An interesting analysis and I think Somali millionaires act the same as wealthy Chinese
- Thread starter BlackManActivist
- Start date
India has the worst forms of capitalism i have ever seen. The country generates 3 trillion USD and it's the 5th highest GDP. 1 million people control 80% of all the wealth in the country. They get richer while more than 1 billion people get poorer and poorer.
There are literally slums in India generating hundreds of millions of dollars each year, but the ones generating it don't even touch the money. Nor is it invested back into the areas they live in that remain crummy crowded slums with poor living conditions. No affordable housing or anything.
Their leadership distracts them with mindless nationalism, image building and scapegoating of Muslims.
Watch from @10:28
There are literally slums in India generating hundreds of millions of dollars each year, but the ones generating it don't even touch the money. Nor is it invested back into the areas they live in that remain crummy crowded slums with poor living conditions. No affordable housing or anything.
Their leadership distracts them with mindless nationalism, image building and scapegoating of Muslims.
Watch from @10:28
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I see the comparison, but there is a difference. The Chinese think being ostentatious is vulgar but their rich are still known for buying out designer stores. Come to central and it’s usually the Chinese and the Arabs. I just think Somalis don’t have a lot of high profile multimillionaires who have millions in the 100,000s and the ones that are very rich don’t lead an overly luxurious lifestyle as they tend to support a lot of people. From parents, to siblings to providing for relatives and paying for a lot of things related to their qabil and also another expense is that they tend to have multiple wives as well. Even then, I don’t know if they have a culture of spoiling wives and buying them designer and the like that you see with Arab wives and Chinese. Bare in mind, I do personally know some rich Somali odeys but to guess their network is probably only 7-10 million and they’re polygamous and their wives and kids look average and shop like everyone else. Main difference would be is that they live in a villa/mansion.
Yeah you are kinda right about Somali wealth being mostly spread out in-comparison through our network of dependencies and connections. About multiple wives, Somalis are not really that polygmous tbh as African business observers have noticed in comparison:
What is equally true is that we are not very luxury and consumer driven people, something
that others have noticed . We live below our means so it doesn't show:
The rich and the poor in Somali society keep close contact with eachother and do not live worlds apart like in other societies as well.
I don’t agree with the analysis that Somalis aren’t polygamous when rich. A rich Nigerian with 6 wives is probably gaal as he’s not sticking to the limit of 4 wives. Nigerians are a lot more polygamous and the gaals amongst them can have unlimited wives so due to this Somalis will come across as more monogamous in comparison but hands down polygamy is one of the main factors as to why we don’t have generational wealth.
Nearly every single older rich odey I’ve seen and heard about is polygamous with usually only 2 wives and they’ve also married and divorced a few times and have kids with other women hence more kids from different mothers. Older gen Somalis when they have two shillings to rub together are incredibly polygamous just not on the level of Nigerians and Somalis tend to be a bit more hush hush about it. I’ve seen throughout the years tales of secret wives ect as well who end up being revealed to the main family after a few years of marriage. I personally know of cases of wives coming forward after the husband died and they’re coming for inheritance for the kids.
Also, rich Somali odeys being frugal is funny. Somalis rarely have generational wealth. Their money is too spread out. They also don’t spend a lot on their wives and kids. Kids will often get a very good education and a nice house to live in but they’re not living in luxury like other races whose dads have the same networth, and they’ll usually not inherit much either. Somali odeys truly live below their means in every way apart from a nice house and good schooling.
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There's reason why there's so many Indians CEO and not Chinese, bc Indians are more extrovert than Chinese thus have more leadership abilities, Somali are very Confident but they not that showy compared to other Africans like Nigerians but we not shy nor humble tbh, i think it's due to big shame culture we have that preventing that
South Korea is there with India
That's what he said. We are mostly monogamous but those that aren't wont go beyond 2 wives.
It's not just Gaalo Nigerians, even the Muslim ones. There is even an sheikh oday with 86 wives lool.
I think the ceeb culture is preventing those kinda Somalis to show off
It’s not ceeb culture. Their money is spread out and most of our ‘rich’ only have a network of 5-10 million which actually isn’t a lot when you’re providing for 2-3 wives, your whole family and you have your qabil knocking on your door day in and out asking for you pay this and that.
Very rarely do you see Somalis having generational wealth. I can see Dahabilshill maybe having that but on average, rich Somali odeys end up having middle class kids.
That’s haram and that’s Zina. I can’t imagine any Muslim who fear Allah doing that nonsense. It’s clearly influenced by their pagan origins. Pagan West Africans can have countless of wives.
I don't think it has to do with humility , it is more about frugality.
I actually think Somali women are much responsible for that because i always saw my mom, ayeeyos and my aunties managing household incomes with carefulness and would stop people from overspending on things.
When you’re incredibly rich, like the rich Chinese and Arabs you don’t need to be frugal when it comes to certain luxuries. Somalis simply don’t have a lot of people on that level and their money is spread thin. A Somali wife of a rich man is sharing her man who probably only really has 5 million and is sharing his money with this whole family and his clan are constantly at his doorstep.
A very rich Arab who is the wife of a man with a network of £100 Mill doesn’t need to be frugal. She can live in the best house and wear the best clothes. Rich Khaleeji Arabs too are very polygamous but the men are super rich and each wife will lead a luxury lifestyle. Polygamy doesn’t impact the wealth of wives and kids.
People with 100s of millions are not common in any population. In America for example the top 1% earns like $540,000 a year or more. And people with 100s millions are like 0.006% of american population, its extremely rare.
Wealthy in my book is more of an expansion of a middle class.
This again , Dahabshill is not the only multi million dollar company Somalis run. There is a plethora of profitable businesses. And there are Somali stakeholders.
Plus Dahabshil is not the only major multi million dollar- billion dollar companies in Somalia. Include major shipping and logistics companies like Sahliya and Barwaaqo to this list.
A lot of those companies are owned by several men so it’s different. Hormuud for instance is a big group, so their personal network is going to be smaller than expected
Hormuud is owned by a group of share holders. There is bunch of other companies with their own seperate group of share holders.
Wealthy is more of an expansion of a middle class. Not more wealth concentrated in the hands of a minority few, creating a bigger gap between rich and poor. This is what you see happen more with Somalis is what i am getting at.
my aabo is a millionare. can confirm he hides his wealth. i personally know 4 somalli millionaires only 1 shows it off
And how do you and your mother live? Do you live the same way an Arab millionaire wife and son live or have the exact same lifestyle as Somalis from working class/middle class homes?
