Thousands of Kenya's wealthiest families have been urged to urgently prepare for a historic transfer of billions of shillings in assets, with experts warning that the lack of succession plans and governance structures could see fortunes built over decades disappear within a generation.
The warning was issued during the Nairobi Private Wealth Conference 2026 held on Monday, June 29, where tax, legal and wealth experts revealed that Kenya is on the brink of a major generational wealth transition as thousands of dollar millionaires prepare to hand over businesses and investments to younger generations.
According to experts, Kenya has between 6,800 and 7,200 dollar millionaires with an estimated $90 billion (about Ksh11.6 trillion) in combined assets under management that are beginning to shift from the country's first generation of wealth creators to their heirs.
The conference, organised by Tarra Agility Africa and sponsored by Standard Chartered, heard that the transition mirrors the global "Great Wealth Transfer", with Africa expected to witness one of the fastest expansions of private wealth over the next decade.
"Africa's wealth ecosystem is maturing rapidly, but legacy planning and governance structures have not evolved at the same pace. As more families build businesses and assets across multiple jurisdictions, there is a growing need for integrated legal, tax and wealth planning frameworks that protect wealth and support a seamless transfer of assets across generations," said Marjorie Kivuva, Partner, Private Wealth at Tarra Agility Africa.
The experts warned that while more African entrepreneurs are accumulating wealth, many have failed to put in place the legal structures needed to protect family businesses after the founders exit.
Globally, only about 30 per cent of family businesses survive to the second generation, while just 10 per cent make it to the fourth generation. Experts noted that the situation could be even more challenging in Africa because many family-owned enterprises delay succession planning until disputes emerge.
"Many family businesses do not have legal documentation and corporate governance frameworks in place. When disagreements or disruptions happen, family members are understandably emotionally-charged and sometimes it is difficult to make wise business decisions," Marjorie added.
The conference also highlighted the rapid growth of private wealth across the continent, noting that Africa is now home to more than 122,000 dollar millionaires controlling approximately $2.5 trillion in investable wealth.
With the continent's millionaire population projected to grow by 65 per cent over the next decade, demand for professional wealth planning, international tax advice and cross-border legal services is expected to rise significantly.
According to Standard Chartered's latest Family Office research, nearly three-quarters of family office professionals have reported increasing family tensions driven by market volatility, geopolitical uncertainty and generational change.
The research further found that 90 per cent believe stronger succession planning could save families millions during future wealth transfers, while 87 per cent said better planning for cross-border assets would significantly improve outcomes.
As more Kenyan and African entrepreneurs expand businesses beyond their home countries and invest internationally, experts said families must rethink how they structure, preserve and pass on wealth.
The conference concluded that wealth transfer is not only about passing down money but also safeguarding family businesses, preserving relationships and securing Africa's long-term economic legacy through proper governance, succession planning and legal frameworks.
