Apart from being extremely wealthy, African billionaires also have years of experience when it comes to making money which now serves as rules they abide by. These rules have not only helped maintain their wealth but built it as well.
In the first quarter of 2022, Aliko Dangote made $915 million, increasing his net worth to over $20 billion. His wealth, like many others, increased despite the different economic challenges such as inflation affecting the global market.
Here are some African billionaires that share their money rules that serve as their business principles.
Invest instead of saving in banks – Aliko Dangote
Aliko Dangote is the wealthiest man in Nigeria and Africa. He attained this position by making wise money decisions.
He maintained the top position on the African billionaires’ list by sticking to his money principle. He believes in investing his money back into his businesses, which has been his driving force. Through this, he is worth billions of naira, and the brand remains on top.
One of the 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 is a Nigerian billionaire, economist, and philanthropist promoting entrepreneurship in Nigeria and Africa. One of the things that brought Elumelu far in his wealth creation journey is his saving culture.
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, all thanks to his mother, he learnt the best things that helped shape his perspective about money. To learn 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 lack 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!”.
On his Facebook page, he said, “Friends, you must develop a savings culture. Even when things are good, don’t behave like there is no tomorrow. Have the discipline to save from whatever little you get, even if it is a dollar!”.