Steve Mbogo’s lifestyle is a testament to his substantial wealth. The entrepreneur indulges in a high-octane existence, lavishly spending his substantial earnings on extravagant pleasures such as opulent automobiles, luxury timepieces, and lavish vacations.
Curiosity about the extent of Steve Mbogo’s riches and his amassed assets leads many to inquire, “How affluent is he really?” Observers often categorize him as emblematic of the “new money” archetype, a categorization he vociferously denies.
In an interview, he refuted being labeled as “new money,” asserting that the dichotomy between old and new money hinges solely on its utilization. He stated, “I don’t embrace the term ‘new money’ in relation to myself. The companionship between Steve Mbogo and wealth has endured for over a decade. I amassed my inaugural million by the age of 18, trading scrap metal. By the time I reached 22, I had procured my residence and was cruising in the premier AMG Mercedes Benz S class in Kenya,” as he disclosed to the Standard in an interview conducted six years ago.
Mbogo’s lifestyle is one that revels in extravagance, unapologetically flaunting his experiences. An anecdote once recounted a weekend where he purportedly expended Ksh40 million, encapsulating a luxurious spree that typified his existence.
The magnate disclosed that this expenditure was allocated to witnessing Formula One races in Dubai. In response to scrutinizing gazes, he defended himself by asserting, “I am not given to ostentation. I merely relish existence to the fullest. Is there anything amiss with working diligently and procuring the finest life has to offer?” Mbogo’s sentiment echoed in the wake of his spending, wherein he was reported to have splurged on yachts and revelry. Notably, hiring a yacht during that period ranged from Ksh27,000 an hour for a 12-passenger vessel to Ksh100,000 an hour for a 40-person craft.
Although Mbogo’s prosperity is evident, his financial origins have periodically sparked skepticism among certain quarters. During the aforementioned interview, he briefly unveiled the sources of his wealth, yet refrained from divulging comprehensive specifics.
“I possess an aviation enterprise with a fleet of 16 aircraft. I engage in commodities trading and have vested interests in real estate. Additionally, I hold two mining concessions, one in Kenya, another in the Democratic Republic of Congo, and yet another in Tanzania,” he delineated. However, he evaded disclosing the identity of his aviation company or the nature of the commodities he trades, citing partner discomfort with publicity as the primary rationale.
When conversing with the Nairobian, he accentuated that his associates, spanning both domestic and international spheres, uphold a stringent commitment to privacy. “Revealing the nomenclature of my enterprises would infringe on our agreement regarding confidentiality. While I might feature in personal contexts within news outlets, the companies shall remain anonymous,” he articulated.
Furthermore, he asserted that his corporation has created employment for over 3,000 individuals, transcending Kenya’s borders. His declaration of possessing a net worth exceeding a billion shillings underscores his belief in the comprehensibility of every monetary unit he has accrued.
In the spirit of transparency, Mbogo extended an invitation for an in-depth examination of his financial trajectory, asserting, “Should time permit, I can arrange a meeting with my accountant to trace the evolution of my earnings over the past decade.” Notably, during the same period, Mbogo also revealed leasing a residence for Ksh350,000. Elaborating on his real estate endeavors, he disclosed, “My domicile in Karen spans five acres. In Nairobi, where could one secure a residence sprawling across five acres for such a modest sum? I procured the abode two years ago for Ksh500 million.”
Mbogo’s penchant for opulence extended even to his sartorial choices, exemplified by his adornment of a pair of Louis Vuitton shoes during the interview. He clarified, “These shoes are a product of Louis Vuitton, acquired at a cost of $2,000 (Sh200,000).”
Mbogo’s affinity for luxury vehicles emerges as a defining trait. He identifies as an ardent collector of Mercedes Benz automobiles, boasting ownership of four Benzes, the oldest among them being a two-year-old E class. Complementing his collection are three Land Cruisers VX, with a Rolls Royce Phantom serving as the centerpiece of his vehicular ensemble. Further illustrating his automotive proclivity, he cited his acquisition of a 2014 Mercedes S500, reportedly procured for Ksh13 million.
In the midst of his opulent lifestyle, allegations have arisen about Mbogo’s involvement in a large-scale gold scam, which implies that he exploits unsuspecting foreigners while enjoying immunity from legal repercussions. These claims, posted anonymously on the gold buying and selling platform Zengold.com, characterize Mbogo as a swindler. In response, he challenges the veracity of such assertions, questioning the anonymity of accusers and inviting them to pursue legal recourse if warranted.
Mbogo’s educational background also garners attention. He asserts holding a Bachelor of Business Administration degree from Cairo University School of Business. Additionally, he affirms obtaining a Master of Business Administration from the University of South Australia in 2012. However, skepticism arises from his omission in the university’s list of 2012 graduands.
In summation, Steve Mbogo’s lifestyle is an embodiment of affluence, punctuated by extravagant expenditures, ostentatious possessions, and the embodiment of luxury. While questions about the origins of his wealth have arisen, Mbogo remains steadfast in his claim to prosperity, underscoring his commitment to financial accountability and his preference for privacy in his business dealings.
