I have read countless submissions from Nairaland and I am always shocked how westerners especially are perceived as very wealthy.

This reflects in the way they are treated when they visit our continent. Most Nigerians are subservient to them, thinking that the whites are quite rich. The whites get the feedback and they look down on africans as the sons and daughters of their former slaves.

You will see a Nigeria graduate having an illiterate white as friends, and still feel so privileged to have them as friends. Taking pictures and posting on social media showing the world that he now has white friends; the whites that ought to be under him in levels.

This also informs the japa when majority feel that once they get visa, they are going into very "rich" land where their hopes will be realised.

Like I have written countless times, it is all an "illusion". It is a culture of debt. Westerners hardly pay fully for anything. They owe their lives to the banks and they must repay by installment at the end of every month.

Why don't africans realise that most whites save for years before they can embark on any trip anywhere? Lot of people outrightly own their houses in Nigeria, while the whites are paying mortgage at the end of each month. Tell me where is the real wealth?

I am not talking about state of the country, I am addressing some people mindsets as Africans.

Is it inferiority complex or lack of exposure that is troubling Nigerians or result of too much Hollywood movie?

Can this perspective change with time?

as the sons and daughters of their former "slaves".

Bmaster:
it is caused by exchange rate.someone that controls thousands of dollars in u.s or European countries is quite richer than a naira millionaire over here

How many whites control thousands of dollars ?.

Majority actually live from paycheck to paycheck. If salary is not paid in a month, they will go wild and attack the government infrastructure.

If only every civil servant and traders have access to these types of loan facilities by the government (and not cooperatives) that allows one to buy a house and make payments on installments, the middle and lower class would be in a better place.
Much of the homelessness in the country would have been solved

YouandiAllofus:
If only every civil servant and traders have access to these types of loan facilities by the government (and not cooperatives) that allows one to buy a house and make payments on installments, the middle and lower class would be in a better place.
Much of the homelessness in the country would have been solved

Yes I agree with you but africans lack robust system to manage it.

They owe it to the bank via credit card and mortgages, and NOT to the government.

Western worlds have developed a robust process, driven by cutting edge technologies to manage their debt portfolio. Credit rating agency will show lenders if you are credit worthy, by so doing, you always wish to pay your debt.

The whites are no way as rich as people assume. It is the system that makes them to APPEAR rich.

MT:


Yes I agree with you but africans lack robust system to manage it.

They owe it to the bank via credit card and mortgages, and NOT to the government.

Western worlds have developed a robust process, driven by cutting edge technologies to manage their debt portfolio. Credit rating agency will show lenders if you are credit worthy, by so doing, you always wish to pay your debt.

The whites are no way as rich as people assume. It is the system that makes them to APPEAR rich.

Who will put this "robust system driven by cutting edge technologies" in place, Isn't it the government?

YouandiAllofus:

Who will put this "robust system driven by cutting edge technologies" in place, Isn't it the government?

Government need to drive regulations and policies, an independent body needs to handle the ratings.

MT:
I have read countless submissions from Nairaland and I am always shocked how westerners especially are perceived as very wealthy.

This reflects in the way they are treated when they visit our continent. Most Nigerians are subservient to them, thinking that the whites are quite rich. The whites get the feedback and they look down on africans as the sons and daughters of their former slaves.

You will see a Nigeria graduate having an illiterate white as friends, and still feel so privileged to have them as friends. Taking pictures and posting on social media showing the world that he now has white friends; the whites that ought to be under him in levels.

This also informs the japa when majority feel that once they get visa, they are going into very "rich" land where their hopes will be realised.

Like I have written countless times, it is all an "illusion". It is a culture of debt. Westerners hardly pay fully for anything. They owe their lives to the banks and they must repay by installment at the end of every month.

Why don't africans realise that most whites save for years before they can embark on any trip anywhere? Lot of people outrightly own their houses in Nigeria, while the whites are paying mortgage at the end of each month. Tell me where is the real wealth?

I am not talking about state of the country, I am addressing some people mindsets as Africans.

Is it inferiority complex or lack of exposure that is troubling Nigerians or result of too much Hollywood movie?

Can this perspective change with time?

The worst of it all is Nigerians describing the Asians as ''whites'' and worshiping them.

The level of the inferiority complex is so pitiable and shameful.

MT:

Government need to drive regulations and policies, an independent body needs to handle the ratings.

Then why isn't the government driving such regulations and policies so that independent bodies can handle ratings so as to improve the quality of dividend being delivered to the citizens?

MT lives in USA and has refused to return home. Take him serious at your own peril.

YouandiAllofus:


Then why isn't the government driving such regulations and policies so that independent bodies can handle ratings so as to improve the quality of dividend being delivered to the citizens?

Our government usually refocus on the wrong things.

I believe they do not proritise that and might be afraid that it is not our culture to buy on credit.

They might feel citizens will find the loopholes to not pay back.

Such a robust system takes time and deep thinking which average africans find annoying.

Maria96:
MT lives in USA and has refused to return home. Take him serious at your own peril.

If I reside in the moon, what relevance does that have with the subject matter.

I accept that common sense might not be common afterall.

MT:


Our government usually refocus on the wrong things.

I believe they do not proritise that and might be afraid that it is not our culture to buy on credit.

They might feel citizens will find the loopholes to not pay back.

Such a robust system takes time and deep thinking which average africans find annoying.

No matter how educated the son of a poor man who is still poor like the father, they will always feel privileged having a wealthy dangote's son as friends!
Because the stakes are greatly uneven!

As the number one image maker of a country, if the government fail to provide standard facilities just like others have easily in their country, people would naturally lean towards where they feel they can get what they need including fancing friendship with the people of such regions.

The government here is the culprit!

YouandiAllofus:

No matter how educated the son of a poor man who is still poor like the father, they will always feel privileged having a wealthy dangote's son as friends!
Because the stakes are greatly uneven!

As the number one image maker of a country, if the government fail to provide standard facilities just like others have easily in their country, people would naturally lean towards where they feel they can get what they need including fancing friendship with the people of such regions.

The government here is the culprit!

I am sorry but you are missing the point.

Look at the subject matter, you are straying into another topic entirely.

MT:


I am sorry but you are missing the point.

Look at the subject matter, you are straying into another topic entirely.

My guy, I am right on point.
The westerners have a better standard as compared to Africans.

Take a good look at our society today, it is entirely driven by Western innovations. Roads, cars, houses, clothes, water systems, electricity, technology etc... I mean everything!
Aside copying the same west and traditional ways, what can Africans really do for themselves let alone offer the world?
Even the system of government they introduced Africans to, the black man is simply failing hard in all ramifications. Basic management, they cannot. They loot everything to the west, buy properties and even citizenship of Western countries instead of developing their own country and improving the standard of living for their citizens.
Nigerian politicians are classic examples.

Just look at Burkina Faso, instead of tackling the huge poverty crises, the government is busy trying to eradicate french language asif french is the cause of poverty in that country.

What I am trying to say in essence is, a better standard elevates the status of the citizens of such society. That's why people whose standard is largely below pair might want to associate and show off with the ones who has better standard.
I don't think it is about skin type or being a Westerner as your post is trying to insinuate.

China, India and their citizens were not any better than Nigeria and Nigerians few years ago. But today, they seems to be rewriting history, and the perception about the Chinese and Indians is gradually changing, so will the mentality of being fake, poor and wicked change overtime which will ultimately increase their worth in the eyes of the world and this will build confidence in their citizens if their country continue on the path of positive progress.

YouandiAllofus:

My guy, I am right on point.
The westerners have a better standard as compared to Africans.

Take a good look at our society today, it is entirely driven by Western innovations. Roads, cars, houses, clothes, water systems, electricity, technology etc... I mean everything!
Aside copying the same west and traditional ways, what can Africans really do for themselves let alone offer the world?
Even the system of government they introduced Africans to, the black man is simply failing hard in all ramifications. Basic management, they cannot. They loot everything to the west, buy properties and even citizenship of Western countries instead of developing their own country and improving the standard of living for their citizens.
Nigerian politicians are classic examples.

Just look at Burkina Faso, instead of tackling the huge poverty crises, the government is busy trying to eradicate french language asif french is the cause of poverty in that country.

What I am trying to say in essence is, a better standard elevates the status of the citizens of such society. That's why people whose standard is largely below pair might want to associate and show off with the ones who has better standard.
I don't think it is about skin type or being a Westerner as your post is trying to insinuate.

China, India and their citizens were not any better than Nigeria and Nigerians few years ago. But today, they seems to be rewriting history, and the perception about the Chinese and Indians is gradually changing, so will the mentality of being fake, poor and wicked change overtime which will ultimately increase their worth in the eyes of the world and this will build confidence in their citizens if their country continue on the path of positive progress.

Standard of a country is different from Indvidual's wealth.

You are talking about their environment and country, I am talking about the citizens. Two different things.

America is a wealthy nation but she has one of the highest homelessness in the world.

Perception does not mean correctness. Perception is different from empirical facts.

Read the subject matter again.

MT:


The whites are no way as rich as people assume. It is the system that makes them to APPEAR rich.

Actually they're much richer than you think. I would advise you to check data on wealth in the USA. Not only that, Black Americans are richer than Nigerians anywhere. Nigerians EARN high WAGES or INCOME in the USA but OWN much less WEALTH. Wealth is built over GENERATIONS in a political systems that PROTECTS PROPERTY RIGHTS.

For example your first wrote something about mortgages and how they don't own their homes. This quite wrong. I'll just make an offhand guesstimate that over 65% of White owned homes in the USA are mortgage free. Most Native born White Americans and many Blacks don't pay rent or mortgage...and even if they do it's a solid, guaranteed future wealth. This is NOT too hard to understand.

I don't blame una sha, it took me a long time to realize a lot of this. Look, think of it like this...the average or middle class White American has the same kind of wealth you have as a Native tribal person in Nigeria.

They have ancestral homes in their villages owned by their great grandfather and passed down over generations. My own home that I live in today was sold to me when the owner died and two sons inherited it. The owner bought it in 1970 and lived in it, adding and improving. Everything is recorded. Go and check cost of houses in 1970 and today and do the math. And there was ZERO money owed on the home.

Is it just houses? A young lady I worked with told me how her parents paid for her university education. Walmart shares and dividends. Apparently her parents bought shares for her back in the 1980s or something.

Back when I was in university one Oyibo friend took me to witness a tree clearing. Her father owned land passed down from previous generations of the family. They plant fast growing timber on it every year and harvest a portion every 3 years and sell to wood mills.

Just like Igbo people in Lagos go home for Xmas to their village homes, Americans in Chicago, New York and Houston go on Summer Vacations to their beach houses and farms and mountain cabins.

A large proportion of Americans live in rural areas on land they inherited. Those rural areas have most amenities you need for a good life like roads, police protection, good schools and such. And employment opportunities in factories and such. Here in North Carolina most factories are located in small towns. In Nigeria rural areas are dead zones.


The American people are Natives just the same way you're a Native of your tribe and own wealth you didn't work for or pay for.
THE DIFFERENCE is precisely what you've attempted to discount - socio-political organization. Your land in your ancestral village BY LAW doesn't even belong to you. The American people have organized their country in such a way they they LEGALLY OWN property. That secure ownership is what gives value. That is why MORTGAGE is more widespread in the USA than in Nigeria.

Why do all these Nigerian elites own homes abroad? Did you read how the Federal Government forced Abubakar Atiku to give up his shares in Intels? That shows ALL property ownership in Nigeria is at risk.

I actually am tired of these sort of discussions but the way wrong info is touted here to justify the NIGERIA IS BETTER THAN US/UK narrative is crazy.

Good Luck to Nigerians.

IbeOkehie:


Actually they're much richer than you think. I would advise you to check data on wealth in the USA. Not only that, Black Americans are richer than Nigerians. Nigerians EARN high pay but OWN much less WEALTH. Wealth is built over GENERATIONS in a political systems that PROTECTS PROPERTY RIGHTS.

For example the OP wrote something about mortgages and how they don't own their homes. This quite wrong. I'll just make an offhand guesstimate that over 65% of homes in the USA are mortgage free. Most White Americans and many Blacks don't pay rent or mortgage...and even if they do it's a solid, guaranteed future wealth. This is NOT too hard to understand.

I don't blame una sha, it took me a long time to realize a lot of this. Look, think of it like this...the average or middle class White American has the same kind of wealth you have as a Native tribal person in Nigeria.

They have ancestral homes in their villages owned by their great grandfather and passed down over generations. My own home that I live in today was sold to me when the owner died and two sons inherited it. The owner bought it in 1970 and lived in it, adding and improving. Everything is recorded. Go and check cost of houses in 1970 and today and do the math. And there was ZERO money owed on the home.

Is it just houses? A young lady I worked with told me how her parents paid for her university education. Walmart shares and dividends. Apparently her parents bought shares for her back in the 1980s or something.

Back when I was in university one Oyibo friend took me to witness a tree clearing. Her father owned land passed down from previous generations of the family. They plant fast growing timber on it every year and harvest a portion every 3 years and sell to wood mills.

Just like Igbo people in Lagos go home for Xmas to their village homes, Americans in Chicago, New York and Houston go on Summer Vacations to their beach houses and farms and mountain cabins.

A large proportion of Americans live in rural areas on land they inherited. Those rural areas have most amenities you need for a good life like roads, police protection, good schools and such. And employment opportunities in factories and such. Here in North Carolina most factories are located in small towns. In Nigeria rural areas are dead zones.


The American people are Natives just the same way you're a Native of your tribe and own wealth you didn't work for or pay for.
THE DIFFERENCE is precisely what you've attempted to discount - socio-political organization. Your land in your ancestral village BY LAW doesn't even belong to you. The American people have organized their country in such a way they they LEGALLY OWN property. That secure ownership is what gives value. That is why MORTGAGE is more widespread in the USA than in Nigeria.

Why do all these Nigerian elites own homes abroad? Did you read how the Federal Government forced Abubakar Atiku to give up his shares in Intels? That shows ALL property ownership in Nigeria is at risk.

I actually am tired of these sort of discussions but the way wrong info is touted here to justify the [b]NIGERIA IS BETTER THAN US/UK [/b]narrative is crazy.

Good Luck to Nigerians.

Why you are upending the discourse amazes me. I appreciate the fact you were civil in your submission to.

I am not comparing country to country. That is the regular argument here.

I am talking of PERCEPTION of whites has been so rich than the black.

How many families in the US has generations passed to them. You need to look at ratio of the citizens living there. I will appreciate a data to back up your arguments.

Do you know US has one of the highest homelessness in the world? How many of them have savings?

What I am saying is their countries cant be compared to Nigeria , it is far better off but the citizens are not as rich as Africans perceive.

This is the US poverty level as at September, 2023:

https://time.com/6320076/american-poverty-levels-state-by-state/

I'm almost always civil and I replied to you because you're almost always the same. I do FACTS, FACTS, FACTS....nothing else.

About USA poverty, I think it's set by government at around income of $22K per family per year, probably 10 to 15% of families. Likely 90% of those families eat well, have housing, own or have access to a car and good quality basic education and have TV and phone. By the way, I personally lived at that level. By USA standards that is poor, by Nigerian standards it's rich.

I am not comparing country to country. That is the regular argument here.

I am talking of PERCEPTION of whites has been so rich than the black.

In this case perception is REALITY.

I'll be back later.

Good Luck to Nigerians

IbeOkehie:
I'm almost always civil and I replied to you because you're almost always the same. I do FACTS, FACTS, FACTS....nothing else.

About USA poverty, I think it's set by government at around income of $22K per family per year, probably 10 to 15% of families. Likely 90% of those families eat well, have housing, own or have access to a car and good quality basic education and have TV and phone. By the way, I personally lived at that level. By USA standards that is poor, by Nigerian standards it's rich.

I'll be back later.

Good Luck to Nigerians

Boss, you are both right. In different ways though. He is talking about the PERCEPTION. Meaning many Nigerians do not care of the white dude is okay or not, they just look to the skin's colour and begin to worship even if they do better than the object of interest Sir. This is the point here sir. The impulsive perception that isnt backed by facts or reasoning

1TrippleCee:




Boss, you are both right. In different ways though. He is talking about the PERCEPTION. Meaning many Nigerians do not care of the white dude is okay or not, they just look to the skin's colour and begin to worship even if they do better than the object of interest Sir. This is the point here sir. The impulsive perception that isnt backed by facts or reasoning

Ohhh, I see. Well that perception is based on certain realities. Such as, a 25 year old beautiful Nigerian girl marrying a 50 year old fat, ugly White American man who earns $30K per year is LIKELY end up living a better life than most of her peers.

Good Luck to Nigeria

Well we know Otedola is richer than this White Man ever was:

https://www.cnbc.com/2016/08/29/janitor-secretly-amassed-an-8-million-fortune.html

You don’t need to earn a massive paycheck to become a millionaire.

As one-time Vermont-based janitor and gas station attendant Ronald Read demonstrated, you can reach the seven-figure mark on a modest salary.

Unbeknownst to everyone around him until he died at age 92 in June 2014, Read had quietly amassed an $8 million fortune, thanks to smart spending and investing habits.

Even Read’s family was “tremendously surprised” upon finding out about his hidden wealth. “He was a hard worker, but I don’t think anybody had an idea that he was a multimillionaire,” Read’s stepson Phillip Brown told the Brattleboro Reformer in 2015.

Read came from humble beginnings. He was the first in his family to graduate from high school and served in North Africa, Italy and the Pacific theater during World War II, according to Reuters. After the war, he came home to work at a gas station and as a janitor at JCPenney, and married a woman who had two children.

So I've compared a Black Nigerian and White American....individuals, not the country. And the Nigerian is richer. Next time you meet a White Man, know he's worthless. Right? Good.

Case closed.

Good Luck to Nigeria.

IbeOkehie:


Actually they're much richer than you think. I would advise you to check data on wealth in the USA. Not only that, Black Americans are richer than Nigerians. Nigerians EARN high pay but OWN much less WEALTH. Wealth is built over GENERATIONS in a political systems that PROTECTS PROPERTY RIGHTS.

For example your first wrote something about mortgages and how they don't own their homes. This quite wrong. I'll just make an offhand guesstimate that over 65% of homes in the USA are mortgage free. Most White Americans and many Blacks don't pay rent or mortgage...and even if they do it's a solid, guaranteed future wealth. This is NOT too hard to understand.

I don't blame una sha, it took me a long time to realize a lot of this. Look, think of it like this...the average or middle class White American has the same kind of wealth you have as a Native tribal person in Nigeria.


The American people are Natives just the same way you're a Native of your tribe and own wealth you didn't work for or pay for.
THE DIFFERENCE is precisely what you've attempted to discount - socio-political organization. Your land in your ancestral village BY LAW doesn't even belong to you. The American people have organized their country in such a way they they LEGALLY OWN property. That secure ownership is what gives value. That is why MORTGAGE is more widespread in the USA than in Nigeria.

Why do all these Nigerian elites own homes abroad? Did you read how the Federal Government forced Abubakar Atiku to give up his shares in Intels? That shows ALL property ownership in Nigeria is at risk.

I actually am tired of these sort of discussions but the way wrong info is touted here to justify the NIGERIA IS BETTER THAN US/UK narrative is crazy.

Good Luck to Nigerians.

Just to add: Here is a more detailed explanation about the concept of savings between whites/African Americans in developed countries and Nigerians:

Kenn55:


All the western world countries are almost the same except for little variations here and there.

They are all credit societies where large chunk of their economy is driven by consumer spending.

However you have the choice to stay out of loans. For example, If you don't have money to go to school, then you don't have to study courses that would keep you heavily indebted since you will be taking loan to study. You can study in demand courses in colleges with grant rather than go to a high ranking university to study with loans. You can decide to drive a 15 year old car and pay for it in cash rather than going for a brand new or fairly new car with loan.

You can even keep renting instead of buying a house on mortgage if you hate loans so much but that doesn't make sense since houses are assets and not liabilities. Even though you owe money on a house, you can sell it and make profit when the time is right.

Note that an average oyibo doesn't care much about debt the way we do cos that is how they live from beginning and it's part of their lifestyle as built by their system.

You talked about savings but note that these western countries are not built for savings but spending. Like I said before, it is the bedrock of their economy. Besides, the structure of their society coupled with fairly good governance makes savings not to be a big deal.

Why do people need savings? In case of emergency. What are the do or die emergencies? Loss of job, health, accidents, loss of shelter,life etc. The oyibo model is insure instead of savings. This is why insurance is one of the biggest industries in North America.

In this place, your insurance is your savings while in places like Nigeria, your savings is your insurance because of the model our society is run. You see the difference.

Why would an average oyibo be bothered much about savings when he has insured against all possible emergencies? Life, employment, health,home,car,accident and even pet sef dey get insurance. These insurance coverages cost money but because of their mentality, they embrace it but majority of us Africans will see it as a waste and instead save those money in the bank and that would form part of our "savings".

So when you read an average oyibo have little or no savings, that is the truth but it doesn't tell the full story.

You asked a valid question but you need to understand how the society is built in order to properly navigate it. The choice to embrace the oyibo model or our Nigerian model or a little mixture of both is left for you.

That aspect of property rights is something we have not fully considered is key to building wealth. There is a lot of dead capital in Nigeria due to the archaic Law Use Act. PwC Nigeria did a study about it. That law has to be changed so that people can actually own wealth and pass it down to generations. Also, there are other avenues for building wealth in developed countries, such as the stock market. We would be told there is the Nigerian Stock Exchange, but how many Nigerians have built wealth over the years through it? How many Nigerian companies do an IPO regularly on the market? It should be a great way for companies to raise capital to expand their businesses, but it is not widespread. Businesses complain of capital to expand their operations, but few are listing online. Why?

The concept of the whites being poorer than Nigerians does not hold water when the former can build wealth in a place where the rule of law works. It seems people underestimate the effect of rule of law in building wealthy societies.

ChybuzzDD:


The worst of it all is Nigerians describing the Asians as ''whites'' and worshiping them.

The level of the inferiority complex is so pitiable and shameful.

The "Asians" here have to be specific. If it is East Asians, they are wealthier and have developed and functioning societies than anywhere in Africa. If it is South Asians or some parts of South East Asians, then I can understand your pains. However, by looking at the economic growth rates of certain South East Asian countries, if they maintain those growth rates and do not experience devastating conflicts, I see them becoming solidly middle-class by the middle of the century. The fact their biggest trade partner is China (not just commodities, but finished goods) means they have hooge prospects of becoming prosperous. When that happens, it will remain parts of South Asia, parts of the Middle East and sub-Saharan Africa that would be poor. Considering we are more populated than those regions, we would, as sub-Saharan Africans, be the poorest of all inhabitants worldwide. That would be morally demoralising.

Gerrard59:

It seems people underestimate the effect of rule of law in building wealthy societies.

Thanks for adding your 2 cents here, you're another great and crisp thinker on this forum. Thanks especially for bringing in that comment on INSURANCE. A lot of Black Americans and others too become solid and stable (upper) middle class by means of death insurance benefits.

There's a Nigerian man I know very well, that was how he got fairly wealthy. His father died with a $500K insurance policy on top of fully paid off house and sundry other things. This is someone I went to school with, working an ordinary middle class job just like me.

The rule of law isn't incidental to INDIVIDUAL wealth, it's INDISPENSABLE. So when Oga @MT tried to SEPARATE the system from individual wealth, I was just shaking my head. Anyone who has invested in property in Black Africa and the Anglo-West should know the differences.

I've said it before and I'll say it again - Nigeria will remain an UNDEVELOPED or developing nation until the Land Use Act, Petroleum Industry Act & Solid Minerals Act are revoked in favor of private property rights and the naira is floated. This is a rock solid certainty, as sure an the sun rises and sets each day. And for anyone who can't understand, please go look up the ECONOMIC definition of development.

Good Luck to Nigeria.

IbeOkehie:


Thanks for adding your 2 cents here, you're another great and crisp thinker on this forum. Thanks especially for bringing in that comment on INSURANCE. A lot of Black Americans and others too become solid and stable (upper) middle class by means of death insurance benefits.

The rule of law isn't incidental to INDIVIDUAL wealth, it's INDISPENSABLE. So when Oga @MT tried to SEPARATE the system from individual wealth, I was just shaking my head. Anyone who has invested in property in Black Africa and the Anglo-West should know the differences.

I've said it before and I'll say it again - Nigeria will remain an UNDEVELOPED or developing nation until the Land Use Act, PIB & Solid Minerals Act are revoked in favor of private property rights and the naira is floated. This is a rock solid certainty, as sure an the sun rises and sets each day. And for anyone who can't understand, please go look up the ECONOMIC definition of development.

Good Luck to Nigeria.

It reminds me of this comment I made a while ago.

Gerrard59:
The Ukrainian dude left his country for another country dominated by Caucasians meanwhile you did not leave Nigeria to another black dominated country? What does it tell you? That sub-Saharan Africa - home to 95% of black people - is home to the largest number of poor people than any other continent is very poor and actually a slum. In fact, Nigeria which you erroneously stated as Africa's richest has the highest number of poor people in the world yet is the most populated country on the continent. Meaning that there are more poor people in Nigeria than almost all of Eastern Europe.



Africa is not wealthy, the earlier you know this, the better for you. Wealth is not what you have but what you can make do with. Japan, Switzerland, South Korea and Singapore don't have half of the so-called minerals most African countries possess, yet are amongst some of the richest places on the planet because they utilised the most important resource - human resource. Which is why crude oil is useless if there is no superior human knowledge in extracting it. In fact, without advanced knowledge from White and Asian dominated countries, so-called minerals in most African countries would have been worthless. Just like crude oil is facing an imminent decline in demand due to green technology, it means that so-called wealth will become valueless in the world market. It is the buyer of crude that determines the price of the product based on what s/he intends using it for. Coal more than a 100 years was once like crude oil but today? Less value, implying those countries that were wealthy because they had coal aren't wealthy any longer. Tomorrow, if European and American consumers decide to consume cell based chocolate, the so-called cocoa which could be peddled as wealth based on your post will lose value just as cell/plant based meat will one day make animal based meat to lose value. The buyer dictates whether the so-called mineral is valuable, invariably making the country to be wealthy




While GDP is a major indicator of measuring a country's wealth, it is not the only way ditto for GDP per capita. Rather, HDI should be placed at the top. Nigeria according to you is richer than Ukraine based on the sizes of both countries' economies but which country has the highest number of poor people in the world? How can such a country be said to be rich? Yes, any rational person will underrate Africa because it has the highest number of poor people in the world. Have you seen or read where a rich country/person is underrated? So, assuming Africa should not be underrated, what do you recommend? Be placed at the same level like Malaysia? South Korea? Vietnam? Brazil? Do you know the sacrilege you would have committed? If you desire that Africa should not be under-rated, then countries on the continent should be rich, at least more than Eastern Europe then afterwards South East Asian countries then maybe North Asia before Western countries.

Africa is poor and has the highest number of poor people. Last I checked, there is a link between high poverty rates and proliferation of slums. These are facts and they don't care about feelings. https://link.springer.com/chapter/10.1007/978-1-349-08473-9_2

The notion that Africans are wealthier than Europeans or East Asians or North Americans is amusing. There are certain industries or companies that would invest heavily if such a notion is accurate.

They are wealthier than us guy.

You nor go 'worship Asians' ke? Please mention the top 5 vehicle brands and consumer electronics(Smartphones inclusive) and you have your answer

ChybuzzDD:


The worst of it all is Nigerians describing the Asians as ''whites'' and worshiping them.

The level of the inferiority complex is so pitiable and shameful.

MT:
I have read countless submissions from Nairaland and I am always shocked how westerners especially are perceived as very wealthy.

This reflects in the way they are treated when they visit our continent. Most Nigerians are subservient to them, thinking that the whites are quite rich. The whites get the feedback and they look down on africans as the sons and daughters of their former slaves.

You will see a Nigeria graduate having an illiterate white as friends, and still feel so privileged to have them as friends. Taking pictures and posting on social media showing the world that he now has white friends; the whites that ought to be under him in levels.

This also informs the japa when majority feel that once they get visa, they are going into very "rich" land where their hopes will be realised.

That illiterate White Man working as a cook or bus driver likely has parents or grandparents who're part of the trend below -

https://rbj.net/2023/10/30/get-ready-for-the-great-wealth-transfer-as-boomers-begin-to-shift-funds-to-heirs/#:~:text=Between

Between 2023 and 2045, $84 trillion in assets will be handed down from baby boomers to their heirs or charities according to market research firm Cerulli and Associates.

The Rochester Business Journal asked four leaders in the wealth management space how they’ve readied their firms and their clients for what’s been dubbed the Great Wealth Transfer.

40% of US homes are mortgage free and you know most of them are owned by White People -

https://www.forbes.com/sites/brendarichardson/2019/07/26/nearly-40-of-homes-in-the-us-are-free-and-clear-of-a-mortgage/?sh=61dbbe3f47c2

I'm sure a good portion of mortgages at any point in history are owed by 1st generation Americans. Now we know there was a Great Return to Nigeria by Nigerian students during the oil boom of the 1970's. Between those that returned to Nigeria and those who stayed in the USA, who has accumulated more wealth over the past 50 years? Which has higher living standards? Between the next generation that comes after them, which cohort will likely be wealthier? Then let's talk about White Americans who've been inheriting wealth over 3 to 10 generations.



This whole schtick about Nigerians being rich is getting out of hand. Please my people, do some research. It's not that hard.

In fact White People have a culture of modesty, so they don't tend to show off their wealth. While Nigerians get $10K and start shouting to high heavens. Most Nigerian residents that many think are wealthy are NOT wealthy, while many White People in the US/UK you think are poor are actually quite wealthy.

Good Luck to Nigerians.

That while thing about people treating me like I shit gold is one of the reasons I don't look forward to visiting my wife's homeland. I ain't rich but so many people are asking my wife for brand clothes and electronics and accusing her of wanting to chop all that white man money herself. The "richness" stems from being blessed to be born into a society where education and hospital visits are paid through taxes, without that I'd be living hand to mouth myself.
With its resources and savvy people Nigeria could be as rich as any western country with the right leadership

OyinboSweden:
That while thing about people treating me like I shit gold is one of the reasons I don't look forward to visiting my wife's homeland. I ain't rich but so many people are asking my wife for brand clothes and electronics and accusing her of wanting to chop all that white man money herself. The "richness" stems from being blessed to be born into a society where education and hospital visits are paid through taxes, without that I'd be living hand to mouth myself.
With its resources and savvy people Nigeria could be as rich as any western country with the right leadership

Please don't come. So they don't ruin your home and marriage