A newly released report by New World Wealth says the high-net worth individuals in
"The majority of wealthy Kenyans use foreign private banks which hold their money abroad. As a result the local private banking industry is totally under developed," the report says.
About 50 per cent of these high net worth individuals are elite with political connections, and are estimated to have
According to the
The wealth management systems is, however, set to benefit from strong growth of their wealth in other
The report adds that the current crackdown on the offshore centres might force these individuals to repatriate their wealth into the country further boosting the local wealth management system.
"The current crackdown on offshore centres may also result in inflow of private banking funds back into the country," the report says.
Many countries have intensified vigilance over movement of funds across borders with the aim of stopping funding of terrorism activities.
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