Chosen from thousands of applications from 38 countries, the winners of the 2022 Women Agripreneur of the Year Award 2022 (WAYA) represent the cream of the talented crop of female role models triggering innovation and spurring ambition across Africa.
AGRA, the African alliance for inclusive agricultural transformation, announced the four winners at the AGRF Summit in Kigali, Rwanda. The four will receive a total of US$85,000 in grant funding. WAYA recognizes women agripreneurs from across the continent who have excelled in different segments of the agricultural value chain and shown remarkable innovation in their businesses.
“Hopefully the universities will hear this messaging. It’s great if you can graduate your students, but it is not so great if you graduate all these students and they don’t have success in their careers. We’re hoping being able to increase critical thinking skills will be able to close that gap.”
OECD researchers offer evidence that students aren’t getting ‘generic skills’ needed for world of work – with potentially big implications.
Professional services giant PwC’s recent announcement that new recruits will no longer require at least a 2:1 degree was seen by many as the latest sign that some of the world’s largest employers are losing faith that a good university qualification guarantees a candidate of a certain quality.
The firm is by no means the first to look for new ways of determining the talent and potential of recent graduates as employers become increasingly vocal about the supposed failures of even the top universities to ensure that those entering the workforce have obtained the status of being “job-ready”.
In response, governments and policymakers around the world have emphasised the need for more practical, vocational degree courses that are closely tied to real-world experiences. But a new publication from the Organisation for Economic Cooperation and Development (OECD) argues that it is in the teaching of more generic critical thinking skills where universities can make the most difference.
The continent of Africa contains more than 50 countries, but just five account for more than half of total wealth on the continent: South Africa, Egypt, Nigeria, Morocco, and Kenya.
Despite recent setbacks in Africa’s largest economies, wealth creation has been strong in a number of areas, and total private wealth is now estimated to be US$2.1 trillion. There also an estimated 21 billionaires in Africa today.
Drawing from the latest Africa Wealth Report, here’s a look at where all that wealth is concentrated around the continent.
A Country-Level Look at Wealth in Africa
South Africa is a still a major stronghold of wealth in Africa, with a robust luxury real estate market and ample wealth management services. The country is also ranked second on the continent in per capita wealth. That said, the country has faced challenges in recent years.
An estimated 4,500 high net worth individuals (wealth of US$1 million or more) have left South Africa over the past decade, migrating to places like the UK, Australia, and the United States. In one stark data point, the report points out that “there are 15 South African born billionaires in the world, but only 5 of them still live in South Africa.”
Here is how major African countries compare in terms of per capita wealth.
Wealth per Capita (US$)
Mauritius is Africa’s wealthiest nation on a per capita basis. Here are a few reasons why the island nation comes out on top:
HNWI growth – Wealthy individuals have flocked to Mauritius in recent years
Ease of doing business – Mauritius ranked 13th worldwide in World Bank’s Doing Business Report
Low taxes – There is no inheritance tax or capital gains tax in the country
Safety – Mauritius was recently rated by New World Wealth as the safest country in Africa
Financial sector – A growing local financial services sector and stock market (SEMDEX)
As a result, Mauritius has seen the strongest growth in total private wealth over the past decade, followed by Rwanda and Ethiopia.
On the flip side of the equation, Nigeria—which is Africa’s largest economy—saw a steep drop in total wealth. The country has struggled in recent years with high unemployment, corruption, and an over-reliance on crude oil.
The Big Picture
Over time, African countries are becoming less dependent on extractive industries, and business conditions are continuing to improve nearly across the board. These tailwinds, combined with the continent’s favorable demographics, point to a bright economic future for Africa.
The outlook for private wealth on the continent is largely positive as well. Total private wealth held in Africa is expected to reach US$3 trillion by 2031, an increase of close to 40%.