This is according to a new report by the New World Wealth and AfrAsia Bank from Mauritius that estimates Nairobi’s privately held wealth at Sh5.4 trillion with its growth driven by financial services, retail, tourism, fast moving consumer goods, telecoms, real estate and construction.
Wealthy billionaires’ injection of funds into local investments is said to have propelled demand for rent space making Nairobi the most expensive city in East Africa where space goes for an average of Sh190,000 per metre square. Mombasa’s available rent space is charged at Sh170,000.
Nairobi attracts high Net Worth Individual ((HNWIs) for business and investments while Mombasa is mentioned as home to hospitality and luxury investments along its expansive beaches as well as highly preserved buildings recognized globally as World Heritage Sites.
Elsewhere in East Africa, Tanzania’s Dar es Salaam is home to Sh2.5 trillion privately held wealth followed by Kampala with Sh1.6 trillion.
The study also mentions people in Kenya, as well as other nations in East Africa are developing a taste for designer clothes and high-end cars like Lamborghinis and Porsches. Private jets and helicopters are becoming the must have for the region’s political and financial elites.