This is not surprising considering that in its 2014 Wealth Report, Knight Frank stated that the continent’s ultra high net worth individuals would rise by 53 per cent in the next decade. Nigeria, the country that has taken the rest of the continent by storm and having dislodged South Africa on the economic front, has some of the most extravagant spenders. The super-rich in the capital Abuja will not wince twice while buying a four-bedroom duplex for more than Sh340 million. Most expensive car Curiously, the high cost of living in Abuja is partly attributed to poor infrastructure. Still, Ventures states: “Ferraris, McLarens and Lamborghinis have been seen on its (Abuja’s) roads, with local bloggers also claiming to have spotted a Bugatti Veyron, the world’s most expensive car at $2.4 million (Sh206 million) apiece.” The construction sector continues to excite the continent’s super rich. Take Aliko Dangote, Africa’s wealthiest man, whom everyone on the continent wishes to court. With a net worth of Sh1.73 trillion ($20.2 billion) Dangote can fund Kenya’s entire budget for a whole year and have some change to spare. But he doesn’t have to. During a visit to Nigeria two months ago by a Kenyan delegation led by Deputy President William Ruto, Dangote expressed his desire to build a cement factory to the tune of Sh35 billion. The 43rd richest man in the world expressed optimism that prerequisite licences would be issued for the rollout to commence.
How Africa Billionaires spent their money
Africa has been touted as the new playground for world billionaires, with the number of foreign investors angling to get a slice of the huge development pie continuing to rise daily. In Kenya, this has been validated by the fact that almost all the mega real estate projects have an element of foreign ownership. Currently, the continent is building up a select club of billionaires that is giving the world’s wealthiest a run for their money. What has not been in the public domain, though, is how they privately use their immense wealth apart from the known investments. According to the March 2014 issue of Ventures Africa, some of the continent’s super-rich have no problem buying a private jet worth Sh3.9 billion or spending more than Sh10 million on a small family burial site. And this on a continent hosting the world’s poorest. “Like their international brethren, despite the struggles of their poor neighbours, the region’s rich have no compunction about flashing their fancy cars, fleets of private jets, tickets to outer space, lavish weddings and exclusive and extravagant real estate,” states the magazine.
This is not surprising considering that in its 2014 Wealth Report, Knight Frank stated that the continent’s ultra high net worth individuals would rise by 53 per cent in the next decade. Nigeria, the country that has taken the rest of the continent by storm and having dislodged South Africa on the economic front, has some of the most extravagant spenders. The super-rich in the capital Abuja will not wince twice while buying a four-bedroom duplex for more than Sh340 million. Most expensive car Curiously, the high cost of living in Abuja is partly attributed to poor infrastructure. Still, Ventures states: “Ferraris, McLarens and Lamborghinis have been seen on its (Abuja’s) roads, with local bloggers also claiming to have spotted a Bugatti Veyron, the world’s most expensive car at $2.4 million (Sh206 million) apiece.” The construction sector continues to excite the continent’s super rich. Take Aliko Dangote, Africa’s wealthiest man, whom everyone on the continent wishes to court. With a net worth of Sh1.73 trillion ($20.2 billion) Dangote can fund Kenya’s entire budget for a whole year and have some change to spare. But he doesn’t have to. During a visit to Nigeria two months ago by a Kenyan delegation led by Deputy President William Ruto, Dangote expressed his desire to build a cement factory to the tune of Sh35 billion. The 43rd richest man in the world expressed optimism that prerequisite licences would be issued for the rollout to commence.
This is not surprising considering that in its 2014 Wealth Report, Knight Frank stated that the continent’s ultra high net worth individuals would rise by 53 per cent in the next decade. Nigeria, the country that has taken the rest of the continent by storm and having dislodged South Africa on the economic front, has some of the most extravagant spenders. The super-rich in the capital Abuja will not wince twice while buying a four-bedroom duplex for more than Sh340 million. Most expensive car Curiously, the high cost of living in Abuja is partly attributed to poor infrastructure. Still, Ventures states: “Ferraris, McLarens and Lamborghinis have been seen on its (Abuja’s) roads, with local bloggers also claiming to have spotted a Bugatti Veyron, the world’s most expensive car at $2.4 million (Sh206 million) apiece.” The construction sector continues to excite the continent’s super rich. Take Aliko Dangote, Africa’s wealthiest man, whom everyone on the continent wishes to court. With a net worth of Sh1.73 trillion ($20.2 billion) Dangote can fund Kenya’s entire budget for a whole year and have some change to spare. But he doesn’t have to. During a visit to Nigeria two months ago by a Kenyan delegation led by Deputy President William Ruto, Dangote expressed his desire to build a cement factory to the tune of Sh35 billion. The 43rd richest man in the world expressed optimism that prerequisite licences would be issued for the rollout to commence.
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