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. The Kenyan billionaires’ lifestyle puts Nairobi at the forefront of luxurious living.
According to the AfrAsia Bank Africa Wealth Report 2021, Kenyan billionaires prefer living in the city. This is because it is the economic hub of East Africa. It is also one of the fastest-growing in Africa. This clearly indicates that the lifestyle of these billionaires puts Nairobi on a pedestal.
The report projects that Kenya and Mauritius are the countries to watch in regards to the growth of wealth management in Africa. This signals how the lifestyle of Kenyan billionaires puts Nairobi on the investment map.
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. Notably, the affluent lifestyle of Kenyan billionaires positions Nairobi as a significant economic hub.
The wealthy are known for their taste in luxurious items. Kenya is only second to South Africa in the list of the largest luxury markets in Africa by revenue. This indeed highlights how Nairobi is influenced by Kenyan billionaires’ lifestyle.
Major components of the billionaires’ luxurious lifestyle include a preference for high-end hotels, expensive cars, high fashion, watches, private jets, and yachts. This further emphasizes how the extravagant lifestyle of Kenyan billionaires helps put Nairobi on the map.
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. For example, brands such as Porsche and Bentley have entered Kenya. This development is another example of how the lifestyle of Kenyan billionaires elevates Nairobi’s status in luxury markets.
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/
