Browsing: Forbes

• The capitalist class consists of less than 1% of the richest individuals in the world.
• These members of the capitalist class are worth a collective US$ 12 trillion. This is according to Forbes magazine which profiles the members of this exclusive club.

Less than 1% of the global population consists of the world’s wealthiest individuals. In 2022, there were fewer billionaires than in the previous year. When compared to the rest of the globe, Africa’s list of billionaires is relatively static. It is economically advantageous to have more billionaires than none. An economy is seen to be progressing if there are more billionaires than before.

• It is desirable for a country to have a growing number of members of the capitalist class among its population.
• It is a positive sign of economic growth when the number of billionaires are increasing in a country.
• To be a member of the capitalist

• Elon Musk, Tesla, and SpaceX command a cult following from legions of fans worldwide.
• Musk’s fortune tumbled by a staggering 60% in 2022 according to reports by Forbes and Guinness.
• Forbes magazine broke the news that Musk, the Tesla boss was no long the wealthiest person on the planet. He lost this position to Bernard Arnault of LVHM.

The billionaire’s interest in electric car maker lost more than half of its value in 2022 as shares in Tesla lost over 60% according to a report by Forbes which was quickly adopted by Guinness. Amazingly, despite the substantial loss of value of Musk’s Tesla shares he is still the second wealthiest person on the planet.

This is likely attributable to the high valuation that the market still attaches to the electric car manufacturer’s shares. Shares of the EV company began to tumble when investor’s lost confidence in the billionaire’s ability to …

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.…

Patrice Thlopane Motsepe has entrepreneurship baked in his bones.

It seems the South African born mining magnate has natural instincts for enterprise.

Looking at his accomplishments in the mining industry and business world its not hard to imagine that he possesses the so called “animal spirits” that renowned British economist John Maynard Keynes said drives entrepreneurs and causes them to see opportunities for value where others cannot.

• Patrice Motsepe is a South African billionaire who has made a fortune estimated by Forbes to be in the region of US$ 2.6 billion.
• His fortune has come from investments in the mining industry through a company he founded in 1997 called African Rainbow Minerals Limited.
• African Rainbow Minerals is involved in the mining of gold, platinum, coal, ferrous and base metals.

According to Forbes, Motsepe’s personal fortune is estimated to be in the region of US$ 2.6 billion. Motsepe founded and …

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 …

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.…

Starting on 24th to 28th April 2022, the world’s most elite young entrepreneurs and specific industries’ game-changers will attend the meeting, which will be held in Botswana.

Among the participants, a third will come from the 30 Under 30 Africa community, the other third from Botswana, and the final third from the Forbes 30 Under 30 community globally.

The Summit will begin in Gaborone, Botswana’s capital city. It will be inaugurated by a speech from the country’s government, venture capital, and business role models, inspiring the next generation of leaders.

The Summit will also house local performers, chefs and entrepreneurs, giving the experience of sounds, cuisine and staples of local culture while engaging in unbeatable networking and pitching opportunities.…

Folorunso Alakija has been dropped from Nigeria’s Forbes list of dollar- billionaires for a second year in a row according to a statement released by Forbes 2021 world billionaires on Tuesday.

The Nigerian Africa Billionaire businesswoman is involved in the fashion, Oil, real estate and printing industries. She is currently the group managing director of The Rose of Sharon  Group which consists of The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited and the executive vice-chairman of Famfa Oil Limited.

Nigeria the most populous country in Africa and the seventh most populous in the world with an estimation of 206 million inhabitants as of late 2019 with the largest economy in Africa has only three dollar-billionaires now.

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The current world dollar-billionaires in Nigeria according to Forbes are Chairman of Dangote group that spans a range …

Tanzanian billionaire businessman and owner of MeTL Group, a Tanzanian conglomerate Mohammed Dewji has been appointed by South African Cyril Ramaphosa as his Investment advisor.

Mr Dewji, a former CCM politician also known as ‘Mo’ will sit on President Ramaphosa’s investment advisory council, for a period of three years.

In a statement released on April 7 by MeTL says that Mr. Dewji together with other colleagues appointed on the Investment advisory council will be responsible for the development and implementation of strategies and programs to attract and retain domestic as well as foreign direct investment to the Republic of South Africa.

In 2019 South Africa’s president Cyril Ramaphosa visited Tanzania to meet with his Tanzanian counterpart to deepen and strengthen economic ties through expanded trade and investment marking a decade long cooperation between the two Nations.

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South Africa is …

Serena Hotels and Resort, a leading global hospitality brands with prominence in East Africa has partnered with a Forbes feted travel-tech company INTELITY to launch a mobile app to promote easy bookings.

The upscale hospitality brand, best known for its unique collection of luxury hotels, resorts, and safari lodges within East Africa, Mozambique, and Asia, will partner with INTELITY to build a custom, richly branded mobile experience for their guests.

Serena Hotels’ new brand app will enable guests to book and manage reservations, check-in (and out), and download a mobile room key directly to their smartphone. Additionally, the app will support service requests, mobile dining orders, messaging with staff, and local and property information, while easy access to amenities will simplify the booking process for spa, dining, and tours. From an operations perspective, INTELITY’s staff-facing dashboard collects and streamlines workflows, tracks all activity, and offers real-time operational insights with built-in …