Why no African made the list of the world’s 106 billionaires of the millennium
No citizen of an African country has made the list of the 106 richest millennial billionaires in the world, according to analysis of the latest data on millennial billionaires released by Visual Capitalist.
Visual Capitalist, which used the data from Forbes, said: “Of these ultra-rich individuals, just over 100 are millennials, born between 1981 and 1996. This young generation makes up about 3.8% of all billionaires. in the world.
Africa, whose countries have a combined gross domestic product of $ 2.6 trillion, is home to 1.31 billion people in 54 countries. In the list, none of the youngest generation of billionaires in the world is from Africa.
Not that the entire continent is so poor, as some of the countries that produced these millennial billionaires are not as big as some African countries when ranked by GDP.
For example, Hong Kong, Ireland, Denmark, Singapore and Colombia have their citizens on the list, but in terms of gross domestic product, they are not as big as Nigeria and South Africa ranked by Worldometers like the 30th and 32nd largest countries in the world.
“It is essentially about the environment and African countries have similar characteristics. It’s about our education system, our safety, our regulators and our leadership, among others, ”said Tomi Wale, Creative Director of Getupinc, a millennial-focused organization.
“If you plant a seed in the correct soil, it will germinate and flower. This soil is not in Africa, especially Nigeria. Due to the frustrating environment, Nigerian millennials have now made Canada their home, ”said Wale.
The 106 millennial billionaires have a combined wealth of $ 573.1 billion, with a median age of 35.6 years, and 71.6% of that wealth is concentrated in the United States of America and China. The youngest of them is Alexandra Andresen, a 24-year-old Norwegian worth $ 1.4 billion, whose investment is in diversified businesses, while the oldest is David Chen, a Singaporean from $ 2.4 billion worth, who is interested in media and entertainment, and Paul Sciarra, a $ 2.9 billion American, who is interested in technology. Chen and Sciarra are each 40 years old.
By producing 33 Millennial Billionaires, the United States accounts for $ 266.7 billion of the wealth of the youngest billionaires, or 46.5% of the total wealth of the 106 Millennial Billionaires. China produces 22 of them, with a combined wealth of $ 143.8 billion, or 25.1% of the total wealth controlled by the individuals studied. The United States also has an advantage over China in that the average age of American millennial billionaires is 35.6 years while that of China is 36.9 years.
Germany produces eight millennial billionaires with a combined wealth of $ 11.7 million, which is 2% of total wealth. Their average age is 35.1 years.
Brazil, Russia and Sweden each have five millennial billionaires. The combined wealth of Brazil’s youngest billionaires is $ 24.7 billion, or 4.3% of total wealth. The five youngest Russian billionaires control 6.4% of the total wealth which stands at $ 36.8 billion, while the five Swedish millennial billionaires control 2.4% of the total wealth of the 106 billionaires of the millennium, which amounts to $ 13.9 billion.
The average age of Brazil is 35.4 years; The average age of Russians is 35, while Swedes are on average 38.
Hong Kong and Norway each have four millennial billionaires, with combined wealth of $ 9.9 billion and $ 9.8 billion, along with an average age of 34.3 and 28.3, respectively.
Australia, Canada, Denmark and India each have three Millennium Billionaires. With a median age of 33, the combined wealth of Australians is $ 5.2 billion, which is 0.9% of total wealth. Millennial billionaires in Canada have a median age of 36, with a combined wealth of $ 6.8 billion, representing 1.2% of total wealth.
Denmark’s millennial billionaires made their fortunes in manufacturing, fashion and retail. With a median age of 34, their combined wealth is $ 11.3 billion, or 2% of total wealth.
Millennial billionaires in India are worth $ 4.8 billion, which is 0.8% of the total wealth of the world’s 106 millennial billionaires. Their median age is 38.7 years.
Ireland has two millennial billionaires with a combined value of $ 6.4 billion, which is 1.1% of total wealth. Others like Colombia, Finland, Singapore, Switzerland, Turkey, and the UK each have one.
By economic sector, 34 of the 106 billionaires of the millennium drew their wealth from technology, 15 from finance and investments, 10 from media and entertainment, eight from automobiles, seven from fashion and retail, six each from diversified, healthcare and manufacturing, five from real estate, three from metals and mining, and two each from food and beverage, energy and services.