What Africa’s Super Rich Talk About Doing With Their Money

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Written by Dana Sanchez

Want to know what Africa’s super rich do with their money?

Nigeria-born lawyer Bimpe Nkontchou made a business of finding out. The managing principal of U.K.-based wealth management company W8 Advisory, Nkontchou talked with CNN, sharing what she knows about Africa’s ultra-rich and what they talk about when they talk about spending their millions.

Here’s an excerpt from that interview from CNN.

“More than half of their wealth stays on the continent. Families typically think of home first of all, even buying land — something that, over generations, was always an important asset.

“Real estate acquisition is definitely a popular service … London real estate is an asset class in itself.London is a magnet for Africans and has been for some years. Many Africans have been educated here and England continues to be a destination for first-class international education.

“Philanthropy is a growing area. I do give advice to clients finding a cause that the family can support. A lot of Africans realize there is a big need still for education on the continent and many are exploring giving back in the sector. Any wealthy African with a conscience and some intellect should realize that it’s about time that we step up ourselves and do as much for the continent as foreigners are doing.

 “More and more wealthy Africans are also realizing that in collecting African art they can hold on to part of their heritage, as well as patronize growing artists. We need to retain our heritage and the best way to do that is to try and make sure that the best African art — modern, contemporary and even old — is kept in the hands of Africans.”

What is the main challenge when it comes to helping the ultra-rich?

“The offspring of wealth creators grow up in a very comfortable and cosseted environment, and perhaps might lose that drive, the hunger that created the wealth in the first place. It’s challenging for families to create an entrepreneurial spirit within them.

“The next generation can work in any country, live anywhere, and sometimes because some of these children have spent so long in the U.K. or the U.S. …they lose that contact — there’s quite a bit of nurturing to be done in ensuring that children feel some responsibility, not necessarily to work for the family business, but to contribute.”

Read more at CNN.