NAIROBI, Kenya, June 30 – Wealth experts, entrepreneurs and family business leaders have urged wealthy families to put in place structured succession plans to protect assets and ensure businesses survive across generations.
Speaking during the Nairobi Private Wealth Conference 2026, organised by Tarra Agility Africa, participants said Africa’s growing private wealth presents an opportunity to strengthen family businesses through proper legal, tax and governance structures.
The discussions come as Africa enters what experts describe as the “Great Wealth Transfer,” with an estimated Sh323.7 trillion in investable wealth expected to pass to the next generation over the coming years.
In Kenya, between 880,600 and 932,400 shilling millionaires control an estimated Sh11.7 trillion in assets under management. Conference participants noted that because many of these assets are tied to family-owned businesses, poor succession planning could have wider economic consequences, including job losses and business failures.
Delegates warned that while Africa’s millionaire population is projected to grow by 65 percent over the next decade, many family businesses still lack formal governance and succession structures, increasing the risk of disputes and loss of wealth.
Tarra Agility Africa’s Partner and Head of Legal, Marjorie Kivuva, said many African family businesses have expanded across borders without developing governance structures to match their growth.
“Africa’s wealth ecosystem is maturing rapidly, but legacy planning and governance structures have not evolved at the same pace,” she said.
She added that businesses operating in multiple countries require integrated legal, tax and wealth planning frameworks to facilitate smooth transfer of assets.
According to data presented at the conference, 90 percent of family office professionals believe stronger succession structures could save families millions of dollars during wealth transfers, while 87 percent said improved cross-border asset planning leads to better business outcomes.
Participants noted that unresolved succession disputes can result in business closures, frozen investments and disruptions to supply chains, underscoring the need for early planning to preserve both family wealth and economic stability.
