Most wealthy Kenyans are now preferring value-driven luxurious purchases over traditional income-generating investments, according to 2024 Knight Frank's wealth report.
The report published on Tuesday, May 13, singled out art as the most sought-after investment of passion among the High Net Worth Individuals (HNWI) in Kenya.
Last year, the survey said, most wealthy Kenyans (about 72 per cent) acquired more fine art collections, reflecting a sustained enthusiasm for the valuable items.
The key factor that drove up investment in the arts includes the need by the rich to appreciate diverse culture, which has gained traction both domestically and internationally.
"As Kenyan artists gain global recognition, their works become more desirable, further fuelling interest among collectors. The wealthy are exploring alternative asset classes beyond traditional stocks and real estate," the report highlighted.
"Art, viewed as a tangible asset, provides long-term value appreciation and serves as a hedge against inflation. It goes beyond financial returns, art holds intrinsic value, offering aesthetic pleasure and cultural relevance," it added.
Similarly, the country's wealthy also spent a huge chunk of their finances to acquire new classic cars, with 50 per cent of respondents revealing that they purchased luxurious vehicles in 2024.
Jewellery and high-end furniture also garnered interest among the rich, with the report showing that close to half of the respondents (some 44 per cent) spend their cash to purchase the two commodities.
As per the report, the rare, high-quality furniture and jewellery, particularly those with historical significance or fine craftsmanship, have the potential for appreciation over time.
Further, the survey established that many wealthy Kenyans adhere to principles of financial prudence, focusing on assets that contribute to long-term financial security and legacy building rather than perishable assets.
"This perspective aligns with broader financial goals, where luxury expenditures remain secondary to wealth accumulation and sustainability," the survey report indicated.
Knight Frank's wealth report also outlined other areas of interest among the rich in Kenya, which include investing in real estate and personal business.
