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African Billionaires Flourish as Population Explosion Starves Masses

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African Billionaires Flourish as Population Explosion Starves Masses
[ Business]

If you want to know why humanity fails and succeeds, just compare Africa, a continent of 1.2 billion people on one side and China, a continental size country of 1.35 billion on the other.

In 1980, freshly liberated from the communist tyranny rule of Chairman Mao, China was so impoverished that measured on a per-capita income basis it was at the bottom in international rankings. Even Sub-Saharan Africa’s per-capita income was more than 3-times that of Red China.

In 1980, China was the poorest nation, far behind Africans, in income per capita (PPP basis).


Fast forward 32 years later and the landscape of prosperity appears completely reversed. China’s per-capita income in 2012 was 4-times that of Sub-Saharan Africa, a monumental achievement in no small part due to unprecedented efforts by Chinese family planning authorities to curb unsustainable fertility rates and market capitalism introduced by Deng Xiaoping, Mao’s successor.

And now comes another displeasing revelation on the state of inequality in Africa. As the number of billionaires are soaring, the continent is left trailing in most measures of human development, with population explosion constricting its teaming masses from reaching their full potential.

Ventures Africa, a pan-African bi-monthly print magazine and a daily online business news service, reports that Africa today has as many as 55 billionaires, with a combined fortune of $143.88 billion.

Nigeria, where Christian-Muslim sectarian conflict and explosive fertility rate have taken a high toll on human dignity and standard of living, leads the pack with 20 billionaires, followed by crime-ridden South Africa with 9-billionaires, and an increasingly politically unstable Egypt with 8 billionaires.

Altogether, there are 10 African countries on the list, with Algeria, Angola, Zimbabwe and Swaziland part of the select club.

One bright note worth mentioning is that a tiny minority of billionaires have made their fortunes in construction and retail, two sectors which are essential in helping African economic base diversify from its tragic dependence on mining and resource extraction.

Fertility Rates (births/women), rapidly declined in China, but are unsustainable in Africa and India.

So what advice can one give to the African and global billionaires to improve humanity’s future? Perhaps invest some of their billions towards family planning, long term contraception, and women’s education in Africa and Indian Subcontinent.

When fertility rates will resemble those of China, adequate human capital accumulation and prosperity will not be far behind.

[images from world bank via google visualizer]

African Billionaires Flourish as Population Explosion Starves Masses
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  • fellow citizen

    To compare a continent to a country is not a fair or accurate comparisons. There are 53 individual countries in Africa, many with different styles of government. There is only 1 country in China. China.

    What a horrible and ridiculous comparison. Do you have an ulterior motive?

    • Andy May

      You need to read the article carefully. American constitution enshrines your right to your opinions, but not your own “facts”!

      “Styles of government” are less important than policies, good or bad.

      China may be 1 country, but it has 56 ethnic groups, several languages and dialects, 4 currencies (Yuan, Taiwan Dollar, Macanese Pataka and HK dollar), 34 administrative divisions.

      Even China’s “one child policy” varies across provinces, rural/urban boundaries, and ethnic groups.

      Besides, Africa has African Union, which exerts a unifying influence.

      In social sciences you cannot have perfect comparisons and analogies. Comparing Africa and China is fair and valid, not ridiculous. Comparing Taiwan with 60 times larger China, which many researchers do, is rather ridiculous.

  • Mercy for People

    There needs to be a greater emphasis on helping the poor of this world. God will bless any nation that helps the poor. I assure you of this. It is our obligation as human beings to help one another.

    Mercy is a wonderful thing. Most all of us want it given to us and we should give it to others.

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