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 in partnership with Standard Chartered, 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.
Speaking during a media briefing, Standard Chartered’s Head of Wealth and Retail Banking for Kenya and East Africa, Edith Chumba, said wealth management is increasingly shifting from wealth creation to wealth preservation.
“For many years, the focus of wealth management was largely on accumulation. Today, the conversation has evolved. Successful individuals and families are now thinking beyond wealth creation to wealth continuity. They are asking how wealth can be preserved, how it can be transferred responsibly, and how it can remain a force for progress across multiple generations,” she said.
Chumba added that financial institutions have a role in helping families manage succession, governance, taxation and investment planning.
“We believe that wealth is not about accumulation; it is about stewardship. It is about helping entrepreneurs convert success into enduring prosperity,” she said.
She noted that the conference had brought together business leaders, family offices, legal practitioners, governance experts and investment professionals to discuss succession planning, taxation, digital assets and long-term investment opportunities.
Chumba said Africa’s long-term prosperity will depend on how effectively wealth is preserved and transferred.
“Africa’s next chapter of prosperity will not be defined solely by how much wealth is created, but by how successfully that wealth is preserved, structured and transferred across generations.”
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.
