What You Should Learn From The 2017 Wealth Report


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Where do the world ultra-wealthy investment, why and what biggest concerns about wealth preservation? Here we reveal the key insights from the Knight Frank’s 2017 Wealth Report.

The Rich Keep Getting Richer

In the face of rapid economic expansion in Africa, the number of dollar millionaires continues to rise and is expected to grow on average by 80% in the next decade according to Knight Franks estimates.

Africa is the Land of Opportunities

Africa is rising and is producing a great number of ultra high net worth individuals within the next decade (+ 33% to 3,030, from 2,270 according to the Knight Frank estimates)

7500 New Millionaires In the Next 10 Years

Despite the political instability in Kenya, you have to love our people’s resilience and business prowess. Every day, people are starting businesses and the country’s wealth is expected to rise and rise. By 2026, Kenya is expected to create 7500 new millionaires.

Kenya has a total population of 46 million people and only 9,400 dollar millionaires currently. What are these guys purview to and you are not? It is no secret that the rich will keep getting richer and even more people will join these ranks within the next decade. However, remember – where you start isn’t where you wind up, so learn and work hard.

Three Takeaways

(1) Types of Investment They Make. Their asset allocation portfolio on average constitutes: 25% Investments (equities, bonds, cash, precious metals etc), 24% real estate investments, 23% personal businesses, 16% personal residences, 6% alternative investments such as art, wine, cars etc.

(2) Preferred Type of Investment. Their most preferred investment is in real estate – this is perhaps so because historically, real estate has performed much better than equities and fixed income assets. Their preference towards real estate stems from their preference for assets that generate more predictable income, as real estate will generate cash regardless of the underlying change in the value of the assets unlike equities or fixed income assets.

(3) Biggest Concern for Wealth Preservation. They worry about political uncertainty/instability (this is a big problem in Kenya), potential fall in asset values (may arise to currency fluctuations and inflation) and finally, government decisions with regards to raising taxes, capital controls and rising interest rates.


Many Kenyans are abuzz about this report, many of whom are wondering how they can join these ranks. However, recognize there is a lot to learn and much more to do. If we lived up to 100, we would have almost three lifetimes of some people’s lives to try again, if we fail.  If your goal in life is to be wealthy, realize that working for some else won’t get you there because when you work for some else you relinquish your dreams and build theirs. Many Kenyans are currently unemployed have it in their heads they will not make it. But how will you know unless you try? Best way to go about things is to take failures as lessons and fail forward frequently.

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Irene Makanga
Irene has an MBA in Finance and is an avid businesswoman, passionate about financial literacy.


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