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    Uhuru avoids handshakes as he meets Ruto for Kibaki’s body viewing

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    Singer Bahati in tears after nomination certificate is recalled

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    Court freezes Sh257 million property owned by a prison cleaner who earns Sh20,000 monthly

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    Twitter expected to accept Elon Musk’s bid to buy company

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    Judge Esther Maina’s illegal verdict disrupts Kenya’s economic environment

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    Senator Linturi to support sex workers if elected Meru governor

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    Kenya to meet Fiji, USA at Vancouver Sevens

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    FIFA World Cup trophy to land in Kenya in May

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    Black Shines Brightest with Fireboy DML as he tours Nairobi National Park – PHOTOS

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    Explosive Kenyan Telenovela ‘Salem’ to premiere on Maisha Magic Plus on Monday as Selina exits stage

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    Trace launches campus tour series dubbed ‘Trace in the City’ – PHOTOS

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  • Home
  • News
    Accident

    Eight mourners killed in Naivasha in dawn crash

    Suspect

    Mirema assassin used a stolen police firearm to shoot Samuel Muvota

    Samuel Muvota

    Slain Mirema man had 7 wives, arrested 30 times DCI says

    Bus

    Bus driver drives to DCI over bhang smoking passengers

    Meeting

    Uhuru, Ruto sit next to each other during cabinet meeting at State House

    Thika Police Station

    Manhunt on for 8 robbery with violence suspects who escaped custody in Thika

    Uhuru avoids handshakes as he meets Ruto for Kibaki’s body viewing

    Uhuru avoids handshakes as he meets Ruto for Kibaki’s body viewing

    Singer Bahati in tears after nomination certificate is recalled

    Singer Bahati in tears after nomination certificate is recalled

    Court freezes Sh257 million property owned by a prison cleaner who earns Sh20,000 monthly

    Court freezes Sh257 million property owned by a prison cleaner who earns Sh20,000 monthly

  • Business
    Safaricom

    Safaricom net profit drops by 1.7pc to Sh67B

    Talent Factory Academy

    MultiChoice Talent Factory Academy calls for class of 2023

    Impact Organization Power Learn Project launches one million developers for Africa program

    Impact Organization Power Learn Project launches one million developers for Africa program

    Facebook

    Facebook sued in Kenya over claims of exploitation and poor working conditions

    Twitter expected to accept Elon Musk’s bid to buy company

    Twitter expected to accept Elon Musk’s bid to buy company

    Judge Esther Maina’s illegal verdict disrupts Kenya’s economic environment

    Judge Esther Maina’s illegal verdict disrupts Kenya’s economic environment

    Senator Linturi to support sex workers if elected Meru governor

    Senator Linturi to support sex workers if elected Meru governor

    Infinix launches mobile wallet in partnership with PalmPay

    Infinix launches mobile wallet in partnership with PalmPay

    DStv Business Packages tailor made for stress free viewing

    DStv Business Packages tailor made for stress free viewing

  • Entertainment
    • All
    • Gaming
    • Movie
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    Showmax

    Showmax hosts exclusive screening of new series ‘Igiza’ featuring Serah Ndanu – PHOTOS

    Talent Factory Academy

    MultiChoice Talent Factory Academy calls for class of 2023

    AMVCAs to host Hollywood stars Saturday

    AMVCAs to host Hollywood stars Saturday

    Double finale as Single Kiasi and Crime and Justice come to an end

    Double finale as Single Kiasi and Crime and Justice come to an end

    Kenya to meet Fiji, USA at Vancouver Sevens

    Kenya to meet Fiji, USA at Vancouver Sevens

    FIFA World Cup trophy to land in Kenya in May

    FIFA World Cup trophy to land in Kenya in May

    Black Shines Brightest with Fireboy DML as he tours Nairobi National Park – PHOTOS

    Black Shines Brightest with Fireboy DML as he tours Nairobi National Park – PHOTOS

    Explosive Kenyan Telenovela ‘Salem’ to premiere on Maisha Magic Plus on Monday as Selina exits stage

    Explosive Kenyan Telenovela ‘Salem’ to premiere on Maisha Magic Plus on Monday as Selina exits stage

    Anerlisa Muigai ordered to pay ex-boyfriend Sh2m in defamation case

  • Tech

    Hello world!

    #BabaTheArtist: Raila finally releases much anticipated ‘Leo Ni Leo’ campaign song – VIDEO

    SportPesa CEO joins politics, eyes Kasarani seat – VIDEO

    Two suspects wanted in the UK for murder arrested in Nairobi

    Showmax announces return of Crime & Justice Season 2

    Nairobi West Hospital launches helipad in bid to enhance emergency services – PHOTOS

    Newcastle United become football’s richest club ahead of Man City, Chelsea & PSG

    Odibets heeds Khaligraph’s call, unveils online rap challenge

    Twenty-one year old fraud suspect who hacked IEBC server arrested in Juja

  • Sports

    Hello world!

    #BabaTheArtist: Raila finally releases much anticipated ‘Leo Ni Leo’ campaign song – VIDEO

    SportPesa CEO joins politics, eyes Kasarani seat – VIDEO

    Two suspects wanted in the UK for murder arrested in Nairobi

    Showmax announces return of Crime & Justice Season 2

    Nairobi West Hospital launches helipad in bid to enhance emergency services – PHOTOS

    Newcastle United become football’s richest club ahead of Man City, Chelsea & PSG

    Odibets heeds Khaligraph’s call, unveils online rap challenge

    Twenty-one year old fraud suspect who hacked IEBC server arrested in Juja

  • Events
    Trace launches campus tour series dubbed ‘Trace in the City’ – PHOTOS

    Trace launches campus tour series dubbed ‘Trace in the City’ – PHOTOS

    F1 Feature: How new regulations are shaking up the world’s fastest sport

    F1 Feature: How new regulations are shaking up the world’s fastest sport

    More motorsport and WWE thrills for SuperSport viewers!

    Watch: Pinky Ghelani returns to the catwalk as the show stopper – PHOTOS

    Watch: Pinky Ghelani returns to the catwalk as the show stopper – PHOTOS

    Maisha Magic is looking for pitches and ready-made movies

    SuperSport to air Winter Olympics live

    Mwalimu Rachel scores Dubai Deal

    Police on high alert as Nairobians prepare to usher in weekend in style

    Lab 254 founder Ian Tico Crowned winner of Red Bull Dance Your Style

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How wealthy Kenyans are selling planes to survive Covid-19

Naihaps by Naihaps
September 20, 2021
in Business, Featured
Reading Time: 3 mins read

Wealthy Kenyans and private aviation firms last year sold 72 planes in the wake of the Covid-19 pandemic that reduced the millionaires’ net worth and hit demand for travel.

The Kenya Civil Aviation Authority (KCAA) data show the number of registered planes dropped to 735 from 807 in 2019, excluding those owned by the National Police Service and the Kenya Defence Forces.

The drop came in a year when coronavirus triggered a slump in air travel and reduced the need for purchase of 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.

According to Business Daily, this marked a break from the increased purchase of aircraft by the rich over the past decade.

Aero Club of East Africa – a lobby of private aircraft owners – attributed the recent growth in the number of registered planes to Nairobi’s rising status as the region’s business hub and a growing number of wealthy individuals with the means to own and maintain an aircraft.

But Covid-19 has not spared the rich after Kenya’s economy dipped to a recession last year.

The economy’s performance in 2020 was hit by the effects of Covid-19 restrictions leading to including business closures and layoffs.

The economy has been picking up after posting a contraction of 0.3 percent in 2020.

The latest instalment of the Knight Frank Wealth Report shows the number of Kenyans with a net worth of at least $30 million (Sh3.3 billion) including their primary residence, dropped to 90 last year, from 106 in 2019

Kenya’s group of high-net-worth individuals, defined as those with at least $1 million (Sh109 million) including their primary residence, dropped by an even larger margin.

The report says that 912 Kenyans fell out of this club last year when their numbers stood at 3,323 compared to 4,235 in 2019.

The pandemic has caused a slump in air travel, with African airlines expected to have lost $6 billion in passenger revenue in 2020. “The airline business in Kenya is suffering and this means that people could not acquire more planes,” said Eutychus Waithaka, the executive secretary of the Kenya Association of Air Operators.

“We had requested a stimulus package from the government that we have not seen to date. Some airlines have actually closed shop because they were operating with leased planes,” he said.

Kenya in March last year confirmed the first Covid-19 that prompted the government to suspend domestic and international commercial passenger air travel.

Although domestic air travel resumed in July, followed by international routes a month later, demand has stayed below pre-pandemic levels.

Besides convenience, wealthy individuals have also acquired aircraft to satisfy their ambitions for reliable and personalised travel.

Air operators say that the biggest headache in owning an aircraft lies in operational and maintenance costs, including high jet fuel prices, airport landing fees, parking fees, insurance and spare parts.

Wilson Airport in Nairobi handles about 90 percent of domestic flights that mainly comprise chartered and commercial flights to holiday destinations such as Masai Mara Game Reserve, Mombasa, Amboseli National Park, Lamu, Kilimanjaro, Diani, Lokichogio and Nanyuki.

It is ranked among the busiest airports in terms of aircraft movement in East and Central Africa.

Last year about 101 planes abandoned at various airports across the country were put on auction to clear rising parking charges after the Kenya Airports Authority declared them a safety risk.

The cost of running the aircraft are increasing with the regulations requiring parking at gazetted points such as Wilson Airport, which adds to the ownership bill.

Tags: Covid-19KCAAPlanes
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