Reckless Or Reasonable: How African Billionaires Spend Their Fortune

It could be arguable what people earn money from and what they spend it on. As long as you have a source of income, there is always something to do with money. It’s almost as if we make money to spend the money, on what? becomes a very vital question. When you are a billionaire, I’m guessing it’s no biggie to spend that dough on whatsoever. The average income earner has an endless list of things to do, irrespective of the income, how much more, the man who signs plenty cheques with a whole lot of zeros, he will also have priorities and situations only money can solve. Indeed true to what we say, Human wants are insatiable; and just because you are a billionaire does not make this assertion wrong.

When the desirable is not available, the available becomes the desirable, but when the desirable becomes available and affordable, then a money bag just stepped into the scene. I mean there’s only a little they cannot afford in the market. It’s a typical natural law that as you get older, so should your desires be more mature. With some billionaires however, it is rhetoric to think about what they choose to spend their money on – private jets, fleets of cars, soccer clubs, parties, luxury homes, or just importing French cuisine for an occasion.


Is the billionaire status a point where people are expected to become children again, going for every single thing that catches their fancy? It was a displeasing buzz in Nigeria when a number of celebrities spent $8, 210, over a million naira, on a Channel Lego clutch that probably could not contain more than 2 items. Judging from the economic situation of the country, a lot of people frowned at the trend, complaining that the money spent could have been of a more judicious use. Our billionaires might be inclusive in the criticism. Don’t get it twisted, Africans do believe in reaping the fruits of one’s labor, so it might not really be a big deal what they spend their hard-earned money on. They work hard and deserve to enjoy the perks of their hard work. As much as the debate goes on, there are glaring possibilities that they might be going a little overboard with their extravagant and reckless spending.

What exactly is the core importance of the things they spend their money on? No one but they themselves can answer that question. It really should not be anyone’s business but somehow it gets to the society, to the people, those in whose communities their investments have yielded fruitfulness. Since some of their lavish lifestyles send the wrong messages to the public and promotes materialism which is eating deep into the system, it has clearly become everyone’s concern that a little reason be applied to some of their lifestyles. Africa is a society that fancies communal living; right from the roots of the African society, individualism makes no sense till it serves a communal purpose. No matter how reversed this psychology is today, there is still a communal expectation from individual billionaires.


There is something called social responsibility, giving back to the society; and if Africa has the number of billionaires that it does, and there is still an economic ponder “from where our help will come from”, then, something is wrong. Perhaps Africa has suffered all these while because we have less patriotic and selfless nation builders and movers. This is the only reason why a country like Nigeria is supposedly at the top of Africa’s economy but still reflects dimly on the living conditions of the people. There are more jet owners in Nigeria, yet more children die on daily basis from hunger. Natural law does not condone this.

Whether it is a matter of status, billionaire peer pressure or Just exercising the spending power, there may be more prolific or superficial billionaire spending to hear about. As said earlier, materialism has occupied a humongous portion of the contemporary African continent; so, so long as the cash is there, and the world gives birth to more and more billionaires, such terms as “billionaire luxury toys” will be a living phenomenon. These are the kind of things African billionaires would rather spend their money on.

 Private Jets


The first thing that you notice about the latest billionaire in Africa is the procurement of a private jets. It shouldn’t come as a shock, if each of the 55 African billionaires all own private jets. More wealthy Africans are increasingly obtaining private jets too, obviously to aid their movement but just wondering, what will happen if they flew commercial? The likes of Dangote, Africa’s richest, owns 4 jets, 2 of which are bombardier jets costing $225, 850 (45 million naira) each. Four private jets! What do you need those for? Having one equals a ‘luxury’ tax payment running into thousands of dollars. Do you have any idea how many children’s education that amount will fully sponsor from basic to tertiary levels? How many communities can finally have clean water or electricity? Of course they made this money but off who? If the people rejected their enterprises, perhaps we’d all still be struggling entrepreneurs. In any case, we might try to overlook Dangote’s 4 jets (supposing we can) because of his simultaneous philanthropy.

Luxury Homes


Mike Adenuga has a house in one of the most expensive estates in Nigeria – Banana Island, worth $40, 144, 640- 8 billion naira. He also has a $120, 000 worth of burial site as a family property, plus 3 private jets. It is speculated that he is a proud owner of more luxury mansions.


In the same way the first black billionaire in South Africa, Patrice Motsepe, spent $6 million on his luxury holiday home in Cape Town. This is a grand addition to being the owner of Mamelodi Sundowns soccer club and a splendid house in Bryanston, Johannesburg.

Generally speaking, it appears that most billionaires are buying exotic homes not just in their countries but also in developed countries, especially, in the U.K. As confirmed by Daily Mail, the London market is affirming more potential investors from Africa, summing up to a 5% rate of luxury goods investments from Africa.

Exotic Yachts

Otedola's yacht

So it seems the private jets are getting too common and affordable for all and sundry, thus, business tycoon, Femi Otedola has become the proud owner of the sunseeker 84, worth £12 million. The sleek luxury toy has a white captain and rests majestically on the Lagos lagoon; Femi named the yacht after his wife “Nana”. Following the trend, Dangote also owns a sunseeker 108, which he calls “Mariya”.


According to The Telegraph, Egyptian billionaire Naguib Sawiris, owner of yet another super-yacht, suggestively made an offer to buy an Italian or Greek Island to habour refugees from warring nations instead of having them frustrated under existing political communities; the idea is to “invest in infrastructure”. For a lasting change, it would be worth it if he really meant it.

Sleek Rides


Meet the Ruperts who can easily afford and bash a $1.2 million Ferrari F50 and not shed a tear for it. Rupert’s son crashes this expensive piece of glitz and glam and Johann makes excuses for the 22-year-old son… Billionaire daddy to the rescue.


Johann Rupert is a luxury good business mogul; he has a museum – for his personal exotic antique automobile collection, little wonder why he acted the way he did in the Ferrari crash incident.


If only you were Isabella Dos Santos, Angola’s princess and daddy’s little girl, you would understand how best to spend your fortune. First, invite Mariah Carey for a performance, it will cost just $1 million; as you plan your wedding, sum up the budget to $4 million – chatter 2 planes to fly in the renowned Belgium choir, and of course, don’t fail to import that french cuisine for the wedding (just in case there is no more food in Angola).

Apparently this is just a few of the funny ways African billionaires spend their money.