Browsing: Billionaires

Anatomy of a Billionaire

The reduction in the world population of billionaires was down to war, the pandemic, and what Forbes described as sluggish markets. All the billionaires of the world are collectively worth US$ 12.7 trillion dollars!

For perspective, if the common market that AfCFTA area aims to achieve in Africa is realized, it would be worth one-third of the collective wealth of the world’s global billionaires.

The wealth of the 2,668 billionaires collectively is 4 times higher than China’s foreign exchange reserves. As spectacular as this may sound this collective number of the wealth of billionaires is US$ 400 billion lower than the collective tally for 2021.

His fortune is estimated to be worth a staggering US$148 billion. He is second only to Tesla founder and eccentric billionaire Elon Musk. Very interesting to note is the fact that the rise of Adani into the high stakes of global wealth is also the first time that two of the wealthiest individuals in the world are from countries that comprise the BRICS nations.

Though now a US citizen, Elon Musk has South African heritage, and Adani is an Indian national.

That two of the richest men in the world are from BRICS countries is indicative of the emergence of the bloc. Adani is the first person of Indian descent to occupy the position. Adani is the chairman of the Adani Group, which operates a litany of businesses in coal mining, infrastructure, and thermal power generation. His companies also operate private airports and firms. According to media reports, Adani’s wealth began to surge at the beginning of this year when he was ranked 14th on the Bloomberg Billionaires Index.

Right across the financial divide, the company reported strongly. Even more remarkable and unprecedented, the Nigerian cement company declared a dividend of N$ 2.61, which was paid instantly during the shareholders’ meeting. This is not something that often happens, if at all.

Normally a company declares a dividend, and then what follows is a process where shareholders are notified by either their stockbrokers, the company itself or the press of the dividend on offer and which shareholders are eligible for the payout, usually those shareholders who are on the company’s record on or before a specific date. This was not the case at the BUA Cement Limited shareholder’s meeting.

The dividend was declared during the meeting and was paid to shareholders before they left the auditorium where they were gathered.

The African continent has been portrayed in most literature as the “Dark Continent”, with not many expectations from it. This degrading view is slowly fading from the trending news globally, as the continent continues to headline great achievements. 

 

There has not been a shortage of millionaires as well, with new six-figure worth individuals being added each year impacting the socio-economic outlook on the continent.