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October 10, 2019

Sub-Saharan Africa
Rich People and Wealth in Africa

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.

Visitors walk past a reception with an electronic board displaying movements in major indices at the Johannesburg Stock Exchange building

February 13, 2019

Nigeria Is Oil Dependent, not Oil Rich

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.


May 23, 2018

Nigeria's Dangote, Africa's Richest Person, Became Rich at Home

Outside of business and financial circles, Dangote is not well known in the United States. Perhaps that is largely because his business interests—banking, cement, sugar, salt, agriculture, and manufacturing—are centered in Nigeria and Africa rather than overseas.


March 27, 2014

Sub-Saharan Africa
Really, Really Rich People in Africa

According to Forbes, the first African ever has entered into the “top 25” of the world’s billionaires. He is Aliko Dangote, number 23. Forbes says that his net worth is now U.S. $25 billion up from $…


April 13, 2012

Sub-Saharan Africa
If Nigeria Is So Rich, Why Are Nigerians So Poor?

Femi Awoyemi, in a lucid and thoughtful article in the April 5 Leadership (Abuja) highlights that more than ninety percent of Nigeria’s population is poor "and exists largely at the mercy of fate." I…


August 13, 2014

International Law
Extracting Justice: Battling Corruption in Resource-Rich Africa

Coauthored with Isabella Bennett, assistant director of the International Institutions and Global Governance program. Last week, when more than forty heads of state met in Washington for the U.S.-Af…

Local residents' clothes dry over the gas pipelines running through the Eleme community near the city of Port Harcourt, a major Nigerian oil hub in the country's southeast.

September 14, 2006

Emerging Markets
Poor countries financing rich countries watch

Table 1.2 of Chapter 1 of the WEO makes one thing abundantly clear.  When the IMF talks about the need for investors to “increase the share of their portfolios in US assets for many years” (p.16) in …

December 20, 2006

Financial Markets
With a lag, the financial world notices how rich the oil exporters have become …

The Economist did a big feature on petrodollars.   Breaking views and a host of financial columnists have hinted that Hank Paulson should have paid a visit to Riyahd as well as Beijing.  The BIS attr…

February 19, 2021

New Report Shines Spotlight on Corruption in Zimbabwe

Last month, South Africa’ Daily Maverick newspaper published a damning exposé on corruption in Zimbabwe. Cartel Power Dynamics in Zimbabwe [PDF] details off-the-books networks worth billions that deal in gold, diamonds, cigarettes, fuel and more.

A street money changer counts South African Rands in Harare, Zimbabwe, May 5, 2016

August 6, 2021

Is China Gaming the System or Playing the Game?

For many, a quick glance at the Olympics medals table reinforces the idea of China as a threat—a country pursuing victory at any cost.

Tokyo 2020 Olympics - Beach Volleyball - Women - Pool B - USA (April/Alix) v China (Xue/Wang X X) - Shiokaze Park, Tokyo, Japan - July 25, 2021. Alix Klineman of the United States with Xue Chen of China in action.