Mombasa has been projected to be among the leading destinations where multi-millionaires will be seeking to build their luxurious homes in the next 10 years.
In the Africa 2024 Wealth Report by Henley and Partners, the coastal city was highlighted as an emerging destination for tycoons owing to the environment conservation estates being developed.
Particularly, the report listed the development of eco states - estates that incorporate nature such as forests - as an attractive feature.
Notably, the report noted that other coastal counties such as Kilifi County hosted such luxurious estates such as Vipingo Ridge.
"Over the next decade (to 2033), we expect Cape Town, the Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier, and Marrakech to lead the pack, with 85 per cent + millionaire growth projected in each. We also expect Lusaka and Mombasa to attract rising numbers of high-net-worth residents.
"Mombasa is Kenya’s main coastal city. There are several eco-estates on the outskirts of the city that are attracting HNWIs, including the well-known Vipingo Ridge," read the report in part.
What Makes Eco Estates Unique
In a separate report by New World Wealth, tycoons have been reported to develop a liking for private areas that incorporate nature.
More often than not, tycoons can undertake leisure activities such as bird watching in such estates.
"Eco-estate living is on the rise globally, especially among the affluent. Wealth intelligence firm New World Wealth estimates that by 2050 over 50 per cent of the world’s centi-millionaire population will either live in, or own second homes on eco-estates.
"As the world’s wild spaces diminish, eco-estates are emerging as pivotal players in conservation, particularly in safeguarding avian biodiversity. It is worth noting that, unlike land animals, birds often lack the protection afforded by traditional National Parks. They are therefore often heavily reliant on other wild spaces such as eco-estates to nest and survive," read the report in part.
According to the 2024 Wealth Report, there are 7,200 Kenyans with a net worth of over Ksh150 million.
Most of the millionaires are located in Nairobi with the figures of the tycoons put at 4,400.
In Nairobi, it was noted that estates such as Karen host the tycoons owing to their prestige and status.
"Nairobi is home to some of Africa’s oldest and most well-established luxury residential neighbourhoods, including Karen and Muthaiga. It accounts for a high 48 per cent of Kenya’s total wealth and over 60 per cent of the country’s millionaires," read the report in part.
