Report reveals what Kenya's superrich spend on

Last year, President William Ruto was spotted wearing rocking a luxurious antique Rolex Daytona valued at over Sh6 million. [File]

To the ordinary eye, that Rolex Cosmograph Daytona watch, or the Christian Louboutin red-bottom shoes worn by the superrich, may just be that – a wrist watch and a pair of shoes.

But these luxury items, which have become synonymous with politicians such as President William Ruto and Interior Cabinet Secretary Kipchumba Murkomen, are the guilty pleasures of the super rich in search of belonging.

The 2026 Wealth and Investment Trends Report by Knight Frank shows at least three in 10 Kenyans buy these items just to fit in the superrich club.

Art, watches, classic cars, jewellery and wine are the top five guilty pleasure investments Kenya’s superrich indulge in. Others are rare whiskey, coloured diamonds, coins, and wine.

But the rich are investing in real estate, agricultural land and bonds to grow their money.

The report, however, notes that many of these superrich are slowing down when it comes to real estate in favour of other asset classes that are more liquid and offer better returns, particularly bonds, money market, logistics and data centres.

The survey, which collated insights from wealth managers for Kenyan dollar millionaires, records that less than 10 per cent of respondents revealed their clients bought homes in 2025. And a similar number anticipate that their clients would do the same this year.

“The relatively slow pace of home ownership and residential acquisition continues to be influenced by several structural and economic factors, including expensive mortgage financing, constrained disposable incomes, and long-standing cultural preferences favouring land acquisition over ready-built housing,” the report says.

But when it comes to land acquisition, agricultural land for food production is a major motivation.

Knight Frank Africa research analyst Boniface Abudho with the CEO Mark Dunford during a media briefing on Wealth and Investment Trends on July 14,2026. [Benard Orwongo Standard]

Knight Frank notes that this strong preference underscores the central role of agriculture in Kenya’s economy.

“With continued population growth and rising demand for agricultural commodities, farmland is increasingly viewed not only as an investment asset but also as a strategic response to structural pressures on food supply,” says the report.

While economic conditions might be making the superrich jittery in acquisition of new homes, these individuals are very optimistic about the country’s outlook.

Knight Frank Kenya Chief Executive Mark Dunford says the country continues to present compelling investment opportunities that even when asked where they would like to buy their future homes, Kenya was the first choice followed by the UK and South Africa.

But as the saying goes, all work and no play makes Jack a dull boy. The report, in its fourth edition, notes that high net worth individuals are increasingly allocating capital towards tangible collectible assets for either personal enjoyment or long-term investment potential.

And the growing art scene has provided the rich men and women an avenue to fill this void.

Joy of ownership (25 per cent) leads as the main reason for acquisition of these assets followed by investment (23 per cent), status among peers (19 per cent), intellectual interest (18 per cent), and belonging to a community (15 per cent).

The report states that this year, 75 per cent of respondents indicated that their clients are interested in acquiring art, up from 72 per cent in 2025. Watches are the second-most popular passion investment.