Nairobi is home to more than 75 per cent of Kenya’s billionaires and some of their favourite havens include, Kitisuru, Karen, Muthaiga, and Runda.
According to the AfrAsia Bank Africa Wealth Report 2021, Kenyan billionaires prefer living in the city because it is the economic hub of East Africa and one of the fastest-growing in Africa.
The report projects that Kenya and Mauritius are the countries to watch in regards to the growth of wealth management in Africa.
Approximately Ksh15 trillion of Africa’s HNWI wealth is held by wealth managers and private banks who offer asset management services, financial planning, and inheritance planning.
South Africa, Egypt, Nigeria, Morocco and Kenya account for more than 50% of Africa’s total wealth.
The wealthy are known for their taste in luxurious items and Kenya is only second to South Africa in the list of the largest luxury markets in Africa by revenue.
Major components of the billionaires’ luxurious lifestyle include a preference for high-end hotels, expensive cars, high fashion, watches, private jets, and yachts.
Billionaires such as President Uhuru Kenyatta are known to have a rich collection of watches, at one time being spotted wearing a Ksh25 million timepiece.
The report also says that Cottars Camp in the Masai Mara is popular among high net worth individuals (HNWI) in Kenya.
In terms of vehicles, the appetite for expensive cars has seen the entry of high-end car brands in the Kenyan market such as Porsche and Bently.
Billionaire Chris Kirubi’s collection of cars includes a Maybach Mercedes Benz S class, Bentley Continental and a Range Rover Sport.
According to data from the Kenya Motor Vehicle Industry Association (KMI) Porsche has sold more than 420 vehicles from its showroom.
Source-https://www.businessdailyafrica.com/
