Generational Wealth And Africans

      Generational Wealth And Africans

I was born in Sagamu in Ogun State - South West region of Nigeria in the 70's. I have spent the last two decades outside the continent, lived and worked with various nationals and races. Hence, I have a first class experience to pen this article titled "Generational Wealth And Africans".

Growing up - within my immediate family and in extension, the community. There were a lot of Multi-millionaires, some are even billionaires without their knowledge! My Grandfather included. Via the media (Television, Radio and Magazines), I know a lot of Millionaires/Billionaires across the Country and the Continent too - They are no more and their wealth buried with them!.

So here comes the problem - Majority of these Millionaires/Billionaires were living large, buying luxury vehicles and building mansions - some had 50 bedroom mansion with retinue of staff to maintain them. They had numbers of imported luxury cars parked in their garages unused (Of course, there was no need for them), some had private jets even though they ONLY travel on them for pleasure  - Nothing has changed with present moneybags.

With all the money and access to the people at the corridor of power, is it not shameful that once the rich man is dead, the entire wealth goes with him. Rarely do you find their legacy anywhere, the cars, the houses, the jets - all get sold to pay bills and their offspring can't be bothered to maintain whatever that was left behind!.

The reason is simple - We are not built to protect legacies, we believe so much in get rich quick "Plans", we care not about the next generation! It is all we can eat right now, right here! Is it not worrisome to see in three decades, the grandchild of a well known billionaire struggling like a common man? applying for jobs here and there and being rejected? That person is only paying for the mistake of his own father or grandfather.

In the west - There are various businesses that are known worldwide today, these businesses were started by one man and in turn pass it on to his own son who in turn pass it on to the grandchild and this grandchild expand the business using technology and business advancement to uphold the dream and legacy of the first man - Various of such businesses are abound!

Ford Motor Company, Comcast, Mars, Wal-Mart, Dell, Tata, Hallmark Cards, Mary Kay, New York Times, Marriott, Levi Strauss - to mention but a few! It is a culture, you will find small businesses like pubs, corner shops, bakeries, cobblers etc. that were established by grandfathers or great-grandfathers being passed on from one generation to the other and the business is still active, some are so successful that they bring onboard their cousins, nephews and nieces to operate shops in other cities and towns under the same trusted brand! They not only remain employed but encouraging their own kids to come onboard for knowledge transfer and with the intention to take over the business someday.

The Indians, the Pakistanis, the Chinese, the Koreans and the Israelites are known to be experts of generational wealth. We Africans must buckle up and think of the next generation with our wealth, we must give support to the business established by our parents, these businesses are established with the knowledge and exposure they had, being educated and with access to more technology and data should give us the edge to expand these businesses, many already made the brand, all we just need to do is to build upon that brand.

It really doesn't matter what type of business it is, it really doesn't have to be big but the brand itself is worth more. We should stop investing in material things and start investing in the future generation - we know finding jobs these days is a challenge so why don't we create jobs for the family including the unborn generation by building what is already in the family - sometimes, all that's required is just packaging! 

Omo Baba Eleran, Adisa Alago, Idris Motors, Azubuike holdings, Uche Dinapa Transport, Akusiego Group, Ali Nuhu Enterprises - many of these brands are already established and popular in their domains! But their grandchildren are in the cities applying for jobs!

Your Grandfather made a mistake! Fine! But can you afford to make the same mistake? Chain of poverty is not exactly a smart option!.

My family is equally guilty too! It's a race thing and I am hoping that we can change this story and pattern!

Tunde Oluomo