasingly important considerations,” he says.

For Andrew Amoils, Head of Research at New World Wealth, however, Kenya’s changing position in the wealth migration conversation is closely tied to its geopolitical and economic appeal.

Nairobi is currently home to just over 4,000 HNWIs and 10 centi-millionaires as of June 2026, making it the sixth-wealthiest city in Africa, according to New World Wealth.

“As East Africa’s economic engine room, the city boasts some of the continent’s oldest luxury residential neighbourhoods, including Karen and Muthaiga. Its mild, temperate climate also gives Nairobi an unusual advantage,” Amoils notes.

Emerging HNWI destination

He further observes that, “Nairobi accounts for about 45 percent of Kenya’s total wealth and more than 60 percent of the country’s millionaires. It is also emerging as one of Africa’s leading fintech hubs, home to companies such as M-Pesa, Cellulant and Tala.”

Amoils believes these attributes could eventually turn the traditional wealth-migration equation on its head, with Kenya not merely exporting wealthy residents in search of alternative jurisdictions, but potentially attracting them.

“We see Kenya possibly becoming a HNWI retirement destination of the future, as it is home to several top eco-estates which are becoming increasingly popular among the world's wealthy,” he says.

Kenya, he adds, also has a well-developed luxury residential sector, giving it an edge over several of its East African neighbours.

→tmatiko@ke.nationmedia.com