More billionaires in Africa than we thought? Big Deal

The real question should be "why aren't there more?"

An African business magazine has just revealed that there are 55 billionaires in Africa. Ventures magazine realised the findings with great acclamation, prompting incredulity from its title "Many more African billionaires than previously thought".

While you might be surprised to hear that there are billionaires in a continent of famine and floods, coups and corruption, don’t be. Though the famine, floods, coups and corruption are all real, the over-reporting of them with respect to other African issues leaves us with the "African stereotype".  In actual fact, with exploits of Chinese investment, truckloads of aid and buckets of oil, diamonds and gold, the real question should be: Why are there not more billionaires in Africa?

To put this into perspective, Russia, a country of similar size to the continent, which also suffers corruption, though perhaps not coups, has 92 billionaires according to WealthInsight.

"The problem with Africa..." begins many a conversation of the continent, but in terms of wealth, the problem is exodus. Many of Africa’s wealthy, it seems, would rather live in Europe. Of the Ventures top 10 lists, at least two live in Europe, perhaps more. The real story, then, is not how many billionaires there are in Africa, but how many African billionaires there are out of Africa.

To answer this question, start looking in Paris, where French prosecutors are investigating assets held by rulers and their entourages of at least half a dozen tin-pot republics. 11 supercars (including a conspicuous white convertible Rolls Royce coupé) were seized from the son of President Teodoro Obiang of Equatorial Guinea, who faces corruption charges in the US. 39 properties in Paris and the south of France are now known to belong to family and associates of the late president Omar Bongo of Gabon. And finally, 112 French bank accounts have been traced back to President Denis Sassou Nguesso of Congo (Brazzaville). 

While supercars and villas symbolise wealthy African’s penchant to show off, they are a minority. What is more worrying are the amount of transactions between African states and offshore centres. Africa is booming and investors know it – foreign direct investment (FDI) has more than doubled in the past 10 years – but with offshore centres negotiating investor protection the tax reward is minimised. Offshore financing may be fast becoming a taboo in Europe, but in Africa it’s by-the-by. Dubai, Singapore, The Seychelles and Mauritius are the offshore equivalents to Africa as Guernsey and Jersey are to us.

Any criticism of wealth not "trickling down" to the poor, as highlighted in a recent Afrobarometer survey, should therefore target those taking money out of the continent, rather than those within.

That there are 55 billionaires in Africa is no surprise, the quantity of billionaires is a good barometer of wider wealth. But if there are "Many more African billionaires than previously thought", it’s not in Africa, it’s out of Africa.

Photograph: Getty Images

Oliver Williams is an analyst at WealthInsight and writes for VRL Financial News

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The joy of only winning once: why England should be proud of 1966

We feel the glory of that triumphant moment, 50 years ago, all the more because of all the other occasions when we have failed to win.

There’s a phrase in football that I really hate. It used to be “Thirty years of hurt”. Each time the England team crashes out of a major tournament it gets regurgitated with extra years added. Rather predictably, when England lost to Iceland in Euro 2016, it became “Fifty years of hurt”. We’ve never won the European Championship and in 17 attempts to win the World Cup we have only won once. I’m going to tell you why that’s a record to cherish.

I was seven in 1966. Our telly was broken so I had to watch the World Cup final with a neighbour. I sat squeezed on my friend Colin’s settee as his dad cheered on England with phrases like “Sock it to them Bobby”, as old fashioned now as a football rattle. When England took the lead for the second time I remember thinking, what will it feel like, when we English are actually Champions of the World. Not long after I knew. It felt good.

Wembley Stadium, 30 July 1966, was our only ever World Cup win. But let’s imagine what it would be like if, as with our rivals, we’d won it many times? Brazil have been World Champions on five occasions, Germany four, and Italy four. Most England fans would be “over the moon” if they could boast a similarly glorious record. They’re wrong. I believe it’s wonderful that we’ve only triumphed once. We all share that one single powerful memory. Sometimes in life less is definitely more.

Something extraordinary has happened. Few of us are even old enough to remember, but somehow, we all know everything that happened that day. Even if you care little about the beautiful game, I’m going to bet that you can recall as many as five iconic moments from 50 years ago. You will have clearly in your mind the BBC commentator Kenneth Wolstenholme’s famous lines, as Geoff Hurst tore down the pitch to score his hat-trick: “Some people are on the pitch. They think it’s all over. It is now”. And it was. 4 - 2 to England against West Germany. Thirty minutes earlier the Germans had equalised in the dying moments of the second half to take the game to extra time.

More drama we all share: Geoff Hurst’s second goal. Or the goal that wasn’t, as technology has since, I think, conclusively proved. The shot that crashed off the cross bar and did or didn’t cross the line. Of course, even if you weren’t alive at the time, you will know that the linesman, one Tofiq Bakhramov, from Azerbaijan (often incorrectly referred to as “Russian”) could speak not a word of English, signalled it as a goal.

Then there’s the England Captain, the oh-so-young and handsome Bobby Moore. The very embodiment of the era. You can picture him now wiping his muddy hands on his white shorts before he shakes hands with a youthful Queen Elizabeth. Later you see him lifted aloft by his team mates holding the small golden Jules Rimet trophy.

How incredible, how simply marvellous that as a nation we share such golden memories. How sad for the Brazilians and Germans. Their more numerous triumphs are dissipated through the generations. In those countries each generation will remember each victory but not with the intensity with which we English still celebrate 1966. It’s as if sex was best the first time. The first cut is the deepest.

On Colin’s dad’s TV the pictures were black and white and so were the flags. Recently I looked at the full colour Pathe newsreel of the game. It’s the red, white and blue of the Union Jack that dominates. The red cross of Saint George didn’t really come into prominence until the Nineties. The left don’t like flags much, unless they’re “deepest red”. Certainly not the Union Flag. It smacks of imperialism perhaps. In 1966 we didn’t seem to know if we were English or British. Maybe there was, and still is, something admirable and casual about not knowing who we are or what is our proper flag. 

Twelve years later I’m in Cuba at the “World Festival of Youth” – the only occasion I’ve represented my country. It was my chance to march into a stadium under my nation’s flag. Sadly, it never happened as my fellow delegates argued for hours over what, if any, flag we British should walk behind. The delegation leaders – you will have heard of them now, but they were young and unknown then – Peter Mandelson, Trevor Phillips and Charles Clarke, had to find a way out of this impasse. In the end, each delegation walked into the stadium behind their flag, except the British. Poor Mandelson stood alone for hours holding Union Jack, sweltering in the tropical sun. No other country seemed to have a problem with their flag. I guess theirs speak of revolution; ours of colonialism.

On Saturday 30 July BBC Radio 2 will commemorate the 50th anniversary of the 1966 World Cup Final, live from Wembley Arena. Such a celebration is only possible because on 16 occasions we failed to win that trophy. Let’s banish this idea of “Fifty years of hurt” once and for all and embrace the joy of only winning once.

Phil Jones edits the Jeremy Vine Show on BBC Radio 2. On Saturday 30 July the station celebrates the 50th anniversary of the 1966 World Cup Final live from Wembley Arena, telling the story of football’s most famous match, minute by minuteTickets are available from: www.wc66.org