Traditionally government officials and entrepreneurs have capitalised on these vast resources, based on a quick-buck strategy, importing infrastructure and scientific know-how from the rapidly expanding economies like China and India, as well as established ones like the US. In Equatorial Guinea for an example: of the 10,000 people employed by the Equatoguinean oil industry, the majority are US citizens. This lack of local infrastructure has led to Nigeria despite being Africa’s biggest oil producer, exporting 40% of its oil to the US, Nigeria itself presently imports a staggering 85% of the oil it consumes because it lacks basic infrastructure like oil refineries. Therefore, to continue growth, UNHW individuals in African countries should focus on long-term projects, like improving home-grown scientific and engineering knowledge in order to prolong this period of growth.
Africa’s rise is by no means a bad thing; the continent has become a major player, which is a necessity in what is now an interconnected, global market. However, if Africa’s new UHNW individuals wish to continue sustainable growth they will have to pursue strategies that benefit of the continent as a whole. Previously many African-born UHNW individuals have migrated elsewhere, to havens where they are confident that their wealth will be protected and grow in a sustainable manner. However, if opportunities are seized upon now and suitable investment made there is no reason why Africa can not sustain this boom for many years to come.