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Wealthy Kenyans Now Selling Their Planes To Survive Covid 19

Following the Covid-19 pandemic, which reduced millionaires' net worth and reduced demand for travel, wealthy Kenyans and private aviation firms 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 owned 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 hammered most asset classes, reduced the net worth of wealthy Kenyans and saw the rich reduce their appetite for helicopters and small jets.

Kenya’s business magnates, politicians, and new millionaires have in recent years taken to flying as the preferred mode of transport – expanding the market for leasing and private ownership of planes.

“Any drop in the number of registered aircraft means that the planes were either sold or left the country due to other reasons,” KCAA Director-General Gilbert Kibe told the Business Daily.

Content created and supplied by: teagossip (via Opera News )

KCAA Kenya Kenya Civil Aviation Authority Kenya Defence Forces Kenya Police Service

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