Art and classic cars top the list of luxury items fascinating Kenya’s super-rich, reflecting a sustained enthusiasm for the passion asset class at a time the number of dollar millionaires in the country has dipped on political uncertainty.
Findings of the 2025 Knight Frank Wealth report indicate that 72 percent of Kenya's super-rich were interested in acquiring art while 50 percent of them were keen on snapping classic cars---which has for years been the favourite trophy assets.
The love for art among the rich overtook that of classic cars for the first time in 2023, when it was favoured by 70 percent of the wealthy against 57 percent who favoured cars.
Other items in the list this year included jewellery and high-end furniture, with each garnering interest from 44 percent of the high net worth individuals (HNWIs).
“In line with the 2024 Wealth Report findings, art continues to dominate as the most sought-after investment of passion among Kenyan HNWIs,” reads the report in part.
“Appreciation for Kenyan and African art has been rising both domestically and internationally, leading to increased demand and higher valuations. As Kenyan artists gain global recognition, their works become more desirable, further fueling attention among collectors.”
Beyond its cultural significance, art’s growing popularity is also pegged on its trait as a tangible asset that provides long-term value appreciation and serves as a hedge against inflation, as well as due to its easy visibility and accessibility buoyed by the proliferation of galleries, exhibitions and digital marketplaces.
The wealth report further says that the asset class has hugely benefitted from a growing global influence, as international collectors drive the demand for fine art.
“Kenyan HNWIs are aligning with these international trends, leveraging passion investments to enhance their wealth portfolios,” it says.
But while classic cars remain a coveted asset due to their value as a symbol of prestige, luxury jewellery and fine furniture are attracting investors who are seeking both aesthetic pleasure and financial returns.
“Rare, high-quality pieces, particularly those with historical significance or fine craftsmanship, have demonstrated the potential for appreciation over time,” notes Knight Frank.
The allocation of investment portfolios to luxury assets among the super-wealthy club, however, still remains relatively modest, with a majority of wealth managers indicating that their clients allocate less than 10 percent of their wealth to luxury investments such as cars, watches and fine wine.
Further, none of them reported any clients dedicating more than 80 percent of their portfolios to such assets, underscoring a measured approach to luxury spending.
“Kenyan HNWIs predominantly prioritize investments in real estate and personal businesses over luxury assets. The preference for tangible and appreciating assets underscores a long-term wealth preservation strategy, with property ownership and entrepreneurial ventures often regarded as more secure and profitable,” says the report.
Knight Frank’s tracking of the rich asset mannerisms is based on insights from private bankers as well as from wealth advisers and managers who handle the super-rich class.
At the time of the survey, about 28 percent of wealth managers reported managing portfolios of less than $5 million (Sh646 million), with a further 17 percent managing portfolios valued at between $21 million (Sh2.7 billion) and $50 million (Sh6.4 billion).
Only six percent of wealth managers oversaw portfolios exceeding $1 billion (Sh129.3 billion), highlighting the limited number of ultra-high-net-worth individuals (UHNWIs), who are describes as persons with a networth of at least $30 million (Sh3.8 billion).
