Understanding Africa Myth 10 : All Africans are poor African Middle Class



Middle Class

  • Africa now has the fastest-growing middle class in the world.
  • Some 313 million people, 34% of Africa’s population
  • By 2060, says the bank, the number of middle-class Africans will grow to 1.1 billion (42% of the predicted population).



With over 2,000 Shopping malls, South Africa has the sixth most highest amount of shopping malls in the World. The Mall of Africa is one of the largest shopping malls in the world with an area of 500,000 square meters.




By 2060, Africans living below the poverty line will be in the minority (33%

  • NIGERIANS TOURISTS have become the third biggest foreign spenders in the United Kingdom, particularly in London, the worlds shopping capital, according to a new report. From businessweek.
  • With an average of £628 ($1147.87) per transaction, Nigerians known for their frivolous spending became the third foreign spenders after Gulf Arabs and Chinese.



Middle Class 1

A Middle Class Neighborhood in Abuja, Nigeria, Nigeria has Africa’s largest Middle Class



Many Nigerians travel to Dubai to melt their gold jewellry


5 Richest Countries in Africa


  • Equatorial Guinea $31,700



  • Since the mid-1990s, Equatorial Guinea has become one of sub-Sahara’s largest oil producers. With a population of 650,702, it is the richest country per capita in Africa
  • It is the only Spanish speaking country in Africa.
  • The Spanish they speak is Castillian Spanish the type of Spanish spoken in Spain.
  • Due to their location between French and Portuguese speaking countries many Equatorial Guineans can also speak French, Portuguese, and Fang
  • The capital is Malabo
  • Subsidized housing 2020 Blueprint Every citizen will have a house by 2020





                              Most people on the Capital Island are Bubi and Fernandinos                                                                        Most people in Mainland Guinea are Fang


Building new city



Where does EG’s Wealth come From?



EG Oil



  • Punta Europa is the biggestgas factoryin the world
  • It is the third largest oil producer in sub Saharan Africa
  • An influx of both skilled and unskilled labor into the country not only from neighboring countries like Benin but also from as far away as Latin America

EG Oil 1

Corisco Beach

EG Beach


  • Seychelles $28,000

Is an archipelago and country in the Indian Ocean. The 115-island country, whose capital is Victoria, lies 1,500 kilometres (932 mi) east of mainland East Africa. Other nearby island countries and territories include Comoros, Mayotte, Madagascar, Réunion and Mauritius to the south.

Seychelles, with a population of 90,024, has the smallest population of any independent African state;




Seychelles 3

Seychelles has the lowest unemployment rate in Africa with one percent


Tourism is main industry




  • Botswana $18,000
  • Botswana is in Southern Africa and its capital and largest city is in Gaborone



  • Since independence, Botswana has had the highest average economic growth rate in the world, averaging about 9% per year from 1966 to 1999.Partly because it is one of the largest rough diamond producers in the world.
  • It was ranked the least corrupt country in Africa
  • The government has consistently maintained budget surpluses and has extensive foreign exchange reserves.
  • The economy is also driven by beef exports – most of which are marketed throughout Europe – and a rapidly growing tourism industry.

At 13% It has the second highest atheist percentage in Africa after South Africa.


Why? Diamonds


The Jwaneng diamond mine is the richest diamond mine in the world

Diamonds 3

Debswana is the world’s leading producer of diamonds by value

Diamonds 4


A 1,111-carat diamond has been discovered in Botswana (Credit: Lucara Diamond Corp)

A 1,111-carat diamond has been discovered in Botswana (Credit: Lucara Diamond Corp)

In a stroke of good fortune, the Lucara Diamond firm discovered the world’s second-largest diamond  of gem quality in Botswana. It has a value of $67 million dollars


  • kgotlais a public meeting, community council or traditional law court, especially in villages of Botswana, usually referred to as a customary court.
  • It is usually headed by the village chief or headman, and community decisions are always arrived at by consensus. Anyone is allowed to speak, and no one may interrupt while someone is “having their say”.
  • In fact there is a Setswana saying that the highest form of war is dialogue
  • Because of this tradition, Botswana claims to be one of the world’s oldest democracies.


The custom of allowing everyone their full say is carried over into meetings of all kinds, from discussing a bill to a staff briefing, and can mean meetings last many hours.


  • Gabon $16,500
  • . Literacy rates are extremely high, which means it has some of the most competent service staff in every type of business. Libreville also enjoys a strong French influence, some of which you’ll find in the stunning architecture and monuments. And of course the beach location makes this an easy place to have fun on weekends. Property development is cropping up across the city, but still, you’re never far from gorgeous natural landscapes. In fact, the government puts aside 10 percent of total land for national parks and natural reserves – See more at: http://afkinsider.com/30353/10-livable-cities-in-africa/7/#sthash.ktnOokFd.dpuf




Gabon 1

Property development is cropping up across the city, but still, you’re never far from gorgeous natural landscapes. In fact, the government puts aside 10 percent of total land for national parks and natural reserves





  • Mauritius $16,000
  • Sometimes called the Singapore of Africa
  • Multicultural and Multiracial Country
  • Only Country with full wifi coverage
  • Home of the Dodo bird
  • Mauritius has an upper middle income economy
  • Mauritius has one of the largest Exclusive Economic Zones in the world



  • Mauritius is ranked as having the 8th most free economy in the world, and the highest score in investment freedom
  • English, French speaking and Creole

Very modern, nicest airport

Port Louis airport. One of best airports in the world


  • The Capital of Mauritius is Port Louis
  • Mauritius is the most densely populated country in Africa



  • Mauritius is a land of amazing natural beauty and is a popular tourist destination
  • Mark Twain has been quoted as saying, “You gather the idea that Mauritius was made first, and then heaven, and that heaven was copied after Mauritius.”


Mauritius is home to the seven colored Earths park

Mau 3


Royal Bafokeng Nation of South Africa

  • 300,000 people
  • Africa’s Richest tribe
  • Kgosi’s predecessors were sharp enough to acquire legal title to this land in the 19th-century and then tough enough to defend that title against the advances of the Boers, the British empire and the onslaught of apartheid.
  • Bafokeng receive annual royalties of approximately $70 million from platinum mining


  • Bafokeng receive annual royalties of approximately $70 million from platinum mining

Bafokeng 3

Why? Platinum

Bafokeng 2

the world’s largest deposits of platinum group metals, such as platinum, rhodium and palladium were discovered on Bafokeng lands. Mining companies now pay royalties to the RBN in exchange for the right to mine these metals. Also, a court settlement in 1999 with Impala Platinum Mining (Implats), the second-largest platinum company in South Africa, gave the RBN a 22 percent royalty on all platinum taken from their territory and an ownership stake in Implats. The value of the Bafokeng’s stake in Impala had tripled to more than $50 million by 2001. The Bafokeng receive annual royalties of approximately $63 million from platinum mining.

The Merensky Reef, a foot-thick layer of platinum-rich rock, is one of the richest platinum deposits in the world

Bafokeng 4


  • The RBN has established a sovereign wealth fund, Royal Bafokeng Holdings, an investment entity in Johannesburg, which is responsible for overseeing the growth and maintenance of the community’s income streams. It is considered to be Africa’s most progressive community investment model, with total assets under management at approximately $4 billion.[1] The RBN has invested royalties and dividends in a number of projects, and in civic administration and social services
  • Africa is home to 55 billionaires
  • Combined worth more than $145 billion (More than Latin America’s)
  • 25 are from Nigeria (9th largest amount in the world) alone and is home to the Richest Man in Africa Aliko Dangote who is worth $25 billion and Foluronsho Alakija who is the worlds richest Self Made Woman at $7.3 billion
  • According to Bloomberg may have up to 200 hidden billionaires



5 Richest Africans

  1. Aliko Dangote $25 million
  • Richest Man in Africa
  • Worth $25 billion
  • He started his business empire with a $3,000 loan from his uncle
  • He is the owner of the Dangote Group, which has interests in commodities with operations in his homeland and several other countries in Africa, including BeninCameroonTogoGhanaSouth Africaand Zambia.
  • It is the largest Sugar refinery in Africa and the second largest in the world, producing 800,000 tonnes of sugar annually


2. Sheik Al Amoudi  $16 billion

  • Ibornin in Ethiopia
  • He s a Saudi Arabian/Ethiopianbusinessman and billionaire who lives in Ethiopiaand Riyadh, Saudi Arabia. As of 2014, Forbeshas estimated his net worth at $15.3 billion, making him the 63rd richest person in the world. This listing also ranks him as the richest person in Ethiopia and the second richest Saudi Arabian citizen in the world.
  • Al Amoudi made his fortune in construction and real estate before branching out to buy oil refineries inSwedenand Morocco. He is said to be the largest foreign investor in both Swedenand Ethiopia.
  • He employs over 40,000 people through these companies.[4]
  • Al-Amoudi is a philanthropist and has committed funds to support healthcare and sport in Saudi Arabia, the US, Europe and Africa

3. Mike Adenuga $10.7 billion

  • Is a Nigerian business tycoon
  • His company Globacomcontrols Nigeria’s second-largest telecom operator, he also owns stakes in the Equitorial Trust Bank and oil exploration firmConoil (formerly Consolidated Oil Company)
  • A man with humble beginnings, he received his secondary school education at the Ibadan Grammar School. He worked as a taxi driver to fund his education while studying at University
  • In 1990, he received a drilling license and in 1991, his Consolidated Oil struck oil in the shallow waters of SouthwesternOndo State,
  • Later on he founded is own telecom company Globacom
  • It launched services in the Republic of Beninin 2008, and has continued its spread across Ghanaand Cote d’Ivoire, with more licences currently being prospected in other West African countries.
  • His Company employs 3,000 employees

4. Foluronsho Alakija  7.3 billion


5. Prince Arthur Eze  $ 6 billion

Eze --- otohmillar.blogspot

Prince Arthur Eze is the Nigerian oil and gas billionaire and the founder of Atlas Oranto Petroleum, a West African oil exploration company. With at least 36 oil acreages, it is the largest holder of oil exploration blocks in Africa. Eze continues to grow the number of acreages he owns. Two of his oil blocks alone produce over 100,000 barrels of crude oil per day. Atlas Oranto Petroleum owns equity and working interests in several acreages across the Gulf of Guinea, including Nigeria, Ivory Coast, Sierra Leone, Liberia, Ghana, Mali, Senegal, Equatorial Guinea, Gambia, and the Republic of Benin.

Known for his shrewd business acumen, Eze acquires acreages with significant value on the cheap, and farms out portions of those oil blocks to international oil companies for substantially higher amounts, when the values of those blocks increase.

Eze, or Ezenukpo as he is fondly called, is also a political kingmaker in his native Anambra State and a major donor to Nigeria’s ruling People’s Democratic Party (PDP). Eze often chairs fundraising for political aspirants who he supports, and gave away close to $100 million to political aspirants in the last election cycle. He is a prolific and compulsive donor. As he gets, he gives away. Eze remarked toVentures Africa that he isn’t taking anything with him when he passes on so he will give away as much as he can in the ad hoc manner he prefers.

Africa’s largest trading partners


1. China $310-$385 billion- Chinese state companies are heavily invested in the extraction of natural resources across the continent, including oil, natural gas, minerals and ores. Roughly a million Chinese have moved to the continent as part of a workforce that has built massive infrastructure projects, ranging from dams and airports to highways and railroads. Africa is also a huge market for Chinese goods, including textiles and cheap electronics. The instruction of the Chinese language is spreading in Africa, and more and more African students are electing to attend Chinese universities for their higher education. Trade with China is larger than trade with all the other countries put together


$300 million



2. EU $106 billion – Europe’s share of African trade has markedly dipped over the past two decades (as the Financial Times enumerates), and individual European nations have been slow to turn away from an aid-based policy to one more focused on trade — in other words, to follow China’s lead. Officials in Brussels are still struggling to persuade much of the continent to sign on to an Economic Partnership Agreement that would, in effect, create a free-trade area linking the continents.

EU-Africa-Lisbon-Summit.jpeg (620×396)

3. United States $100 billion –

President_Obama_Participates_in_the_U.S.-Africa_Leaders_Summit_Family_Photo.jpg (3681×1958)

4. India $90 billion – There are significant diasporic communities of Indians across the continent, particularly in South Africa and countries in East Africa. Towering Indian statesmen. including the first prime minister, Jawaharlal Nehru, found partners and kindred spirits in African independence leaders such as Ghana’s Kwame Nkrumah.

The importance of that moral and political solidarity may have faded, but India’s trying aggressively to beef up its economic interests in Africa. Indian officials forecast that combined trade with the continent will eclipse $100 billion by next year. Africa accounts for roughly a 10th of India’s imports. India, like China, is investing in oil exploration projects from South Africa to Libya. The insatiable Indian appetite for jewelry makes mineral-rich Africa a vital source of gold, diamonds and other precious stones. Leading Indian telecom firms have controlling stakes in various parts of Africa.

Unlike the presence of China’s vast state companies, most of India’s dealings in the region are conducted via small or medium private businesses — this means, in many cases, that Indian enterprise is far more integrated into the local African economies than that of China

India.Africa.9.jpg (280×170)

5. Brazil $30 billion – Brazil is technically the most “African” country outside Africa and, as the world’s largest Portuguese-speaking country, has natural cause for ties with dynamic, Lusophone nations on the African continent. Under the administration of President Luiz Inácio Lula da Silva, who left office in 2011, Brazil noticeably expanded its footprint. In 2010, Lula referred to his country’s “historic debt” to the continent; more than 10 times as many African slaves were brought to Brazil than to the United States during the grim decades of that transatlantic trade.Brazil has 37 embassies in Africa, giving it one of the largest diplomatic presences in the continent. Brasilia, meanwhile, is home to the largest number of African missions in the Southern Hemisphere, according to the Financial Times. Brazil’s annual trade with Africa is around $30 billion —an improvement from less than $5 billion in 2000. Brazilian companies are employing thousands in construction in Angola, investing in coal mines in Mozambique, laying new fiber-optic cable across the ocean floor to West Africa and helping finance a whole slate of development projects from Kenya to Guinea-Bissau. Growing numbers of African students, particularly from Portuguese-speaking nations, are enrolling in Brazilian universities.

sa-brazil13art.jpg (400×266)

Honorable Mention

6. Turkey $25 billion – In 2002, Turkey’s total trade with Africa was less than $3 billion. Today, the trade volume has reached $25 billion. Turkish Airlines flies to about 40 points in more than 30 African countries. The first Turkey-Africa Media Forum held in May 2012 in Ankara brought together over 300 African journalists from 54 African countries. Hundreds of Turkey scholarships have been offered to African students over the last 10 years. Turkey’s strategic partnership with Africa is in line with Turkey’s multi-dimensional foreign policy outlook. It is also in tune with the perspective of “African solutions to African problems” – a perspective that seeks to overcome Africa’s colonialist history without creating new types of colonialism and political and economic dependence.

Through the Confederation of Businessmen and Industrialists of Turkey (TUSKON) several Turkish entrepreneurs have sealed business deals on the continent. Similarly, TUSKON has been instrumental in taking African businessmen to Turkey.
There has been an explosion in the number of Turkish tourists visiting Africa. Turkey is also making inroads in education sector with over 100 Turkish schools in 34 African countries and plans are there to set up universities.   According to Prof. Kamer Kasim an expert at the International Strategic Research Organization, Africa provides new market opportunities
tuskon-31.jpg (525×350)

Africa vote crucial for Turkey’s UN seat 



African real estate




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