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Home»Investing in Art»Wealthy Kenyans investing in art, watches, whisky
Investing in Art

Wealthy Kenyans investing in art, watches, whisky

April 30, 20242 Mins Read


Jasmine Wambui By

Jasmine Wambui

Published on: April 30, 2024 10:00 (EAT)
Wealthy Kenyans investing in art, watches, whisky - Report

Art,
whiskey, watches and classic cars are some of the places where the Kenyan ultra-rich
are packing their money, in the luxury investment Index.

According
to the Knight Frank Wealth Report, real estate has remained attractive to
investors, with billions of shillings being channelled into homes, farmland,
hotels, private rented residential, and student housing.

This
group of sophisticated investors are showing limited interest in relocating out
of the country, or even investing elsewhere.

Kenya,
the report intimates, is now competing with the Middle East and Europe as an
investment destination.

Knight
Frank Kenya CEO Mark Dunford said: “We are in a politically stable market; we
have financial systems that work, judicial systems that function,
infrastructure that’s improving and a growing market place in terms of
middle-class Kenyans who can afford to spend money. So, we have access to the
continent from here, it’s a great place to come and invest.”

A
majority of the rich are embracing sustainable investments by including green
priorities in their investment portfolios.

In
fact, this class of investors is now seeking certifications and energy ratings
for their real estate investments, as a way to increase their return on
investment.

“A
lot of international global firms will not occupy buildings that are not
certified to a certain threshold of green certification,” said Mr. Dunford.

Despite
an increase in the cost of living, 62 per cent of the very rich are confident
that their wealth will continue to grow.

“We
are hopeful that those interest rates are going to start coming down once the Fed
lowers their interest rates in the next 6 months. There’s always a lag and then
knock-on to us,” added Mr. Dunford.

“But
ultimately it means that borrowing is going to slow down a bit, and we are
going to see people investing in the type of money market investments that see
returns from those interest rates.”

Globally
the number of high-net-worth individuals increased by 4.2 per cent, with many
coming from the United States and Turkey.

By
2028, it is expected that nearly 180,000 people will join this bracket, with
Asia, India and the US at the centre of it.



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