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The rural population of semi-arid lands in Kenya face multiple challenges that result from population growth, poor markets, land use and climatic changes. In particular, subsistence oriented farmers face various risks and opportunities in their attempt to secure their livelihoods. This paper presents an analysis on how livelihood assets and strategies of smallholders in Laikipia County, Kenya, have changed within the last decade and discusses the implications for development interventions. The analysis is based on bi-temporal data from 170 semi-structured household interviews in 1997 and a follow-up survey of 30 households conducted in 2010. Well-being indicators were developed and livelihood portfolios compared. The results show a striking persistence in low asset endowment for the majority of smallholders from an aggregated perspective, whereas transitions into and out of better livelihood conditions …