Fine whiskies and fast cars, where Kenyan wealthy park their cash
With the shilling losing ground to the dollar, rich Kenyans are looking for assets that can hold the value of their wealth; their answer is in rental property, fast cars, and expensive whiskies.
Globally the rich are storing value in art, and offshore real estate in European capitals, and some have even turned to alternative currencies such as crypto.
Not Kenyans, according to Knight Frank Wealth report, most rich Kenyans prefer to keep their money in the country secured by land holdings, real estate, and government bonds.
There is a sizable holding of equities at the Nairobi Securities Exchange (NSE) and private equity bets on future successful companies but the wealth has been cutting this exposure down maybe anticipating some hard times. Knight Frank shows the rich have the least holdings in cryptos, gold, and luxury items. Those who place their wealth in luxury items prefer sports cars, jewelry, furniture, and the rare whiskies.