Kenya’s net capital outflows quadrupled to KSh 217.6 billion in 2023, as significant capital moved into offshore financial centers, despite a 28.8% decrease in foreign inflows. This surge highlights Kenya’s increasing role as a capital exporter, with the Isle of Man absorbing nearly a quarter of these transfers.

• Total outflows of foreign assets rose 42.8% to KSh 350.5 billion, with the Isle of Man receiving 22.8%.
• Other significant destinations for outflows included Hong Kong, Mauritius, the United Kingdom, South Africa, and Rwanda.
• The total stock of foreign assets climbed 36.8% to KSh 834.2 billion, with more than half held in regional neighbors like Uganda, Ethiopia, Tanzania, and the Democratic Republic of Congo.
• Kenya's assets in the Isle of Man dramatically increased more than sevenfold to KSh 79.8 billion.