NCBA Group managing director John Gachora speaks during the NCBA Intergenerational Wealth Forum in Nairobi/ HANDOUTUltra-high-net-worth families in Kenya are embracing structured governance and succession plans to protect family wealth.
They are also out to preserve values and build enduring legacies as the transfer of assets across generations accelerates.
The shift comes against a backdrop of thousands of succession court battles, with an estimated Sh500 billion worth of assets locked up in prolonged inheritance suits.
New findings in a research by NCBA Group shows that succession planning is increasingly moving beyond the traditional writing of a will, with wealthy families focusing on governance structures, investment planning, legal arrangements and preparing the next generation to manage family assets.
The urgency is being driven by a historic global wealth transfer. More than $83 trillion is expected to change hands over the next two decades, with approximately $74 trillion projected to move directly between generations.
Africa, including Kenya, is also witnessing rapid growth in private wealth. The Africa Wealth Report 2025 estimates that the continent is home to about 122,500 dollar millionaires, a population projected to expand by 65 per cent over the next decade.
Kenya accounts for approximately 6,800 dollar millionaires, with about 4,200 based in Nairobi, making the capital one of Africa’s key private wealth centres.
However, the rapid accumulation of wealth is exposing weaknesses in how families prepare for its transfer.
More than 13,000 succession cases are currently pending before Kenyan courts, according to figures highlighted during NCBA’s Intergenerational Wealth Forum held in Nairobi.
The disputes often arise after founders and wealthy individuals die without clear succession plans, leaving family members to battle over companies, land, bank accounts, shares and other assets.
Under the Law of Succession Act, an individual who dies without a valid will is considered to have died intestate, triggering a legal process to determine how the estate will be administered and distributed.
NCBA identified the lack of formal succession planning as one of the biggest threats to the preservation of family wealth.
Many entrepreneurs delay making wills or establishing structures such as trusts, family governance frameworks and clear business succession plans until illness, retirement or death forces the issue.
Founder reluctance is also a major obstacle. Discussions around death and the transfer of control remain culturally sensitive, while some entrepreneurs are unwilling to surrender authority or begin grooming potential successors.
This can leave businesses heavily dependent on a single individual, with no clear leadership structure when the founder exits.
According to experts, reliance on traditional wills alone may not be sufficient for complex family estates.
While a will can specify how assets should be distributed, it may not provide long-term mechanisms for governing a family business, managing investments or preserving assets for future generations.
Land ownership is another major source of complications. A large share of family wealth in Kenya is held in real estate and agricultural land, yet some properties have incomplete documentation, disputed titles or informal ownership arrangements, making succession and asset transfers more difficult.
The failure to prepare heirs is equally significant. Children and other beneficiaries may inherit substantial businesses and investments without the financial literacy, governance skills or common vision required to manage multi-generational wealth.
Speaking during the forum, NCBA Group managing director John Gachora said the growing pool of private wealth requires families to begin thinking beyond wealth creation.
“Every successful enterprise eventually reaches a point where the conversation must evolve from how wealth is created to how it is preserved, protected and passed on. This transition is happening now, and families need to prepare for it,” Gachora said.
NCBA is now recommending that succession be integrated into long-term wealth planning, rather than being treated as a legal process triggered by death.
The bank is urging families to establish governance structures, document ownership, regularly review estate plans and address legal, tax and investment considerations while deliberately preparing the next generation for leadership.
“Without deliberate planning, wealth can become a source of complexity rather than opportunity,” Gachora said.
