The New Wealth Creators is the first of its kind list by FORBES WOMAN AFRICA. Herein is a collection of female entrepreneurs on the African continent running businesses and social enterprises that are new, offbeat and radical.
These 20 women have been selected because they have created significant impact in their respective sectors by transforming a market or company, or innovating a product or service, and are pioneering their organization(s) in generating new untapped streams of income.
VIEW THE FULL LIST|Businesses Of The Future: 20 New Wealth Creators On The African Continent
These women come from across the continent, from the villages and the suburbs, and are in their 20s, 30s, 40s and 50s. They have all adopted sustainable development initiatives in one way or another to help solve Africa’s problems.
They may be wealth creators but their businesses, ironically, did not stem from a need to make money, but rather from the need to solve Africa’s persisting socio-economic challenges.
Economically empowering women has shown to boost productivity. It increases economic diversification and income equality, in addition to other positive developmental outcomes.
Simply put, when more women work, economies are likely to grow.
FORBES WOMAN AFRICA put in months of rigorous research, searching near and far for these inspirational entrepreneurs.
We took into account their business model, new ideas, potential, struggles, social impact, growth, influence, resilience and most importantly, their innovation.
Speaking to FORBES WOMAN AFRICA last year at the BRICS summit in Johannesburg, South Africa’s Minister of Science and Technology, Mmamoloko Kubayi-Ngubane, said: “Innovation [is] becoming the cornerstone for our economy going forward.”
As Africa’s population is reported to increase by 53% by 2100, according to the United Nations, new solutions must be created in order for us to keep up.
One question remains: can Africa translate its significant population growth into economic development, and invest this wealth to improve the quality of life?
Entrepreneurship could very well be the answer, or at least, one of the answers.
Last year, the Founder and Chair of the Alibaba Group Jack Ma paid Africa a visit to discuss tangible investment and technology development.
He encouraged African entrepreneurs to take giant leaps in solving the challenges facing the continent and to take advantage of the digital economy.
He said that opportunities lie where people complain.
And these women, through their businesses, have identified just that.
Vijay Tirathrai, director of the Techstars Dubai Accelerator, shared the same sentiments with FORBES WOMAN AFRICA.
“The new wealth creators, for me, are entrepreneurs who are very conscious about finding solutions in the market place, but from a lens of having social impact or having impacted the environment,” he says.
Tirathrai believes that while servicing consumers, new wealth creators are also “making a safer and a greener planet in the process, eliminating diseases, improving health conditions and advocating for equality for women”.
Women on the African continent have been making headway as drivers of change, and in many ways, they embody new wealth.
They are the true wealth.
As FORBES WOMAN AFRICA, we seek to celebrate such women.
Through this list, money is no longer the central indicator of new wealth creation.
It is about job creation, contributing to healthy societies, recycling waste, giving agency to those who are financially excluded and developing solutions for some of the socio-economic problems we grapple with.
IN PICTURES | Leading Women Summit 2019
These women may all come from different places but they are bound together by one common thread, and that is the thread of new wealth creation.
This compilation is innovative, exciting, inspiring and shows what businesses of the future may look like.
Meet the FORBES WOMAN AFRICA New Wealth Creators of 2019.
Private Wealth: Banking On Climate Change In Africa
Patrick Odier of Swiss wealth management firm Lombard Odier on why Africa offers immeasurable possibilities for investors, particularly those not risk-averse.
Climate change events such as floods, drought and cyclones have had a cataclysmic effect on the lives of Africans and their economies, with many having to rebuild with little to no resources, placing more strain on economies that are already over-burdened.
But are there ways to forecast these events so people are better able to weather the storm? Wealth management firm Lombard Odier thinks it has what it takes to minimize risk on the continent, and they have the years of experience to back it up.
“We are a 223-year-old company. In the financial industry, it means we have probably learned how to weather turbulences and financial market crises – we’ve survived 40 already,” Patrick Odier, chair of the board of directors at Lombard Odier, says.
“We have made South Africa central to our strategy. I think South Africa has a long history with entrepreneurship. This idea of organizing wealth, planning and optimizing the responsibilities between the members of the families – all that belongs to it.”
With that said, the bank still holds firm to its roots of running a lean organization where the idea is not to grow in quantity, but rather in quality.
“We cannot be everywhere. We don’t want to be, we’re not a giant. We are private. It makes it a bit different from other organizations where the concerns are more operational… we are purely a service-oriented company,” Odier says.
With a client-based outlook where the bank focuses on investment advisory, execution and fiduciary services, each client is handled based on their unique circumstances, but what does this mean for Africa?
“We are trying to look at the African continent with a very open eye, to look at how we can add value to those potential clients or families who may want to organize their estates and perhaps, diversify their risks. I think agriculture, together with new technologies, will represent new opportunities.”
Odier says the interests of the firm are based on enhancing and not disrupting banking ecosystems that exist in the African environment.
“While Lombard Odier occupies over 2,500 people, we are still of a modest size as a financial institution. So we really want to focus on our existing client base and not disperse ourselves too much. We are not in the business of buying infrastructure banks and trying to take over. We are not in the business of competing with the local banks. We believe in teaming up, or perhaps diversifying the offering. I think when it comes to investing, we can be very useful to this market
“We believe the best institutions to serve the local market are the local ones. We are here to bring something else, which is basically, what is not offered here,” he says.
However, the continent, like any other, has challenges unique to it and thus, require nuances in resolving. It should not be discounted that, although Africa has made gains in catching up to the rest of the globe, a vast majority of its nations are still developing.
“The world in general is changing. You see it in everything in your life. You see it in the way you consume, the way you expect your employers to treat you and the way you think of prices. Unfortunately, you’ve seen it the way water becomes scarcer in some periods, you see also how difficult it is to produce electricity correctly, in some respects, and you see it in how climate change is affecting your life.
“All those elements are part of mega-trends we believe as a firm we could try to interpret quicker and better than some. We are transforming the way we invest to invest more sustainably. In South Africa, we want to be a leader in bringing this approach to investing in resources.
“Some say you have to have luxury to think this way, I say not doing it will create much bigger risks than doing it,” Odier says.
The World’s 100 Highest-Paid Celebrities
The pop singer Taylor Swift lands the number 1 spot on the Forbes 2019 Celebrity 100 list, her highest earnings year yet.
|#1||Taylor Swift||29||$185 M||Musicians|
|#2||Kylie Jenner||21||$170 M||Personalities|
|#3||Kanye West||42||$150 M||Musicians|
|#4||Lionel Messi||32||$127 M||Athletes|
|#5||Ed Sheeran||28||$110 M||Musicians|
|#6||Cristiano Ronaldo||34||$109 M||Athletes|
|#8||The Eagles||–||$100 M||Musicians|
|#9||Dr. Phil McGraw||68||$95 M||Personalities|
|#10||Canelo Alvarez||28||$94 M||Athletes|
|#11||Roger Federer||37||$93.4 M||Athletes|
|#12||Howard Stern||65||$93 M||Personalities|
|#13||J.K. Rowling||53||$92 M||Authors|
|#14||Russell Wilson||30||$89.5 M||Athletes|
|#15||Dwayne Johnson||47||$89.4 M||Actors|
|#16||Aaron Rodgers||35||$89.3 M||Athletes|
|#17||LeBron James||34||$89 M||Athletes|
|#18||Rush Limbaugh||68||$87 M||Personalities|
|#19||Elton John||72||$84 M||Musicians|
|#20||Beyoncé Knowles||37||$81 M||Musicians|
|#22||Ellen DeGeneres||61||$80.5 M||Personalities|
|#23||Stephen Curry||31||$79.8 M||Athletes|
|#24||Chris Hemsworth||–||$76.4 M||Actors|
|#26||Kim Kardashian West||38||$72 M||Personalities|
|#27||Ryan Seacrest||44||$71.5 M||Personalities|
|#28||Sean Combs||49||$70 M||Musicians|
|#28||James Patterson||72||$70 M||Authors|
|#31||Robert Downey Jr.||54||$66 M||Actors|
|#32||Kevin Durant||30||$65.4 M||Athletes|
|#33||Akshay Kumar||51||$65 M||Actors|
|#34||Tiger Woods||43||$63.9 M||Athletes|
|#35||Gordon Ramsay||52||$63 M||Personalities|
|#37||David Copperfield||62||$60 M||Magicians|
|#38||Kevin Hart||40||$59 M||Comedians|
|#39||Jackie Chan||65||$58 M||Actors|
|#39||Travis Scott||28||$58 M||Musicians|
|#41||Katy Perry||34||$57.5 M||Musicians|
|#41||Justin Timberlake||38||$57.5 M||Musicians|
|#43||Bradley Cooper||44||$57 M||Actors|
|#43||Adam Sandler||52||$57 M||Actors|
|#47||Scarlett Johansson||34||$56 M||Actresses|
|#48||Ben Roethlisberger||37||$55.5 M||Athletes|
|#49||Lewis Hamilton||34||$55 M||Athletes|
|#49||Anthony Joshua||–||$55 M||Athletes|
|#49||Khalil Mack||28||$55 M||Athletes|
|#52||Russell Westbrook||30||$53.7 M||Athletes|
|#53||Billy Joel||70||$52 M||Musicians|
|#54||Bruno Mars||33||$51.5 M||Musicians|
|#55||Novak Djokovic||32||$50.6 M||Athletes|
|#55||Mike Trout||27||$50.6 M||Athletes|
|#57||Jimmy Buffett||72||$50 M||Musicians|
|#59||Fleetwood Mac||–||$49 M||Musicians|
|#59||Judy Sheindlin||76||$49 M||Personalities|
|#61||Phil Mickelson||49||$48.4 M||Athletes|
|#62||Ariana Grande||26||$48 M||Musicians|
|#62||Paul McCartney||77||$48 M||Musicians|
|#64||James Harden||29||$47.7 M||Athletes|
|#65||Conor McGregor||30||$47 M||Athletes|
|#66||DeMarcus Lawrence||27||$46.9 M||Athletes|
|#67||Sean Hannity||57||$46 M||Personalities|
|#67||The Chainsmokers||–||$46 M||Musicians|
|#69||Steve Harvey||62||$45 M||Personalities|
|#70||Bryce Harper||26||$44.5 M||Athletes|
|#71||Guns N’ Roses||–||$44 M||Musicians|
|#72||Chris Paul||34||$43.8 M||Athletes|
|#73||Chris Evans||–||$43.5 M||Actors|
|#74||Kyrie Irving||27||$43.3 M||Athletes|
|#75||Giannis Antetokounmpo||24||$43.2 M||Athletes|
|#76||Jennifer Lopez||49||$43 M||Musicians|
|#76||Sofía Vergara||47||$43 M||Television actresses|
|#78||Luke Bryan||42||$42.5 M||Musicians|
|#79||Drew Brees||40||$42.4 M||Athletes|
|#80||Simon Cowell||59||$42 M||Personalities|
|#81||Aaron Donald||28||$41.4 M||Athletes|
|#82||Damian Lillard||28||$41.1 M||Athletes|
|#83||Paul Rudd||–||$41 M||Actors|
|#83||Jerry Seinfeld||65||$41 M||Comedians|
|#83||Rolling Stones||–||$41 M||Musicians|
|#86||Sebastian Vettel||32||$40.3 M||Athletes|
|#87||DJ Khaled||43||$40 M||Musicians|
|#87||The Weeknd||29||$40 M||Musicians|
|#90||Lady Gaga||33||$39.5 M||Musicians|
|#91||Blake Griffin||30||$39.1 M||Athletes|
|#92||Dave Matthews Band||–||$39 M||Musicians|
|#92||Rory McIlroy||30||$39 M||Athletes|
|#94||Paul George||29||$38.6 M||Athletes|
|#95||Zac Brown Band||–||$38.5 M||Musicians|
|#95||Calvin Harris||35||$38.5 M||Musicians|
|#95||Kendrick Lamar||–||$38.5 M||Musicians|
|#98||Brandin Cooks||25||$38 M||Athletes|
|#98||Shawn Mendes||20||$38 M||Musicians|
|#100||Celine Dion||51||$37.5 M||Musicians|
Making Up For Millions
While a growing number of influencers are dictating what brands sell, beauty entrepreneur Jackie Aina is of the view they have the duty to use their platforms responsibly.
Mixing up the inspirational with informative, the thought-provoking with tongue-in-cheek, and sarcasm with calling out brands for not being inclusive, Jackie Aina is influencing the beauty industry one product at a time.
With over three million YouTube followers and 1.2 million on Instagram, Aina is one of the stand-out digital influencers cashing in on online followings to broadcast messages to millennials, lifestyle brands and billion-dollar cosmetic conglomerates.
Although Aina does all of this with a dose of humor, the journey to YouTube stardom started some 10 years ago for the 31-year-old beauty entrepreneur, when she was desperately searching for a way to escape loneliness and unfulfillment.
READ MORE | Her Brush With Business
“I had gone on to marry the guy who inspired me to join the military. We were stationed in Hawaii and we were very unhappily married. I didn’t have a job and YouTube was buzzing in 2009. We had a lot of Asian faces who were really the faces of beauty on YouTube and I didn’t really see anyone like me. So, my best friend, literally every day, said ‘why don’t you put your makeup looks on YouTube’ and I always said no.”
Her friend’s unrelenting pursuit finally paid off.
“So, one day, I decided I wasn’t doing anything, and being bored and not being fulfilled emotionally and I didn’t have a lot of positive things going on for me at the time, so that left me a lot of time to consume content and then I started creating it.
“I truly tapped into something that I needed at the time mentally and that was great. People didn’t know me but they would just gas me up; they were so nice and would always give me positive encouragement which I really needed at the time,” Aina says.
That was a lifetime ago. These days, the Los Angeles-born influencer, who was called ‘beauty influencer of the year’ by Women’s Wear Daily last year, is short-listed among the top beauty influencers in the United States, with lucrative brand collaborations behind her.
Most notably is her collaboration with the Estée Lauder-owned brand, Too Faced, as part of the Born This Way foundation range, which she helped to create.
Celebrities and influencers are increasingly being paid several thousands of dollars per tweet or Instagram post to promote products, services and even social causes.
With most millennials avoiding posts that look like sponsored ads, brands are now increasingly interested in ads that appear organic. And that is where influencers come in.
Remuneration for such posts is usually decided after considering factors like number of followers, popularity, engagement, frequency of posts, as well as the format of the post.
Furthermore, influencer accounts with massive follower counts can leverage their social media clout to showcase brands to their followers and perhaps, most importantly, use their brand voice to fight against injustice in the industry, something Aina is passionate about.
“A lot of years on YouTube were spent seeing comments from people who say things. It is easy to sit and complain but what are you doing to change the industry?”
In response, Aina decided to use her platform to fight for the change she wanted to see in the industry. She holds other influencers accountable for offensive remarks and joins controversial and tough discussions about issues like colorism in the beauty industry. And brands are starting to listen.
It was her outspoken voice in the beauty space that caught the attention of the beauty conglomerate, Too Faced, which short-listed Aina to help expand its foundation range and ensure the makeup undertones would also compliment women of color.
“That was a testament to brands actually listening. Just because you think someone is not watching, doesn’t mean they are not watching. They are definitely watching. Sometimes all you really need is that one opportunity and that can be leveraged over and over again,” Aina says.
As brands increasingly turn away from traditional marketing, towards social influencers, young, connected digital natives like Aina, will continue to play an important role in the success of beauty brands for the foreseeable trend-obsessed digital future.
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