Kenyans are giving more money to philanthropy than ever before, as the number of the nation’s wealthy individuals grows by the day. ‘Dollar millionaires’, so called because one’s wealth is equivalent to or more than 120 million KES (USD$1 million), is a fast-growing category in Kenya.
As these dollar millionaires grow in number and in fortune, more and more are putting their money into impact investing. To support this trend, many banks and financial service institutions in Kenya now offer wealth management services beyond routine banking products, such as legacy investment consultancy.
The Stanbic Bank Head of consumer and High Net Worth has said its company has a framework legally guided to help HNWIs have an impact on society. ‘For those who want to donate to, say, malaria eradication in Africa, we advise them on how best to do it,’ Lilian Onyach said to Business Daily Africa.
Meanwhile, the Nairobi-based CPF Financial Services describes impact investment as an ethical strategy to explain why many wealthy Kenyans are taking the route of philanthropy. ‘When you are the only person making money in a society of poor people, your investment is not sustainable’, said CPF’s director of strategy and investments to Business Daily Africa.
Many of the burgeoning philanthropic class is focusing particularly on creating employment. Kenya’s unemployment rate is over seven per cent.