Rédaction Africa Links 24 with Kenyans.co.ke
Published on 2024-04-19 16:26:42
The landscape of wealth in Nairobi has seen a significant shift in recent years, with a notable decrease in the number of affluent individuals. Reports indicate that some tycoons in the region have experienced a decline in their net worth, with figures dropping below the Ksh130 million threshold. This trend has been consistent over the past four years, with an average of 600 dollar millionaires leaving Nairobi annually between 2021 and 2024.
Dollar millionaires, individuals with liquid assets exceeding Ksh130 million, are considered High-Net-Worth Individuals (HNWI). These individuals often enlist the services of wealth managers to navigate the complexities of investing in key assets. Popular services sought after by HNWI include asset management, financial planning, and inheritance planning.
As of 2024, Nairobi is home to 4,400 dollar millionaires, including ten individuals with a net worth exceeding Ksh13 billion. Despite this, these tycoons represent only 0.1% of Nairobi’s estimated population of 4.3 million. In contrast, 6,000 dollar millionaires were present in 2021, contributing to a total wealth of 47 US billion in the county.
Overall, Kenya witnessed a decline of 1,100 dollar millionaires between 2021 and the current year, with numbers dropping from 8,300 to 7,200. This decline has been largely attributed to the instability of domestic private investments within the country. Addressing this issue, President William Ruto has vowed to revise tax policies to create a more conducive environment for the private sector, aiming to stimulate economic growth and investor confidence.
Kenya holds a significant position among the major markets within Africa, with the top five countries (South Africa, Egypt, Nigeria, Kenya, and Morocco) housing 90% of the continent’s billionaires. The super-rich in Kenya are known for their extravagant lifestyles, often indulging in purchases of classic cars as a form of art. Popular models among this elite group include the 1970 Porsche 911 Turbo, the 1990s Ferrari 355, the 1970 Porsche 911 Carrera, the 1960 Aston Martin DB5, the 1980 Lamborghini Countach, and the 1950 Mercedes-Benz 300 SL.
In addition to luxury cars, the affluent in Nairobi also engage in purchasing expensive art, frequenting rainforest lodges, and indulging in lavish vacations. These activities have become synonymous with the high-end lifestyle of the wealthy individuals in the region, showcasing their opulent tastes and extravagant spending habits.
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