A majority of Kenyans prefer to be custodians of assets that appreciate in value or those which can be liquidated (sold at preferred price anytime), a report by social services consultancy firm Enwealth Financial Services has revealed.
The report dubbed Attitudes to Inheritance in Kenya which examines Kenyans’ perceptions towards bequeathing their kin inheritance reveals that land and buildings are the most treasured assets in the country with 83% of the quizzed respondents indicating that they have assets in form of land and buildings.
Conversely, 79% of the respondents confirmed that they have their assets in form of pension funds while 75% of the respondents indicated that they prefer to place their faith in Saccos.
Some 68% of the respondents indicated that a good chunk of their wealth is in cash while another 40% of the respondents listed their private businesses as their major assets.
What’s more, securities were also marginally popular with the respondents with 39% of the respondents saying that their wealth is in form of shares while another 12% of the queried individuals saying that their wealth is in form of bonds.
Thirty two per cent of the queried respondents indicated that their total assets are worth less than Ksh5 million, 6% of the respondents indicated that their total assets stand above Ksh100 million while 22% preferred not to disclose.
Enwealth’s report corroborates Central Bank of Kenya Governor Dr Patrick Njoroge’s revelations that a vast majority of the Kenyan wealth is concentrated in the hands of a few individuals. On Tuesday Dr Njoroge told MPs that less than 1% of Kenyan bank accounts have more than Ksh1 million.