Africa’s Super-Rich Class Holds Old Money With Small Appetite For Local Startups

The African tech ecosystem continues to rely heavily on bets by foreign entities (fomenting expat bias and local founder apathy in some cases), while high net worth individuals (HNIs) with the capital and capacity to invest continue to either keep their distance or have a lukewarm affair with the continent’s tech scene.

Elsewhere in the world, some of the world’s wealthiest individuals and families are making huge bets on tech startups as they position for the future.

According to Forbes, of Africa’s 54 nations, only 8 countries have billionaires: Egypt and South Africa are tied with five billionaires each, followed by Nigeria with four, Morocco with two, and one billionaire each from Algeria, Angola, Tanzania, and Zimbabwe.

As Africa’s tech ecosystem continues to be almost exclusively built with foreign capital — leading to a lack of diversity and inclusion in some circles — it is hoped that some of the continent’s super-rich people would, in the near future, find merit in actively betting on what is shaping up to be a very promising field.

Read more: WeeTracker




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