The potential of Kenya?s luxury market
At the end of 2015, there were approximately 8,500 HNWIs living in Kenya, with a combined wealth of US$42 billion. During the review period, Kenyan HNWI volumes increased by 60% from approximately 5,300 HNWIs in 2007 to 8,500 HNWIs in 2015. HNWI wealth rose by 75%, from US$24 billion in 2007 to US$42 billion in 2015. This made Kenya one of the top performing countries in Africa during this period.
Mombasa Marina project
Growth was positively impacted by:
Strong growth in the local construction and financial services sectors.
The migration of wealthy people from other East African countries ? Â it is estimated that over 500 HNWIs from other African countries moved to Kenya during the review period.
Solid economic growth.
Kenya is less dependent on commodities than other African countries. Most major commodity prices declined during the review period.
Growth was negatively impacted by:
A 39% depreciation of the local currency against the US$ from approximately 63.0/US$ at the end of 2007 to 103.0/US$ at the end of 2015.
A 6% drop in the local stock market index (in US$ terms) between 2007 and 2015.
The year 2015 was a good for Kenyan millionaires, HNWI volumes rose by 2% during the year. This growth was impressive compared to other major African countries ? HNWI numbers in South Africa and Nigeria were down 18% and 28% respectively in 2015.
Growth in the Kenyan HNWI wealth and volumes is expected to be strong over the next 10 years.
Nairobi is home to the largest portion ...
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