We assessed the perceived socio‐economic impact of the Kenyan Standard Gauge Railway (SGR), using an original survey with 132 experts and interviews with 91 community residents across five cities and towns. We found that local and international stakeholders prioritize socio‐economic impacts over other impact domains, while there remain local tensions between economic growth and environmental conservation. SGR significantly helped tourism and moderately enhanced employment, with winners and losers divided by business sizes, sectors and locations. To maximize positive impact, China's infrastructure‐led model may benefit from integrating physical infrastructure with supporting services and facilities to promote more equitable growth worldwide.