More than 3,000 local billionaires are leaving the country, ranking higher than Nigeria and South Africa.
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Wealthy Kenyans leave the country in search of a good and secure life, better education for their children and less taxes they should pay.
Other reasons are to seek better market and investment opportunities, and to enjoy quality healthcare abroad.
A report released by real estate firm Knight Frank found that more than a third of the ultra-rich in the developed world are looking for a new citizenship.
The Knight Frank Wealth Report 2022 found that more than 3,000 tycoons applied for a second passport in a country they believed could be a safe haven.
The plane landed at Jomo Kenyatta International Airport (JKIA).
“The majority of Kenyan millionaires are applying for new citizenship to invest and seek better education and healthcare for themselves and their families,” said report editor Andrew Shirley.
He added that Kenya’s super-rich are motivated by the pursuit of the status of other wealthy people around the world.
A majority of 3,000 Kenyans, 59%, are eager for new investment projects, 17% want a better education for their children and 34% want to relocate for better healthcare.
Most of them cited safety concerns and poor quality of life as reasons for moving. Kenya ranks higher than Nigeria and South Africa in terms of tycoons leaving the country.
In 2020, Henley & Partners, a global residency and citizenship consultancy, reported the same, noting that wealthy Kenyans are spending millions to acquire citizenship in the Caribbean islands.
It added that these Kenyans are concerned that the 2022 election could affect their investment plans. They also fear for their own lives.
“They use a program called Citizenship by Investment (CBI) to get passports from countries like Dominica, St Kitts and Nevis.
“Enquiries in Kenya rose 116% from mid-November 2019 to the same period in 2020, outpacing India’s 61% and Nigeria’s 30%,” said Henley CEO Juerg Steffen.
Jomo Kenyatta International Airport (JKIA) entrance in August 2019. Kenyans.ke
The 2010 constitution allows Kenyans to have dual citizenship. This is one of the key factors driving the rich to leave the country, coupled with better deals offered by first world countries.
In the recent past, Kenya has seen an influx of foreign companies marketing t
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