For decades, the address mattered as much as the house itself. If Kenya’s wealthy bought a second home abroad, chances were it overlooked Manhattan’s skyline, London’s parks or Dubai’s glittering waterfront.
Today, however, another skyline is gradually replacing those familiar postcards. Johannesburg and Cape Town are emerging as the new addresses of choice for Kenya’s affluent, reflecting a shift in how wealth is being preserved, diversified and deployed across Africa.
Knight Frank’s Wealth and Investment Trends 2026 report shows South Africa has overtaken the United States as the preferred offshore residential property destination for Kenyan high-net-worth individuals.
The finding signals that investors increasingly looking south rather than west as Africa’s largest economies become more interconnected through business, aviation and capital.
‘Among secondary destinations, the United Kingdom ranked at 25 percent, while South Africa also emerges as a notable regional option at 15 percent. In the previous year, the United States and the United Kingdom featured more prominently as offshore destinations,’ wrote Knight Frank in the report.
‘In 2026, the UK retains its strong position, while South Africa has emerged as a more visible alternative within Africa.’
Years ago, offshore investing was largely synonymous with Europe and North America, where property ownership symbolised status as much as financial success.
Today, Africa itself is beginning to offer many of the ingredients wealthy investors once searched for overseas, including mature property markets, professional asset managers, deeper financial systems and internationally recognised cities.
‘South Africa’s increasing relevance reflects its position as a more mature and diversified African economy, with a well-developed financial system and sophisticated commercial and residential property markets,’ said Knight Frank.
‘Its inclusion among preferred destinations signals a gradual broadening of intra-African investment flows among Kenyan HNWIs (High Networth Individuals), alongside established Western markets.’
According to Hass Consult co-Chief Executive Sakina Hassanali, African wealth is becoming increasingly regional, with the wealthy looking more within the continent as a result of matured regional markets.
‘South Africa offers a sophisticated residential market, attractive lifestyle appeal and is far more accessible for Kenyan investors,’ says Ms Hassanali.
But that accessibility stretches beyond flight times. Buying and managing property in Johannesburg is considerably easier than maintaining an apartment in New York, where taxation, regulations, financing structures and professional management requirements are significantly more complex.
African investors increasingly understand neighbouring markets better than distant global cities, making cross-border decisions less intimidating than they were a decade ago.
Despite South Africa’s growing attraction, Knight Frank’s findings indicate that, Kenya remains the dominant investment destination for affluent households, although preference slipped to 60 percent from 66 percent last year, a trend Ms Hassanali describes as typical progression as wealth grows.
‘Investors naturally move from concentrating their wealth in one market to diversifying across multiple geographies and asset classes. I don’t see this as a loss of confidence in Kenya, but rather as a sign of increasingly sophisticated portfolio construction,’ she observes.
Half of wealth advisers surveyed said fewer than 10 percent of their clients are pursuing second citizenships, while 38 percent reported none are seeking alternative passports. Those figures paint a picture of wealthy families diversifying assets without physical relocation.
The report attributes that confidence to substantial investments already anchored in Kenya across property, agriculture, technology and privately owned businesses.
Knight Frank says deep-rooted social connections and multigenerational family structures also continue influencing residency decisions as much as financial considerations.
‘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,’ noted Knight Frank in the report.
‘Deep-rooted family structures, generational ties and community networks also continue to play a central role in residency decisions, reinforcing long-term attachment to the local market and limiting outward migration among Kenya’s wealthy population.’
The survey also found most wealthy Kenyans still keep only a small proportion of their residential wealth overseas. Thirty-five percent of advisers said less than one-fifth of clients’ residential property holdings are located outside Kenya, reinforcing the country’s position as the centre of their wealth strategies.
Ms Hassanali projects that while international diversification is likely to continue, it will not replace domestic investment.
‘Overseas property ownership comes with greater complexity from taxation and regulation to ongoing management and resale,’ she says.
‘For most Kenyan Investors, international property is likely to remain a complement to their Kenyan portfolio rather than a replacement for it.’
The findings contrast with a rapidly expanding global market for investment migration where wealthy individuals increasingly acquire alternative citizenships to secure easier travel, tax planning opportunities, as well as access to more stable jurisdictions.
Countries including Portugal, Greece, Malta, the United Arab Emirates and several Caribbean states have in recent years attracted affluent investors through residency-by-investment and citizenship-by-investment programmes.
The programmes typically require qualifying investments in property, government securities or local businesses in exchange for residency rights or eventual citizenship.
Global demand for such programmes has accelerated following geopolitical conflicts, tighter immigration rules, rising taxation, as well as heightened political uncertainty across several regions.