Knight Frank, the leading independent global property consultancy has released a report giving Kenyans a glimpse into the flashy lifestyle of Kenya’s wealthiest individuals.
The survey covered financial advisors, wealth managers and private bankers who have clients worth more than Ksh3 billion.
Despite the economic effects of the pandemic, Kenyan billionaires maintained their luxurious lifestyle and increased spending on tangible investments of passion, such as art and classic cars.
The top five most popular investments of passion in 2020 amongst ultra-high net worth individuals were art, classic cars, watches, rare whisky and jewellery.
Following closely behind was wine, furniture, coloured diamonds and handbags.
Kenya’s billionaires went against the global trend in which the Knight Frank Wealth Report 2021 stated that handbags topped the list of most popular luxury products. In Kenya, only about 4% of the billionaires spent money on handbags.
Billionaires such as President Uhuru Kenyatta are known to have a rich collection of watches, whose total value is said to be more than Ksh20 million.
He has been spotted in an A. Lange & Sohne Datograph Perpetual Tourbillon, Audemars Piguet Royal Oak, and an Audemars Piguet Royal Oak among others.
Chris Kirubi’s collection of cars includes a Maybach Mercedes Benz S class, Bentley Continental and a Range Rover Sport.
When it comes to serious investments, Kenya billionaires seem to be prioritising retirement plans given that a majority of them are mature people.
The top five popular sectors that Kenya’s wealthy are becoming more interested in and directing investments towards are retirement, development land, residential private rented sector, agriculture, healthcare, retail and office spaces.
Kirubi said in a past interview that he completed building his dream home at age 79.
