Feedback Form
Home Features Mastermind Forums About Advertise Blog Network Contact Be An Author

African super-rich grow richer, move to Richistan

African super-rich grow richer, move to Richistan

As part of my research on the African brand, I interviewed a Nigerian Hollywood public relations professional recently. Though his clientèle doesn’t consist purely of Africans, being a Hollywood connector he frequently encounters Africans with a bit of money looking to use his services for something or another. As we talked, the topic of money came up and the gentleman expounded on the different groups of Africans with money and their attitudes towards wealth. What I found interesting was how the Nigerian connector classified the groups: hustlers, who will do anything for a buck, and dignitaries, whose source of wealth is questionable. In his experience these were the two types of people who make up the affluent African class. Of course I found his tales of the affluent African a little disheartening, but it brought to light the issue of options for African wealth. We all know that the continent is rich with resources, however the access to those resources and who benefits from it’s potential revenue is another story.

The Wall Street Journal’s Informed Reader points to the recent release of Merrill Lynch and Cap Gemini’s 2007 World Wealth Report which reveals:

Globally, the HNWI (High Net Worth Individuals) population grew by 8.3% in 2006, to a total
of 9.5 million individuals. HNWI population gains were particularly strong last year in Africa, the Middle East and Latin America, advancing by 12.5%, 11.9% and 10.2%, respectively, and outpacing more developed nations. These gains came amid these emerging markets’ attempts to solidify their infrastructures and become more developed economies.

While this means there is more African representation in Robert Frank’s Richistan, many of us in lower to not-even-close Richistan, are beginning to ask even more questions about what role Africans play in the scramble for Africa’s resources. A BIG question raised in the conversation about African billionaires on Forbes’ list was, where are those billionaires getting their money? The wealth report hints that,

China has been an active player in Africa, investing heavily in various sectors and showing particular interest in mining. Taken together, these factors bolstered the continent’s HNWI population, helping it grow by 12.5 percent in 2006 and increasing its wealth by 14 per cent.

While this seems like a good answer, I’m not sure many Africans will buy it. But I don’t want to be labeled a “player hater” so I will point you to this statement by the Informed Reader:

So when it comes to business and markets, the firms that cater to the top of the high end will continue to do the best in the coming years. Think megayachts instead of yachts, beachfront estates instead of McMansions, and Bentleys and Maybachs instead of Mercedes and BMWs.

Paul Redfern adds, “The report says much of the income is spent on luxury items, art collections, jewelery and charitable causes.” Maybe this growing area will give enterprising Africans such as my Hollywood connector friend a green card to Richistan. As another hustler friend of mine said, “Don’t hate, participate” - legitimately of course.





African superrich grow richer move to Richistan - To learn more about this author, visit G Kofi Annan's Website.

Like this article? Share it with your friends

Article Feedback
 Article Feedback No article feedback found.
  Leave Your Feedback
article feedback

Article Feedback
Kim Castle
With nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website


To learn more about the Evan Elite Author Program please contact us.

About The Author


G Kofi Annan
(Visit G Kofi's Website) G. Kofi Annan is a Ghanaian creative director and strategist (cultural trends, marketing, branding) who specializes in the emerging African market. He is the principal of Anna nsi LLC, a boutique consultancy which bridges the gap between the African market and the global community. Annansi LLC produces both Annansi Chronicles and Annansi Clothing Co., a premium streetwear apparel line. Kofi is an active board member of the African Film Commission, and has appeared and been quoted in influential media outlets including Reuters, FastCompany.com, Inc. Magazine, PSFK.com, i-D Magazine, The Source Magazine, Complex.com, VH1, and BET. He is currently researching a book on the relationship between Africa’s brand image and foreign investments.

G Kofi Annan is a Gold author on EvanCarmichael.com
About The Author

View Author Blog
View Author Blog

View Author Video
View Author Video

Free Downloads


G Kofi Annan's

Complete
List Of
African-Accounts
Articles

Name
Email
If you enjoyed this article, get G Kofi Annan's Complete List of African-Accounts Articles For FREE!

More G Kofi Annan
African countries on 2007 list of 50 most desirable outsourcing destinations
Changing Brand Africa an International Trade Forum magazine feature
African fashion features on Fashion Television
Whats your Africa strategy
Quote Taking African products where theres no bias
Wall Street Journal covers African ingenuity
Tanzania launches first ever US television campaign on CNN
BETs Bob Johnson adds to the African luxury hotel surge
Annansi in Entrepreneur Magazines December issue
Hilton Hotels brings brand to Ghana
Free Downloads


 
 
 


Evan Elite Authors
Joe Dager  
Leanne Hoagland-Smith  
Dave Kurlan  
Evan Elite Authors

Become An Author
Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details.
Become An Author

Evan's Latest Video
Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media
Evan's Latest Video

Business Opportunities
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"

How to Start An Online Business

Click Here To Learn More
Business Opportunities



Evan's Newsletter
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
Name:
Email:
Evan`s Newsletter

Free Downloads
Easy Product Ideas Icon Easy Product Ideas
Optimize For Ask Checklist Icon Optimize For Ask Checklist
Goal Setting Icon Goal Setting
Article Marketing Icon Article Marketing
The Art Of Networking Icon The Art Of Networking
Free Downloads - Complete List

Entrepreneur Tools and Guides
Top 50 HR Blogs 2009
Top 50 HR Blogs 2009
Top 50 HR Blogs 2009
 
Top 50 Political Blogs
Top 50 Political Blogs
Top Political Blogs of 2009
 
Entrepreneur Tools and Guides

SEO For Africa
SEO For Africa
Vera Oreyie Benin City, Nigeria,
Vera Oreyie
Benin City, Nigeria
SEO For Africa

If I Were A Startup...
Lee Segal, >1,800% Growth in 5 Years
Lee Segal
>1,800% Growth in 5 Years
Frank Cianciulli, $2.3 to $7.5 Mil in 2 years
Frank Cianciulli
$2.3 to $7.5 Mil in 2 years
If I Were A Startup... - Complete List

Famous Entrepreneurs
John Johnson, Johnson Publishing
John Johnson
Johnson Publishing
Ron Joyce, Tim Hortons
Ron Joyce
Tim Hortons
Famous Entrepreneurs - Complete List

Entrepreneur Advice
Timothy Ferriss, 4 Hour Work Week
Timothy Ferriss
4 Hour Work Week
Paul Kedrosky, Venture Capitalist
Paul Kedrosky
Venture Capitalist
Entrepreneur Advice - Complete List

Popular Articles
(Premium Authors)

     Are you ready for the Self Managing Salesman?
By Cliff Sutton
     The Five Minute Easter Egg Miracle
By Cliff Sutton
     The Golden Rule of Communications
By Cliff Sutton

Have A Suggestion?
Toronto Salsa Classes / Toronto Salsa Lessons Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
Have A Suggestion?

More Evan Carmichael
More Information