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Currency shifts against the dollar and softening property prices were some of the key reasons for the wealth depreciation. “Covid-19 remains the biggest worry for Kenya’s wealthy,” said Knight Frank Managing Director Ben Woodhams after the release of the report yesterday. The report that tracks how the rich spend and invest their money showed that extremely wealthy individuals continued to lose the value of their assets for the second year running on the back of an economic downturn pre-Covid 19. Subscribe to Our Newsletter Subscribe to our newsletter and stay updated on the latest developments and special offers! But the number of dollar millionaires is expected to rise by 46 per cent in the next five years while the ultra-rich are expected to increase by 110 per cent, said Knight Frank.

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