Crazy rich Africans 🏌️🏾💰✈️
Hello Venturer,
What if you found out you had somehow become the wealthiest person alive? What would you do? Well, I know the first thing I would do is to switch off my phone (sorry mom). Then I would take a long-overdue vacation to a private resort to absorb my new reality. There is no better way to get clarity than at a beautiful resort with a "rich people" pina colada in hand. Well, that is what movies have taught me.
I often wish I was wealthy. Not just any type of wealth. The one where I am "new money" born into "old money". The kind you see in movies. But you see, having wealth like that also comes with commitments. For one, I would want to increase or sustain my wealth. Which just means more work for me. It also means I become a metric for economic development. It is no wonder the one per cent has so much power.
According to a new report, South Africa, Egypt, and Nigeria have done just that. It shows that the bulk of Africa's wealth rests in these three nations. However, this wealth appears to be old money because the wealth present in these countries is not increasing. On the contrary, the number of millionaires has decreased. Meanwhile, it appears new money is brewing on the shores of Mauritius. The island nation currently has the fastest-growing wealth market in Africa.
This week, we discuss the disturbingly poor distribution of wealth in Africa.
Orufa Suotunimi
Staff writer
What's new?
Wealth in Africa is still poorly distributed
A new report on wealth in Africa reveals that just three countries hold most of the continent’s total wealth. In collaboration with Henley & Partners, New World Wealth, a South African research firm, has published the Africa Wealth Report for 2022. South Africa, Egypt, and Nigeria, with $651 billion, $307 billion, and $228 billion in private wealth, respectively, account for $1.18 trillion, or 56 per cent of Africa’s total wealth of $2.1 trillion. Read more.
What to expect as Flutterwave adds the eNaira as a payment option for merchants
Flutterwave, a top-tier African payment solutions company has announced the inclusion of the eNaira as a payment option for merchants, a move aimed at accelerating the adoption of the digital currency. The new development is expected to complement other existing payment methods on Flutterwave like cards, bank transfers, and Barter by Flutterwave among others. Read more.
My Pivot Journal: A shoemaker’s self-taught journey to product design
Akorede Ayanbisi is making a name for himself as a product designer. But he didn’t grow up wanting to be a tech bro. This career path is a product of a decade-long backstory of constant self-reinvention and adaptation. Here is Akorede’s pivot journal. Read more.
Sterling Bank Tower: A sterling example of an alternative source of energy
In July, during the media parley held by Sterling Bank for its ASIS conference, Abubakar Suleiman, MD of Sterling Bank, spoke to journalists about the bank’s plans for energy transition in its Sterling Towers. A few months down the line, Sterling Bank headquarters now has the promised look, with about 6,500sqm of crystalline silicon PV glass lining the glittering surface of the Sterling towers. Read more.
Should African payment startups be worried about EBANX?
EBANX, a payments provider that began operations in Brazil a decade ago, has grown into a billion-dollar company with approximately one billion transactions completed in 15 countries. Now the Brazilian fintech is launching in Africa for its next move and first voyage outside Latin America, beginning with Kenya, Nigeria, and South Africa. The move aims to tap into Africa’s growing digital economy, fueled by the rise of fintech companies such as Flutterwave, Paystack, OPay and others. Read more.
Weekly Economic Index: 238 Nigerian tech startups raised $2b in seven years
A new report shows 238 Nigerian tech startups raised over $2b in seven years. According to the report by Disrupt Africa, the number exceeds what any other African country received within the same period. The report further stated that 107 Nigerian startups raised $747.9 million in the last eight months, which accounts for one-third of the continent’s funding so far. Read more.
VA BIZ HIVE: The Agric Issue
The need for a technological footprint has given rise to an agritech ecosystem on the continent. Startups in this space are proferring technological solutions to problems faced in the agricultural sector with ultra-modern technologies like drones, automated irrigation systems, soil sensors, etcetera. Read more.
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