Black Billionaires

I've followed this guy and wondered why he's not on the Billionaire's list. I think it's because most of his holdings are private and Forbes uses public records and listings to create the wealth list.

 

I wonder how they can keep it private. I guess there aren't financial institutions like the IRS in Africa to make you have to show your wealth.

 

There are financial institutions called IRS in Africa they just as corrupt as shit so they don't chase the rich guys.Rich guys in Africa are demi-gods

 

How does American tax reporting work? I am sure when you are a citizen, or resident in some other countries, you are taxed on your world income. It is not just about country where those earnings are made but rather the overriding taxation rate that kicks in on the income, and the tax treaties that exist. All countries have tax treaties between them.

So in a sense, if a guy lives in the United States and has his head office there, he is being assessed there. The tax laws look at where the heart and mind of a business is, and that is determined through where they hold business meetings. A guy that makes so much money would have his records available with IRS because he is American and because of the nature of his business activities he would be of curiosity.

I think deciding to keep a business private would depend more on the business philosophy and the goal of running a business. So far, (my conjecture) they have decided to because they don't need the funds to expand using the capital market. Making a company public affects the governance structure.

If I were in their shoes I would make it as private I can I can structure my finance in such a way that I don't need the capital market , and burden of some overzealous investor getting greedy and wanting to wrestle ownership of the company from me.

 

Taxes are not taken as seriously in many African countries like in the western world. It explains in part why the politicians get a way with all sort of things and the citizens are not so bothered because they hardly pay taxes.

Yet, it is easy to make distinctions in cases where someone does business from the states and operates out of the states. That person is certain to operate within the loopholes of its tax system if it exists through tax planning and using tax havens.

It is not as easy for someone living in a western country to evade tax compared to a third world country. Once it can be established where your business does its business, meetings,, have its headquarters and where the owners live most of the time. If you can't explain it on your business income, you would be able to explain it on your individual income.

 

In Russia,Africa,and other lands where tax codes are lax those guys who become billionaires got there because they steal,murder,and weasel their way into a lot of money. They just work hard to be the master thief.

 

And where did you get this brilliant idea from that those billionaires steal, murder and weasel their way into a lot of money?. With all those scandals about rich people in America you have no moral temerity to make this statement.It might interest you to know some of these African Moguls have a sound business acumen.

 

Dude let's be clear. No one becomes a billionaire without fucking over a ton of people. It's never happened.

 

I hear you on that but they might not necessarily steal or murder to get there unless you telling me Bill Gates and Warren Buffet does that.

 

If they didn't do it personally someone sure as hell did it on their behalf. No one gets that wealthy without being crooked.

 

I doubt those guys who get extremely rich got there by doing good or honest things especially in the places I've mentioned. Getting rich without a inheritance there is slim to none so they get their hands either dirty,bloody or both.

 

it's a lot harder than it looks

if it wasn't, everyone that tried going outside of the box would be billionaires

for every successful millionaire, there are hundreds if not thousands of failures

after all..that's part of the attraction of being insanely rich

 

Come on andrae, while its true that wealthy people get there by stomping competition, I doubt most are crooked. Soul-less, most certainly, as there is no chance a bleeding heartcan can get to that level. To reach such financial heights, you have to be all about business, which entails narcissism and a complete “i dont give a fuck” mind set. ​

The reason why so many brothers are not up there owning business and property is simple: instant gratification. Starting a small business and growing it into astronomic proportions is risk taking. Most of us hate investing , some dont even bother on investing 20 000 (or whatever it costs in the states) on a 4 year education. What makes you think they will invest 100 000 on a franchise that could stack billions in "n" years?... People dont want to own small businesses, but the fact is, every big business has to start somewhere, and thats small businesses and having a management team that will feed to growth. If you dont have the finances, you sell your ideas to guys that do, or you get loans from the government...thats investment. ​

Im not the richest cat out there, but you will never see me wearing these expensive clothes, having all these dumb video games, driving expensive cars, or marrying (or being with a woman who asks shit). Thats how you build wealth, by keeping more of what you make, and not just giving it away. But again, im not saying i will ever reach billionaire status (although miracles do happen--lol) but i have many ideas that could change the world, if only i could get some moguls to invest on my idea, or be brave enough to obtain loans from banks. ​

Its about realizing an opportunity and seizing it with a passion. Its really all about passion (98.9%). There are many "new" stuff i see on tv, i had the same idea of the same thing many years ago, and it was just there in my head but lacked the passion and drive to make use of it. But it doesnt worry me,though, because innovation really comes easy for me, and who knows?...

like petty said, its becoming wealthy is a lot harder than it seems, and sometimes, im just like the average citizen and just wanna "chill out" for a bit, because the hardwork and sacrifices needed will seem like climbing mountain everest on a wheelchair lol​

 

Verrry true.

Instant gratification will not come in taking these risks. It takes time and you cannot cut corners. You will be penalized in some form.

 

Casino Jack with Kevin Spacey was gold



Basically he was a lobbyist that had big dreams and cut a lot of corners and screwed a lot of people, to get that cheese. He was doing fine (until he got caught).

:smt033

 

Exactly. Not to say that you can't cut corners without any repercussions, it's just not likely to happen.

Good luck to all out there taking high and low risks while making investments.

It's a tough job but somebody's gotta do it.

I love it and wouldn't trade it for anything.

 

I invested before in mutual funds. Lost 3k in a year (small change when you're investing), but ended up taking everything out early to help with school. I wish I bought stock in Under Armour before it blew up.

 

Do the stocks. Big money on the table. Just make sure you're doing consistent research on the companies before you put it in there and you'll definitely make a significant profit from it within just 90 days or less if done properly.

And yes, Under Armour went BIG. I wasn't even paying attention to it because I'm not very familiar with the retail sector.

Don't fret. There's still plenty of money to be made out there. It just might be more interesting for some when they invest in something they consume.

As of now, I'm more into the tech stocks but am looking to take a closer look at the commodities industry as well as pharmaceuticals.

 

Wale Tinubu. He is the CEO of Oando, an indigenous company in oil and gas business. This is still a relatively young company.

http://www.oandoplc.com/

He is part of the younger generation in Nigeria building oil assets across Africa.

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I am very happy to see the men in Africa stepping up and taking control of their resources. This is a step in the right direction if utilized properly. One day, they too can be a nation of abundant development like many of the Western nations.

I understand that they already have many developments comparable to those of great empires across the globe. I would like to see more of a push to do so because I know they are capable. It starts with discipline, education, a cohesive attitude amongst leaders, and a willingness to be great and take advantage of the resources around you.

This is great news, Naija. Thank you.