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8 Things You Didn’t Know About Apple From An African Perspective

8 Things You Didn’t Know About Apple From An African Perspective

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Fueled by global sales of iPhones, Apple Corporation just recorded a record-breaking fiscal year, earning $1 billion a week in profit, MGAfrica reported.

Founded in a garage by Steve Wozniak and the late Steve Jobs, the company now has a $750-billion market valuation, making it perhaps the most valuable company in history.

MTN invested $870 million ahead of the launch of the iPhone 6S and iPhone S6 Plus in South Africa, CajNews reported in October.

Apple made $53.4 billion in profit for the year, surpassing oil giant Exxon Mobil’s previous record annual profit of $45.2 billion in 2008 — the largest annual corporate profit ever recorded.

Mail&Guardian Africa has attempted to provide some perspective by looking at Apple from an African perspective — by the numbers.

Source: MGAfrica, CajNews, WorldBankForbes

Apple founder and CEO Steve Jobs introduces the MacBook Air at the Apple MacWorld Conference in San Francisco, Jan. 15, 2008. Considered the mastermind behind Apple's iPhone, iPad, iPod, iMac and iTunes, Jobs died at 56. Photo By Chen Gang/AP
Apple founder and CEO Steve Jobs introduces the MacBook Air at the Apple MacWorld Conference in San Francisco, Jan. 15, 2008. Considered the mastermind behind Apple’s iPhone, iPad, iPod, iMac and iTunes, Jobs died at 56. Photo By Chen Gang/AP

Apple equals Africa’s 10th largest economy by GDP

If Apple were an African country, it would be Africa’s 10th largest economy out of 54 countries in nominal GDP terms, based on annual profits. World Bank ranks Tanzania as the continent’s 10th-largest economy for 2015. The continent’s nine largest economies include Nigeria, South Africa, Egypt, Algeria, Angola, Morocco, Sudan, Kenya and Ethiopia, MGAfrica reports.

Source: MGAfrica, WorldBank.

Earlier and later shots of Steve Jobs were used for the cover of Jobs' authorized biography. Photo: dailymail.co.uk
Earlier and later shots of Steve Jobs were used for the cover of Jobs’ authorized biography. Photo: dailymail.co.uk

Apple could finance 427 light rail systems in Africa

Apple has a $203 billion cash reserve. That’s about how much it would cost to pay for 427 light rail systems similar to the one that opened recently in Addis Abbaba, M&GAfrica reported. Ethiopia opened the first-ever light rail system in sub-Saharan Africa in September, built at a cost of $475 million. Apple could pay for about eight such rail systems for each African country, each with its own dedicated power grid.

Source: M&GAfrica

The late Apple CEO Steve Jobs addresses a conference in San Francisco, Oct. 5, 2011. Photo: Paul Sakuma/AP
The late Apple CEO Steve Jobs addresses a conference in San Francisco, Oct. 5, 2011. Photo: Paul Sakuma/AP

Apple’s profit equals 60 percent of 2014 FDI in Africa

Total foreign direct investment into Africa in 2014 amounted to $87 billion, according to the Africa Investment Report. If Apple Corp. devoted all its 2015 profit to investing in Africa, the company would account for up to 60 cents of each dollar spent in FDI on the continent in 2014, M&GAfrica reported.

Source: M&GAfrica

A young Steve Jobs. Photo: falconproductions.
A young Steve Jobs. Photo: falconproductions.

If Apple split its profits with every African

If Apple split its $53.4 billion record-breaking profit equally between the continent’s estimated 1.16 billion people, each person would get $46.

Source: M&GAfrica

Apple’s profit would end extreme poverty in Africa for a month

The international definition of extreme poverty is living on less than $1.25 a day. If each African spent $46 over 30 days, it would equal about $1.53 a day in income per person, theoretically ending extreme poverty on the continent for a month.

Source: M&GAfrica

Steve Jobs, en.wikipedia.org/wiki/Steve_Jobs
Steve Jobs, en.wikipedia.org/wiki/Steve_Jobs

Apple’s profit could pay off African debt 2.5 times over

Apple’s profits would pay all of Africa’s total annual debt repayments 2.5 times over. Countries in the continent spend at least $21 billion a year repaying local and foreign debts.

Source: M&GAfrica

Childhood home of Steve Jobs in Los Altos, California that served as the original site of Apple Computer. The home was added to a list of historic Los Altos sites in 2013. Photo: Mathieu Thouvenin/wikicommons
Childhood home of Steve Jobs in Los Altos, California that served as the original site of Apple Computer. The home was added to a list of historic Los Altos sites in 2013. Photo: Mathieu Thouvenin/wikicommons

Apple’s value exceeds that of the 10 largest companies in Africa

Apple’s $750 billion total market capitalisation exceeds that of Africa’s 10 largest companies by 217 percent as of Dec. 31 2014. Some of these companies include Dangote Cement, MTN, mining giant BHP Billiton, and media company Naspers.

Source: M&GAfrica

Steve Jobs in his 20s. Photo: milenanguyen.com
Steve Jobs in his 20s. Photo: milenanguyen.com

The 10 richest Africans are worth more than Apple

The combined net worth of Africa’s 10 richest people is greater than Apple Corp’s annual profits, M&G reports. According to the 2015 Forbes rich list, the 10 richest Africans have a combined net worth of $59.6 billion.

Sources: M&GAfrica, Forbes