Tag Archives: diaspora

Currencies Of The African Diaspora – Algeria

Algeria’s economy remains dominated by the state, a legacy of the country’s socialist post-independence development model. In recent years the Algerian Government has halted the privatization of state-owned industries and imposed restrictions on imports and foreign involvement in its economy. Hydrocarbons have long been the backbone of the economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. Algeria has the 10th-largest reserves of natural gas in the world and is the sixth-largest gas exporter. It ranks 16th in oil reserves. Strong revenues from hydrocarbon exports have brought Algeria relative macroeconomic stability, with foreign currency reserves approaching $200 billion and a large budget stabilization fund available for tapping. In addition, Algeria’s external debt is extremely low at about 2% of GDP. However, Algeria has struggled to develop non-hydrocarbon industries because of heavy regulation and an emphasis on state-driven growth. The government’s efforts have done little to reduce high youth unemployment rates or to address housing shortages. A wave of economic protests in February and March 2011 prompted the Algerian Government to offer more than $23 billion in public grants and retroactive salary and benefit increases, moves which continue to weigh on public finances. Long-term economic challenges include diversifying the economy away from its reliance on hydrocarbon exports, bolstering the private sector, attracting foreign investment, and providing adequate jobs for younger Algerians.




MC3_0960 Algiers.jpg


Source: Economy overview provided by CIA Factbook

HBCU Money™ Presents African Diaspora’s 5 Wealthiest of 2011

Forget rappers or athletes. None make the list. Forget just America this list goes global. After all the African Diaspora represents approximately 1.2 billion people of African descent no matter where we are in the world. Just because we left home (or were taken) we are still sons and daughters of Mother Africa.

Initially, this list was supposed to be a top 10 as we assumed with a record 1,226 billionaires found this year through our source we surely expected to need a cutoff point. Couple that with the motherland being the richest natural source on the planet we thought we would unquestionably be well represented on the list. Unfortunately, we as often seems to be the case more times than not others are benefiting more from our contributions than we are because we rarely own or control the vehicles of which wealth is created. So the five you see listed below is actually all there was. It works out to us making up an abysmal 0.41% of the entire list despite us comprising 17.6% of the world’s population. There truly is work to be done.

1 – Aliko Dangote (pictured above)

Net Worth: $11.2 billion Residence: Nigeria

Industry: Sugar, Flour, Cement

2 – Ananda Krishnan

Net Worth: $9.9 billion Residence: Malaysia

Industry: Telcom

3 – Mike Adenuga

Net Worth: $4.3 billion Residence: Nigeria

Industry: Telcom, Banking, Oil

4 – Patrice Motsepe*

Net Worth: $2.7 billion Residence: South Africa

Industry: Mining

5 – Oprah Winfrey*

Net Worth: $2.7 billion Residence: United States

Industry: Television

*HBCU Alumnus

Source: Forbes