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Kenya ranked 2nd largest luxury market and with Most Promising Markets for Private Banking in Africa

Peter Musila 2 years ago

AfrAsia bank based in Mauritius has released a report ranking as the second largest luxury goods market in Africa by revenue according to the year 2017.

The country comes after South Africa generating $2.2 billion (~KSh222 billion) in revenues as Kenya generated $500 million (~Ksh50.5 billion) in revenue.

According to the report, the sale of luxury cars, lavish clothes and accessories, high-end watches, private jets, and luxury hotels and lodges were the key sectors behind the revenue collected.

Notably, the existence of many luxury hotels in South Africa, Kenya, Morocco, and Egypt has highly contributed to boosting the luxury market revenue as recorded by the AfrAsia Bank.

In the year 2017, Kenya, South Africa, Nigeria, Angola, Egypt, and Mauritius had welcomed expensive car brands like Porsche, Aston Martin, Bentley, Ferrari, Rolls Royce, Lamborghini, and Mclaren to start dealership in the countries.

Also, luxury stores like Burberry, Louis Vuitton, Gucci, Prada, Alfred Dunhill, Dolce & Gabbana, Jimmy Choo, and Zegna had started operations in Africa.

Besides, expensive drinks like Remy Martin Louis XIII cognac which sells at $500 (KSh50,500) and Gran Patron Burdeos selling at $480 (KSh48,480) have become popular among some individuals.

South Africa led in matters of wealth management as it managed assets worth $82 billion (KSh8.2 trillion).

However, on matters of private banking, Kenya was ranked as one with the most promising markets alongside Mauritius, Morocco, Ghana, and Angola.

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