Almost half of African millionaires make South Africa their home

first_imgJohannesburg, founded as it was on the rich seam of gold that makes up the Witwatersrand, has long been known as the City of Gold. More than a hundred years since the days of instant fortune in the mining town, it is the top place that African millionaires call their home. Johannesburg is the top city in Africa for dollar millionaires. (Image: Media Club South Africa) Text: Melissa JavanGraphic: Mary AlexanderAlmost half of Africa’s dollar millionaires live in four of South Africa’s cities, according to a report by global research company New World Wealth.The report was released earlier this week. It found that the country’s city of gold, Johannesburg, was the home of most of Africa’s millionaires, with 23 400 living there. Cape Town (8 900), Durban (2 700) and Pretoria (2 500) were also all in the top 10 of the list.As of June 2015, there were about 163 000 millionaires living in Africa, with combined wealth holdings of $670-billion (R9.09-trillion). Of that number, nearly 42% lived in South Africa.Cairo, Egypt had the second highest number of millionaires, with 10 200), followed by Lagos, Nigeria with 9 100 millionaires.The Ghanaian city of Accra was expected see the biggest growth in millionaires in the next decade, with numbers forecast to increase from 2 300 in 2015 to 4 100 in 2025, the report found.Nairobi (71% increase from 6 200 to 10 600) and Durban (48% increase to 4 000) had the next highest projected growth.Colin Grieve, the chief representative officer at AfrAsia Bank, said African cities were emerging as epicentres of growth and opportunity. “(They are) places where growing numbers of consumers with disposable income are congregating,” he said.“Successful entrepreneurs are seizing the opportunity to provide products and services to these expanding markets and in doing so, generating wealth for themselves and their communities.”Click on the image below for a larger view.Sources: New World WealthIn another report released in July, Plettenberg Bay, on the Garden Route was named the top second home hotspot in South Africa for the super-rich, with over 120 homes valued at R20-million or more. It is the highest of any town in the country with the exception of Johannesburg and Cape Town.New World Wealth reported that other second home hotspots for the super-rich were Umhlanga and La Lucia (230) in Durban, Knysna on the Garden Route (230), Stellenbosch in Western Cape (170) and Franschoek in Western Cape (70). In these towns, local and foreign buyers made their second homes. These statistics exclude major cities.Multimillionaires or the super-rich refer to individuals with net assets of $10-million (R120-million) or more.This article was originally posted on the News24 wire.last_img read more


USDA Announces Support for Farmers Impacted by Unjustified Retaliation and Trade Disruption

first_imgShare Facebook Twitter Google + LinkedIn Pinterest (Washington, D.C., May 23, 2019) – U.S. Secretary of Agriculture Sonny Perdue today announced that the U.S. Department of Agriculture (USDA) will take several actions to assist farmers in response to trade damage from unjustified retaliation and trade disruption. President Trump directed Secretary Perdue to craft a relief strategy to support American agricultural producers while the Administration continues to work on free, fair, and reciprocal trade deals to open more markets in the long run to help American farmers compete globally. Specifically, the President has authorized USDA to provide up to $16 billion in programs, which is in line with the estimated impacts of unjustified retaliatory tariffs on U.S. agricultural goods and other trade disruptions. These programs will assist agricultural producers while President Trump works to address long-standing market access barriers.“China hasn’t played by the rules for a long time and President Trump is standing up to them, sending the clear message that the United States will no longer tolerate their unfair trade practices, which include non-tariff trade barriers and the theft of intellectual property. President Trump has great affection for America’s farmers and ranchers, and he knows they are bearing the brunt of these trade disputes. In fact, I’ve never known of a president that has been more concerned or interested in farmer wellbeing and long-term profitability than President Trump,” said Secretary Perdue. “The plan we are announcing today ensures farmers do not bear the brunt of unfair retaliatory tariffs imposed by China and other trading partners. Our team at USDA reflected on what worked well and gathered feedback on last year’s program to make this one even stronger and more effective for farmers. Our farmers work hard, are the most productive in the world, and we aim to match their enthusiasm and patriotism as we support them.”Listen to Secretary Perdue’s comments about the announcement:Background:American farmers have dealt with unjustified retaliatory tariffs and years of non-tariff trade disruptions, which have curtailed U.S. exports to China. Trade damages from such retaliation and market distortions have impacted a host of U.S. commodities, including crops like soybeans, corn, wheat, cotton, rice, and sorghum; livestock products like milk and pork; and many fruits, nuts, and other crops. High tariffs disrupt normal marketing patterns, raising costs by forcing commodities to find new markets. Additionally, American goods shipped to China have been slowed from reaching market by unusually strict or cumbersome entry procedures, which affect the quality and marketability of perishable crops. These boost marketing costs and unfairly affect our producers. USDA will use the following programs to assist farmers:Market Facilitation Program (MFP) for 2019, authorized under the Commodity Credit Corporation (CCC) Charter Act and administered by the Farm Service Agency (FSA), will provide $14.5 billion in direct payments to producers.Producers of alfalfa hay, barley, canola, corn, crambe, dry peas, extra-long staple cotton, flaxseed, lentils, long grain and medium grain rice, mustard seed, dried beans, oats, peanuts, rapeseed, safflower, sesame seed, small and large chickpeas, sorghum, soybeans, sunflower seed, temperate japonica rice, upland cotton, and wheat will receive a payment based on a single county rate multiplied by a farm’s total plantings to those crops in aggregate in 2019. Those per acre payments are not dependent on which of those crops are planted in 2019, and therefore will not distort planting decisions. Moreover, total payment-eligible plantings cannot exceed total 2018 plantings.Dairy producers will receive a per hundredweight payment on production history and hog producers will receive a payment based on hog and pig inventory for a later-specified time frame.Tree nut producers, fresh sweet cherry producers, cranberry producers, and fresh grape producers will receive a payment based on 2019 acres of production.These payments will help farmers to absorb some of the additional costs of managing disrupted markets, to deal with surplus commodities, and to expand and develop new markets at home and abroad.Payments will be made in up to three tranches, with the second and third tranches evaluated as market conditions and trade opportunities dictate. The first tranche will begin in late July/early August as soon as practical after Farm Service Agency crop reporting is completed by July 15th. If conditions warrant, the second and third tranches will be made in November and early January.Additionally, CCC Charter Act authority will be used to implement a $1.4 billion Food Purchase and Distribution Program (FPDP) through the Agricultural Marketing Service (AMS) to purchase surplus commodities affected by trade retaliation such as fruits, vegetables, some processed foods, beef, pork, lamb, poultry, and milk for distribution by the Food and Nutrition Service (FNS) to food banks, schools, and other outlets serving low-income individuals.Finally, the CCC will use its Charter Act authority for $100 million to be issued through the Agricultural Trade Promotion Program (ATP) administered by the Foreign Agriculture Service (FAS) to assist in developing new export markets on behalf of producers.Further details regarding eligibility and payment rates will be released at a later date.#USDA is an equal opportunity provider, employer and lender.last_img read more


Military Consumer Protection Month: Tech Support Scams

first_imgFrom the Federal Trade Commission Tech support scammers want you to believe you have a serious problem with your computer, like a virus. They want you to pay for services you don’t need to fix a problem that doesn’t exist. They often ask you to pay by wiring money, putting money on a gift card, prepaid card, or cash reload card, or using a money transfer app, because they know those types of payments can be hard to reverse.Courtesy of FTC/Military Consumer Protection MonthIf you’re looking for tech support, go to a company you know and trust, or get help from a knowledgeable friend or family member. If you search online for help, search on the company name plus “scam,” “review,” or “complaint.”If you get a phone call you didn’t expect from someone who says there’s a problem with your computer, hang up.Never call a number in a pop-up that warns you of computer problems. Real security warnings will never ask you to call a phone number.If you spot a tech support scam, tell the Federal Trade Commission: Check out this article or this video about how to avoid tech support scams.For more information on protecting your online identity, attend our webinar today, July 30 at 11 a.m. ET. Federal Trade Commission Attorney Carol Kando-Pineda will discuss ways to protect your smart devices and your identity while conducing business on the internet. CEUs are available for Accredited Financial Counselors and Certified Personal Finance Counselors. RSVP here.last_img read more


The Key to a Large S-Curve

first_img Get the Free eBook! Want to master cold calling? Download my free eBook! Many would have you believe that cold calling is dead, but the successful have no fear of the phone; they use it to outproduce their competitors. Download Now You want exponential growth. You want a curve that bends sharply upwards.It’s easy to be tempted into believing that the next big idea to come along, the next shiny object, will be what finally unleashes the potential within you (or your sales organization). But, as painful as it is to tell you this, a large S-curve isn’t likely the result of your next big idea or shiny object. The large S-curve you seek is made up of a bunch of smaller S-curves.Just a Little Bit BetterIt’s not very sexy to talk about exponential growth in the terms of small improvements, but most of the time that’s how it starts. You get a little bit better. And then you get a little bit better than that. And so on, and so forth, onwards and upwards.Maybe you get a little better at prospecting. And then you get a little bit better of helping your dream client diagnose their needs, collaborating with them on what’s next. And then you get a bit better at building consensus, all the while capturing these improvements. So one little S-curve leads right into the next little S-curve.Stacking and Starting from a Higher PointAs you improve, you stack one little S-curve on top of the preceding S-curve. The new S-curve starts where the last S-curve ends. You’re stacking improvement on top of improvement, each time starting from a higher point, until you finally begin to improve exponentially.It’s not exciting to talk about the small S-curves. Not many are interested in talking about how you make the small gains that eventually build the platform for exponential growth. It’s more interesting to search for the silver bullet, the magic answer, the shiny object that promises to deliver the large S-curve now. But if you want exponential growth, start thinking about how you might link together a lot of little S-curves.QuestionsWhat does it take to produce exponential growth?Why do we seek shortcuts to big results? How often do they really work?Why do we avoid making all of the smaller, less interesting improvements that build a platform form which to grow exponentially?What little improvements might you make that, if linked together, would give you a massive improvement curve?last_img read more


CaPRI Launches Study on Value of the Diaspora

first_img This culminated in the issuance of a proclamation on June 14, 2005, by the then Governor-General, the late Sir Howard Cooke, for the day to be celebrated annually on June 16. A study to examine the value of the diaspora to Jamaica’s development will be launched on Jamaica Diaspora Day (June 16), which is celebrated annually in Jamaica and abroad. Persons who wish to contribute to the study or need more information can call CaPRI’s office at 970-3447 and 920-2910 or email [email protected] Story Highlights A study to examine the value of the diaspora to Jamaica’s development will be launched on Jamaica Diaspora Day (June 16), which is celebrated annually in Jamaica and abroad.Some of the results will be revealed at the Jamaica 55 Diaspora Conference to be held in July.The designation of Diaspora Day emerged from one of seven Resolutions put forward at the first historic Biennial Jamaica Diaspora Conference held in Kingston from June 16 to 17, 2004.This culminated in the issuance of a proclamation on June 14, 2005, by the then Governor-General, the late Sir Howard Cooke, for the day to be celebrated annually on June 16.The proclamation requested the support of Jamaicans at home and abroad for the activities of the Jamaican diaspora.The launch is being jointly undertaken by the Caribbean Policy Research Institute (CaPRI) and the Jamaica Diaspora Institute (JDI), with support from the Jamaica National Group.Executive Director of the JDI, Professor Neville Ying, and Co-Executive Director of CaPRI, Dr. Damien King, will be the main speakers at the event, scheduled to take place at the Jamaica National Financial Centre, 2 Belmont Road, starting at 7:30 a.m.Research Officer of CaPRI, Shanike Smart, says some of the findings of the study will be shared at the upcoming seventh Jamaica 55 Diaspora Conference, slated for July 23 to 26 at the Jamaica Conference Centre in downtown Kingston. It is one of the main events to mark Jamaica’s 55th anniversary of Independence.“We will be presenting our findings on one of those days, especially where we are at in terms of the survey. We are hoping to wrap up the entire research within the following month or two,” she says, adding that CaPRI will be working overtime to meet the deadline.Explaining the reasons behind the study, Ms. Smart notes that there is need for a comprehensive collection and representation of the true value of the diaspora.“I think the information existing is very inadequate and mostly anecdotal… . I find that persons just have a little bit here and a little bit there,” she says, adding that if people do not understand the magnitude and significance of the diaspora, the value will be underestimated.“We want to add evidence. We want to empirically justify the perceived value. Persons do believe there is value, but we want to put a number on that,” she continues.Ms. Smart points out that the data will show whether there is economic value that the Government is not exploiting and what can be done to get the value that exists, and the best strategy to get this.“Rather than just speaking from the top of our heads, or from where we think we are, we want to empirically add to the discussion and allow for a more informed discussion,” she emphasises.Ms. Smart, who is the lead researcher on the project, says survey questionnaires have already been issued in the diaspora.“We are hoping to have a minimum respondent rate of 400 individuals. That’s a good representative sample of what the estimated diaspora stock is,” she explains, adding that CaPRI will request data from companies and offices where information exists.According to Ms. Smart, companies will be given the option of leaving their names off the questionnaires. Individuals will not be asked for their names.“This is for the safety of the respondent and to ensure that the sealed information is used for the intended purpose. We are definitely not including the names of diaspora members,” she tells JIS News.The survey seeks information about the impact of the diaspora on individuals, organisations and countries.Professor Neville Ying says countries which take diaspora engagement seriously, like India and Israel, have significant benefits.“The deposit accounts from non-resident Indians have brought home over US$40 billion by the end of 2008. The diaspora assisted India to be the dominant country in terms of diamond cutting, where India now accounts for 55 per cent of the global net export of cutting and polishing diamonds,” he notes, adding that the country also earns some US$11 billion through diaspora bonds.Similarly, he says Israel has raised some US$26 billion from the Diaspora for different infrastructure projects. In the area of technology, Professor Ying says the diaspora engineers in Silicon Valley in California, have helped to establish India “as one of the leading countries in information technology”.The Professor suggests that the statistical and financial data garnered of the value of the diaspora can also inform the Government in terms of finalising the new National Diaspora Policy.The Ministry of Foreign Affairs and Foreign Trade is in the process of developing a National Diaspora Policy that will provide a framework to maximise the contribution of overseas nationals for Jamaica’s development.He points out that as part of Jamaica’s journey to development, the country will need to harness the power of the diaspora, which he says makes a significant contribution of some US$2.1 billion per year.“If we capitalise on what the diaspora has to offer, you will see how it will assist the growth agenda,” he adds, noting that the diaspora makes contribution in three primary areas – philanthropy, human capital and investments.He points out that the most consistent contribution of the diaspora has been in the areas of health and education, noting that more than 200 missions visit Jamaica annually to provide healthcare services all across the parishes.“So, it is very important to interact with those persons to let them know that we acknowledge the importance of their contribution,” he says.Persons who wish to contribute to the study or need more information can call CaPRI’s office at 970-3447 and 920-2910 or email [email protected]last_img read more