The World Bank and IMF have concluded their spring meetings, but questions remain on China, lending capacity, and balancing the interests of rich and poor countries.

NETmunidal+10 conference held; FCC fines phone carriers; U.S. announces HIPAA amendment; EU police release statement opposing encryption; WhatsApp threatens to leave India.

Rich people are everywhere, and they can have something to say about the level of economic development in their home countries. Afrasia Bank and New World Wealth have just published the 2019 Africa Wealth Report, which includes North Africa and African island states in the Atlantic and Indian Oceans. It identifies the continent’s six wealthiest cities, defined as total individual private wealth—equities, real estate, businesses—less liabilities. They are Johannesburg, Cape Town, Cairo, Lagos, Durban, and Nairobi.

At a business breakfast on February 7, Doyin Salami pointed out the elephant in the living room of Nigeria’s economy. The country is not oil rich; rather it is oil dependent. He asked attendees to acknowledge this distinction.