The classic car market in Kenya is attracting the attention of high-net-worth individuals who are searching for rare vintage vehicles, according to the 2023 Africa Wealth Report. The report, published by research consultancy New World Wealth and Henley Partners, lists Kenya among the top classic car markets in Africa. The report forecasts that classic car collecting will become significantly more popular in Africa, particularly in established car markets such as South Africa, Egypt, Morocco, and Kenya.
The vintage cars that are expected to be in high demand include the Porsche 911 Turbo (1970s), Ferrari 355 (1990s), Porsche 911 Carrera RS (1970s), Aston Martin DBS (1960s), Lamborghini Countach (1980s), and Mercedes Benz 300 SL ‘Gullwing’ (1950s).
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Vintage cars have become a popular investment for the world’s super-rich, with classic cars rising 185% in value over the past decade, according to the 2023 Wealth Report by Knight Frank. The vintage car market has expanded beyond small communities of collectors to include investors looking for higher returns than those realized in stocks and bonds. The classic car market in Kenya has been shaped by retirees who showcase their collections through events such as the Concours d’Elegance, which is open to all makes of cars and motorcycles.
Aside from vintage cars, wealthy Kenyans plan to invest their fortunes in special homes for the elderly and data centers, according to reports. The 2022 Knight Frank Wealth Report indicates that Kenyans with a net worth of more than Sh3.4 billion prefer investing in the two sets of assets for long-term returns. The demand for assisted living centers for the elderly has risen sharply over the past two years.
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The super-rich are also investing in information technology for long-term returns, and data centers have been a magnet for investors amid an expected global boom in online services. The Olkaria geothermal field is a preferred site for data centers due to its affordable and sufficient power, but no industry has set up shop at the Olkaria-Kedong Special Economic Zone in Naivasha, according to the Energy and Petroleum Regulatory Authority.
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