This archive report was first published on 11 September 2019.
Kenya's luxury market has experienced significant growth, with the sector generating $6.1 billion in revenue for Africa, according to the Africa 2018 Wealth Report. The report, compiled in partnership with Mauritius-based AfrAsia Bank, highlights Kenya's position as the second-largest luxury market in Africa, with the sector raking in $600 billion in revenue last year.
The report names the Maasai Mara National Reserve as one of Africa's top destinations for the rich, alongside Cape Town, the Serengeti in Tanzania, Marrakesh in Morocco, Cairo in Egypt, and the Okavango Swamps in Botswana. Cottar's 1920s Safari Camp and Bateleur Camp in Kenya were also listed among Africa's top lodges for the wealthy.
Porsche, which has a presence in Kenya, was Africa's top-selling luxury car, with the report stating that the company sells about 2,000 cars in Africa annually, with 1,300 being sold in South Africa. Luxury British car brand Bentley, which launched in Kenya in 2017, was the third top-selling luxury car after Ferrari.
The report also notes that Kenya's luxury market has grown by 100 per cent over the last decade, with Nairobi edging closer to the top five wealthiest cities in Africa, ranking sixth with a total wealth of $49 billion. The report predicts that Nairobi will break into the top five wealthiest cities in Africa soon, possibly replacing Lagos.
According to the report, Nairobi is a prime market for real estate, with the price per square metre in the capital estimated at $1800. The most affluent parts of Nairobi were listed as Runda, Lavington, Kitisuru, Karen, and Muthaiga.
The number of dollar millionaires in the country was put at 8,600, and those with above Sh100 million at 340.
Published on September 11, 2019
