Art, Watches & Whisky Among Top 10 Investment Choices for Kenyan Tycoons – Report
A report by Knight Frank revealed the top 10 things Kenyan tycoons chose to splash their money on in 2023.
In the Kenyan edition of the 2024 Wealth report, it was noted that tycoons were developing a significant liking for art in a move to grow their assets.
The report titled A Perspective on Kenya Wealth Investment Trends revealed that 71.3 percent of tycoons made investments in the art sector. This was an over 10 percent increase from the figures recorded in the 2023 report.
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Other investment areas were cars (57.14 percent), watches (57.14 percent), whiskey (42.86 percent), jewelry (42.86 percent), and furniture (35.71 percent).
Additionally, tycoons were opting to splash their money on bags (28.57 percent), wine (28.57 percent), diamonds (14.29 percent) and coins (7.14 percent).
“A noteworthy shift in the investment preferences of Kenyan HNWIs has been observed, signaling changing trends in investments of passion. A substantial 70% of our Kenyan HNWI clients expressed a keen interest in art, a significant uptick compared to the previous year when the majority (50%) showed a penchant for purchasing classic cars.
“This shift aligns with global patterns, as evidenced by The Knight Frank Luxury Investment Index (KFLII), which tracks the performance of 10 popular investments of passion. The latest data from the KFLII underscores the rising prominence of art as the best-performing luxury asset class 2023, experiencing an impressive 11 percent price increase,” read the report in part.
Why Shift From Classic Cars?
According to the report, the recent trend among Kenyan tycoons was not new in Kenya only. All over the world, investors are moving to make art part of their asset portfolio.
“The shift from classic cars to art among Kenyan clients suggests a dynamic response to global investment trends and attests to the evolving nature of passion investments,” Knight Frank reported.
“The resilience of the art market in the face of broader economic fluctuations further underscores its appeal as a tangible and culturally rich asset class.
Art, Watches & Whisky Among Top 10 Investment Choices for Kenyan Tycoons – Report