Rich Man, Poor Country

Business Insider published a list of the wealthiest people in 35 countries on September 13th, 2011. Included on the list was Aliko Dangote, the world’s wealthiest Nigerian, African and black person. There was an interesting conversation on my Twitter timeline about whether his wealth was made honestly and why a poor country like Nigeria can be capable of producing such stupendous wealth. I decided to do a quick comparison of the GDP per capita of each country with each individual’s networth. The results are interesting.

A comparison of networth and GDP per capita

The table compares each billionaire’s net worth with with his country’s GDP per capita. I then ranked the resultant ratio to produce what I call an “equality ratio” (I just made that up). At the top of the list are the OECD countries of Denmark, Austria and Switzerland while India, Nigeria and Mexico are at the bottom of the list. The ranking shows how wealthy each individual is compared to the rest of his countrymen. The billionaires at the top of the list are wealthy in relatively well off countries while those at the bottom of the list are wealthy in relatively poor countries. The lower on the list you are, the more inequality there is in your country. So Lakshmi Mittal and Carlos Slim Helu can be said to also be rich men in poor countries just like Aliko Dangote.

I have conveniently made this as simple as possible and assert that there are limitations with this approach. Make of it what you will!

The original article can be found here

(Source: GDP per capita (Nominal) Wikipedia


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