Following the Covid-19 outbreak, which cut millionaires’ net worth and reduced travel demand, wealthy Kenyans and private aviation corporations sold 72 planes last year.
According to data from the Kenya Civil Aviation Authority (KCAA), the number of registered planes fell to 735 in 2019 from 807 in 2018, excluding those held by the Kenya Police Service and the Kenya Defence Forces.
The drop occurred during a year in which the coronavirus caused a drop in air travel, reducing the need to purchase commercial flights.
The virus, which disrupted businesses and wreaked havoc on various asset classes, lowered wealthy Kenyans’ net worth and made them less interested in helicopters and small jets.
However, as Kenya’s economy entered a slump last year, Covid-19 has not spared the wealthy.
The consequences of Covid-19 limits on the economy in 2020 harmed the economy’s performance, resulting in business closures and layoffs.
Kenyans with a net worth of at least $30 million (Sh3.3 billion) including their principal residence fell from 106 in 2019 to 90 last year.
