African billionaires, in addition to being extremely wealthy, have years of experience making money, which they now follow as rules. These rules have aided in the preservation and growth of their wealth.
According to the Bloomberg Billionaire index, Aliko Dangote is the richest person in Africa, with a net worth of $19 billion. Despite the various economic headwinds that the world market was experiencing, such as inflation, he, like many others, saw a gain in wealth.
Here are some African billionaires who share their money rules and business principles.
Invest instead of saving in banks – Aliko Dangote
Aliko Dangote is Nigeria’s and Africa’s richest man. He attained this position through sound financial decisions.
He kept the top spot on the list of African billionaires by adhering to his financial principles. His driving force has been his belief in reinvesting his profits back into his businesses. As a result, he is now worth billions of naira, and the brand continues to dominate.
One of the pieces of money advice he shared was that ‘‘Dangote Group are not doing like other Africans who keep most of their money in the bank. We do not keep money in the bank. We fully invest whatever we have, and we keep investing”.
He also has two money principles that he never violates when investing. He said, “First, I only enter a business that I can fully understand. I never enter a business that is not clear to me.”
The second principle is that I have to be able to become number one or, at worst, number two in that business.
Have a saving culture – Tony Elumelu
Tony Elumelu, a Nigerian businessman, economist, and philanthropist, promotes entrepreneurship in Nigeria and throughout Africa. Elumelu’s saving culture is one of the factors that has contributed to his financial success.
This inspired one of his famous sayings, “If I didn’t save from earning one dollar, I would not save even if I earned $1bn”. This money rule shaped him into having a disciplined mindset of not spending all but saving more.”
Save and be frugal with your spending – Strive Masiyiwa
According to the Zimbabwean billionaire, he learned the most important lessons about money from his mother, including how to save and be frugal with his spending habits.
He said;
My mother would be quick to rebuke me if I did anything that was “showy”, or an attempt to impress others.
Not because they lacked money, but because it was the best money rule to develop. He said;
Years later, I discovered that the old lady could easily have bought herself a Mercedes anytime; she was just frugal!.
