Why no African made 106 global millennial billionaires’ list
No citizen of an African country made the list of 106 richest millennial billionaires in the world, analysis of the latest data on millennial billionaires published by Visual Capitalist shows.
Visual Capitalist, which used data from Forbes, said, “Of these ultra-wealthy individuals, just over 100 are millennials, born between the years 1981 and 1996. This young generation represents around 3.8% of all billionaires on a global basis.”
Africa, whose countries have a combined gross domestic product to the tune of $2.6 trillion, is home to 1.31 billion individuals spread across 54 countries. From the list, no single individual among the youngest generation of billionaires worldwide is from Africa.
Not that the entire continent is that poor, because some of the countries that produced these millennial billionaires are not as big as some African countries when ranked by GDP.
For instance, Hong Kong, Ireland, Denmark, Singapore and Colombia have their citizens on the list, but by gross domestic product, they are not as big as Nigeria and South Africa ranked by Worldometers as the 30th and 32nd biggest countries in the world.
“It is basically about the environment and African countries have similar characteristics. It is about our education system, security, regulatory bodies, and leadership, among others,” said Tomi Wale, creative director, Getupinc, a millennial-centric organisation.
“If you plant a seed in the appropriate soil, it will sprout and blossom. That soil is not in Africa, particularly Nigeria. Due to the frustrating environment, Nigerian millennials have now made Canada their home,” Wale said.
The 106 millennial billionaires have a combined wealth of $573.1 billion, with a median age of 35.6 years, and 71.6 percent of this wealth is concentrated in the United States of America and China. The youngest among them is Alexandra Andresen, a Norwegian, aged 24 years and worth $1.4 billion, whose investment interest is in diversified businesses, while the oldest are David Chen, a Singaporean worth $2.4 billion, who has interest in media and entertainment, and Paul Sciarra, an American worth $2.9 billion, who has interest in technology. Both Chen and Sciarra are each aged 40 years old.
By producing 33 millennial billionaires, the US accounts for $266.7 billion of the youngest billionaires’ wealth, representing 46.5 percent of the total 106 millennial billionaires’ wealth. China produces 22, with a combined wealth of $143.8 billion, representing 25.1 percent of the total wealth controlled by the individuals under study. The United States also has an edge over China in the sense that US millennial billionaires’ average age is 35.6 years while China’s is 36.9 years old.
Germany produces eight millennial billionaires with a combined wealth of $11.7 billion, which represents 2 percent of the total wealth. Their average age is 35.1 years.
Brazil, Russia and Sweden have five millennial billionaires each. The combined wealth of the youngest billionaires from Brazil is $24.7 billion, representing 4.3 percent of the total wealth. The five youngest billionaires from Russia control 6.4 percent of the total wealth which amounts to $36.8 billion, while Sweden’s five millennial billionaires control 2.4 percent of the total wealth of the 106 millennial billionaires, amounting to $13.9 billion.
Brazil’s average age is 35.4 years old; Russia’s average age is 35 years, while those from Sweden are aged 38 years on average.
Hong Kong and Norway have four millennial billionaires each, with a combined wealth of $9.9 billion and $9.8 billion, as well as an average age of 34.3 years and 28.3 years, respectively.
Australia, Canada, Denmark and India have three millennial billionaires each. With a median age of 33 years, the combined wealth of those from Australia is $5.2 billion, representing 0.9 percent of the total wealth. Canada’s millennial billionaires have a median age of 36 years, with combined wealth of $6.8 billion, which amounts to 1.2 percent of the total wealth.
Denmark’s millennial billionaires made their fortunes from manufacturing, fashion and retail. With a median age of 34 years, their combined wealth is $11.3 billion, representing 2 percent of the total wealth.
India’s millennial billionaires are worth $4.8 billion, which represents 0.8 percent of the total wealth of the 106 millennial billionaires worldwide. Their median age is 38.7 years.
Ireland has two millennial billionaires with a combined worth of $6.4 billion, which represents 1.1 percent of the total wealth. Others such as Colombia, Finland, Singapore, Switzerland, Turkey and the United Kingdom have one each.
By economic sectors, 34 of the 106 millennial billionaires made their wealth from technology, 15 from finance and investments, 10 from media and entertainment, eight from automotive, seven from fashion and retail, six each from diversified sectors, healthcare, and manufacturing, five from real estate, three from metals and mining, and two each from food and beverages, energy, and services.