What makes wealth in America is certainly different from what is successful for Uganda.
Uganda has few registered billionaires aged 25 and 39 years – much as that is the new age for clocking billionaire milestones elsewhere in the world.
In countries such as USA, China, India, Brazil, Germany, Russia, etc, which are raining millennial billionaires, the magic wand is in technology for this age group.
In these countries, most new billionaires have leveraged technology to their advantage especially the internet to solve problems which in turn has created for them enormous wealth.
Take for instance the richest millennial Mark Zuckerberg with his social media giant, Facebook, is valued at $97 billion. That not mean a feat. The second billionaire, Zhang Yiming is the founder of another social media site, Tiktok. He is Chinese. The other notable tech companies creating billionaires are Snapchat, Airbnb, Telegram among others.
The top 10 millennial billionaires are: Mark Zuckerberg 36, Zhang Yiming 37, Dustin Moskovitz 36, Pavel Durov 36, Lukas Walton 34, Cheng Yixiao 37, Nathan Blecharczyk 37, Bobby Murphy 32, Evan Spiegel 30, Sam Bankman-Fried 29 and Agnete Kirk Thinggaard 37.
What do they have in common with their Ugandan counterparts?
Maybe nothing.
A Ugandan billionaire has to work against all odds to climb on top of the radar. They must build their wealth one brick at a time.
The money of Ugandan young billionaires has come from traditional wealth sectors mainly real estate, finance, manufacturing, retail, transport, among others. Not technology. Yet, technology has 28 billionaires and only four properties made it through.
Whereas data about African millennial billionaires are hard to come by, among millennial billionaires that have shown up on the lists include; Hamis Kiggundu, his brother Haruna Sentongo, Rajiv Ruparelia, Ashish J. Thakkar, Miraj Barot, to name but a few.
Billionaires such as Hamis Kiggundu, Haruna Sentongo, Rajiv Ruparelia have discovered that real estate and property in prime locations can generate more money than anything else. And therefore their rush to capture the hottest property in Kampala.
Hamis Kiggundu is an outspoken businessman. He has taken on banks who wanted to cheat him and challenged politicians to do a better job. Kiggundu has invested in real estate, agro-processing, education, technology among others – and should be the shining star of Ugandan millennials that have made it big in Uganda.
As for Haruna Sentongo, he is fast transforming Kisenyi, once upon a time Uganda’s worst slum, into a commercial hub. Haruna owns Nakayiza market with 12 blocks, Haruna Towers in Kisenyi, NM apartments, Old Africana agro market, Segawa market which has two blocks, he has new coming up in Kisenyi, four acres of undeveloped land in the same area, Haruna shopping mall, Haruna towers Ntinda, trading under his Haruna enterprises. Analysts say Haruna strategy has been to turn Mengo Kisenyi into a premier business center.
Haruna’s aim is to turn the Kisenyi suburbs into a new Kampala since the population is already there he is mainly based in agro markets for agro stores for all agro produce in Uganda. He is building warehouses for agro produce sales and rents them out. He has over a thousand agro stores in Kisenyi and sources say this is attracting Kikuubo based businesses.
At the time the world needs solutions as personal and corporate wealth is eroded by the covid19 pandemic, it is important to check out where new wealth can be found or kept.
Watchdog analyzed information shared by PhysicalGold.com who have studied data from a reputable source Pew Research Center and Forbes World’s Billionaires reviewing billionaires aged between 23 to 38 in 17 different industries.
They found out the sectors where new wealth is coming from are; technology, finance, fashion, healthcare, entertainment, manufacturing, mining, property, energy, food and beverages and services.
Becoming a billionaire is no easy feat especially in Africa and that is why only a limited number of people reach billionaire status.
However watching millennials who have made it in Uganda, gives a glimpse of what those who want to reach billionaire status in this age, need to do.
Today’s wealthy class in Uganda have invested in prime property, finance, hospitality, entertainment, fashion, food, logistics etc, – those are areas that multiplying wealth.
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