A quarter of Kenya’s 3,362 dollar millionaires are now planning to apply for a second passport or new nationality, Knight Frank’s annual Wealth Report has revealed.

According to the report, the move by the wealthiest individuals is fueled by the urge for greater investment, education, and healthcare access.

Globally, an average of 15 per cent of dollar millionaires seek additional or changed nationalities, compared to 28 per cent in Kenya.

In Africa, Nigeria ranks the highest with 44 per cent of high net-worth individuals (HNWIs) seeking a second passport.

“Amongst Kenyans seeking new passports, the proportion interested in reducing their tax bills, enhancing their safety, or getting a better quality of life is much the same as for the wealthy globally. The big difference for Kenya’s dollar millionaires is the proportion of new nationality applications for investment purposes, and in pursuit of better education and better healthcare for themselves and for their families,” Andrew Shirley, editor of The Wealth Report at Knight Frank, said.

Of Kenyans seeking new passports, around 59 per cent are doing so as an investment, against a global average of 17 per cent, while 38 per cent cite education as a driver, compared to 18 per cent worldwide. Meanwhile, 34 per cent are seeking better healthcare, compared to 13 per cent worldwide.

63 per cent of the HNWIs applying for second nationalities are seeking increased safety and a better life.

“This rising trend of ‘nationality planning’ from our own wealthy is highly focused as a route to best-in-class investments, education and healthcare, with property investments making up a significant component of that investment,” Ben Woodhams, Knight Frank Kenya MD says.

The report discovered that Kenyan HNWIs are far more likely to be residential and commercial landlords than average. This difference is most notable in commercial property investments, accounting for around 49 per cent of the wealth held by Kenya’s wealthiest individuals.

Kenyan millionaires own an average of just 19 per cent of their property portfolio overseas.

“Overall, the shift to nationality applications driven by the principle aim of investment and from an established platform of preference for property ties with the interest by Kenya’s wealthy in owning properties overseas. Their long-standing preference for investing in property at home is now extending to real estate investments in the US, UK, Australia and UAE,” Andrew said.