An interesting analysis and I think Somali millionaires act the same as wealthy Chinese

[Idilinaa]

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.

They blow their money away and go bankrupt or in debt in the process.


As much as you concentrate on the ultra wealthy minority Chinese, it only means that the majority are living poor to compensate for the minority luxurious lifestyle.



It's not about not affording, its about retaining wealth and also distributing it not just spending it. This is why Black Americans have a spending power of 1 trillion dollars but lack wealth because they blow their money away

Why Black People Are Top Consumers But Lack Wealth

Marketers want our products to improve the lives of the people who use them. How can we as marketers better support one of our largest consumer populations?

www.campaignmonitor.com

 

[enda_el]

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?

id say we live upper middle class. 3000 sqft house thats nicely furnished. frequent trips to umrah and/or hajj at the nicest hotels they have. occasional vacations overseas. my hooyo is very down to earth she doesnt actually like lavish things but she has lots of nice clothes and the likes. they both drive used cars from the late 2010s. lately hes been investing heavily in kenya tho inshallah it goes well

 

[Angelina]

They blow their money away and go bankrupt or in debt in the process.


As much as you concentrate on the ultra wealthy Chinese, it only means that the majority are living poor to compensate for the rich luxurious life.



It's not about not affording, its about retaining wealth and also distributing it not just spending it. This is why Black Americans have a spending power of 1 trillion dollars but lack wealth because they blow their money away.

Why Black People Are Top Consumers But Lack Wealth

Marketers want our products to improve the lives of the people who use them. How can we as marketers better support one of our largest consumer populations?

www.campaignmonitor.com

Somalis rarely retain wealth like generational wealth. This is what happens. The father is frugal but marries 2-3 wives. Has around 20 kids. Only has a network of around 15 million at most. Each kid inherits around 500k which is enough for one or two houses. Next Gen are now middle class. I’ve seen this. I actually personally know very wealthy family whose kids have only been on holiday like once or twice in their life despite dad being a millionaire.

 

[enda_el]

Somalis rarely retain wealth like generational wealth. This is what happens. The father is frugal but marries 2-3 wives. Has around 20 kids. Only has a network of around 15 million at most. Each kid inherits around 500k which is enough for one or two houses. Next Gen are now middle class. I’ve seen this. I actually personally know very wealthy family whose kids have only been on holiday like once or twice in their life despite dad being a millionaire.

yea thats true. out of the 4 i know, 2 seem to be going that route and my family and another are more western minded and only have a few kids and only married once

 

[Idilinaa]

Somalis rarely retain wealth like generational wealth. This is what happens. The father is frugal. Marries 2-3 wives. Has around 20 kids. Only has a network of around 15 million at most. Each kid inherits around 500k which is enough for one or two houses. Next Gen are now middle class. I’ve seen this.

Generational? Somalis have been through a civil war and dispossession. Those that weren't affected by it passed down their assets. They also give away assets to help others in most cases which is what happened a lot .

Somalis are some of the most charitable people , where as Chinese are the least charitable people. A tiny few monopolize all the wealth to the exclusion of everybody else

Why do people in China give so little to charity?​

https://www.economist.com/china/2018/09/06/why-do-people-in-china-give-so-little-to-charity

Somalis are so much so charitable that it attracts others to that kind of generosity and sharing.

 

[enda_el]

Somalis have been through a civil war and desposition. Those that weren't affected by it passed down their assets. They also give away assets to help others in most cases which is what happened a lot .

Somalis are some of the most charitable people , where as Chinese are the least charitable people. A tiny few monopolize all the wealth

Why do people in China give so little to charity?​

https://www.economist.com/china/2018/09/06/why-do-people-in-china-give-so-little-to-charity

its not about excuses its about results

 

[Basra]

Chinese billionaires spend just as much money.


The problem with "new money" people is- they still living in poverty in their head despite becoming rich. Poor Rent free in the head

 

[Angelina]

Generational? Somalis have been through a civil war and dispossession. Those that weren't affected by it passed down their assets. They also give away assets to help others in most cases which is what happened a lot .

No one said they don’t pass down their assets. We are talking about the amount they pass down. A man with around 15 to 20 kids won’t a network of around 10-15 million isn’t going to pass down a lot to each child and wives. The kids will most definitely be middle class. They’re not a rich family at all.

Somalis are some of the most charitable people , where as Chinese are the least charitable people. A tiny few monopolize all the wealth to the exclusion of everybody else

Why do people in China give so little to charity?​

https://www.economist.com/china/2018/09/06/why-do-people-in-china-give-so-little-to-charity

Somalis are so much so charitable that it attracts others that kind of generosity and sharing.

You’re making excuses. I’ve seen this with my own eyes. Charity aside which is amazing, kids of rich odeys are hardly ever rich themselves. Even @xawaadleboi121 agrees who has seen the dynamic himself.

 

[Idilinaa]

No one said they don’t pass down their assets. We are talking about the amount they pass down. A man with around 15 to 20 kids won’t a network of around 10-15 million isn’t going to pass down a lot to each child and wives. The kids will most definitely be middle class. They’re not a rich family at all.

You’re making excuses. I’ve seen this with my own eyes. Charity aside which is amazing, kids of rich odeys are hardly ever rich themselves. Even @xawaadleboi121 agrees who has seen the dynamic himself.

It is pointless to mention generational wealth in a community that suffered dispossession at the hands of a civil war. Most peoples parents had assets they had to leave behind or to get looted or destroyed or taken and be displaced from. It's not an excuse, its just reality of what happened.

Keeping that generational wealth also means that you monopolize all that wealth as well or can afford to keep it, which also did not happen with Somalis who give a lot of away to those in need especially in time of crisis or were forced to use/sell it off.

So we had to build our wealth from scratch again.

Chinese billionaires spend just as much money.


The problem with "new money" people is- they still living in poverty in their head despite becoming rich. Poor Rent free in the head

Exactly , they earn millions and then they go broke from all that spending and a new batch replaces them in hogging all that wealth do the same thing.

Poor peoples mindset.

 

[CABDULWALI XASAN.]

Somalis rarely retain wealth like generational wealth. This is what happens. The father is frugal but marries 2-3 wives. Has around 20 kids. Only has a network of around 15 million at most. Each kid inherits around 500k which is enough for one or two houses. Next Gen are now middle class. I’ve seen this. I actually personally know very wealthy family whose kids have only been on holiday like once or twice in their life despite dad being a millionaire.

You have a talent of formulating Untrue takes into Professional english all Formal and stuff make it seem so true. Nuts.
So lets deconstruct what you say.
1st you say something Opinionated, supported by nothing except your opinion. Then you create a fake scenario, usually an extreme scenario. Then you connect these fake examples to real world by comparing them to what you have supposedly seen yourself... Unverifiable too

You can apply this to nearly everything you say

 

[CABDULWALI XASAN.]

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.

oilgarchs of a failed state.

 

[Juke]

Upper middle class Chinese are known for splurging on designer and luxury brand name items whether it be clothes, cars or house hold appliances let alone the rich ones lol

 

[Zob]

You have a talent of formulating Untrue takes into Professional english all Formal and stuff make it seem so true. Nuts.
So lets deconstruct what you say.
1st you say something Opinionated, supported by nothing except your opinion. Then you create a fake scenario, usually an extreme scenario. Then you connect these fake examples to real world by comparing them to what you have supposedly seen yourself... Unverifiable too

You can apply this to nearly everything you say

The way she tried to compare a Somali guy with 5 million to a kalerji Arab with 100m just to make a strawman to bash Somali men with

 

[Bison]

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.

With the current situation, we are heading inevitably to this direction:

 

[Rayaale]

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.

If we were more individualistic people we would have more generational wealth

 

[Idilinaa]

With the current situation, we are heading inevitably to this direction:
View attachment 335142

No those are affordable houses and homes funded by Somali banks like Amal and Salaam.

The point to these housing projects is so that the locals can move out of poor living conditions and to combat overcrowding in cities.

This is already happening in Mogadishu as a result of a growing population, displacement and growing middle class

Rebuilding Mogadishu: The Rise of Affordable Housing Estates in Somalia’s Capital​

Rebuilding Mogadishu: The Rise of Affordable Housing Estates in Somalia’s Capital

Somalia, a country once ravaged by two decades of civil war, is experiencing a remarkable transformation in its real estate sector. After years of instability and destruction, Mogadishu, the capital city, is witnessing a surge in housing development, driven by the return of diaspora Somalis and...

www.myproperty.so

It's not a way to seperate the poor from the rich. These Afordable housing projects are also happening in Jigjiga, Hargeisa and Djibouti. In Djibouti it's In line with the Zero Slum Plan strategy to eleviate the 18% living in precarious neighbourhoods

Strengthening access to affordable housing for vulnerable populations in the city of Djibouti​

Strengthening access to affordable housing for vulnerable populations in the city of Djibouti

As part of its strategy to eliminate precarious neighbourhoods and promote affordable housing in the city of Djibouti, the Djiboutian Ministry of the City, Urban planning and Housing commissioned a...

gret.org

The team also put forward possible concrete solutions that can be rolled out in pilot projects such as a lease-ownership offer or the implementation of equality, improved, or self-built homes… firstly in neighbourhoods and then throughout the city. The actions proposed to strengthen access to affordable housing are also rolled out based on families’ standards of living, with a strong focus on solutions for the most vulnerable families.

This is part of the reason you never see large slums in Somalia the way you see in Kenya , Ethiopia and also in India like i mentioned early. Outside of displacement camps of course.

70% of Kenyans live like this in Nairobi and other ares but jump on social media to complain and moan about Somalis building proper houses and properties in their own living quarters.

Not even the marginalized Garrissa in NFD looks like this.

Ethiopia is the same in inner parts of Addis

While alot of ethiopians living like this , you know what their leadership is doing? Taking the money and building 10 billion dollar vanity project like a grand luxury satelite city for the government officials to live in.

Abiy Ahmed’s palatial ambitions: Vanity project or the foundation for a grand satellite city?​

https://mg.co.za/africa/2024-06-18-abiy-ahmeds-palatial-ambitions-vanity-project-or-the-foundation-for-a-grand-satellite-city/

Blowing the budget
In total, according to comments made by Abiy to parliamentarians, the bill for the project could run to $10 billion. That is more than half of Ethiopia’s 2024-25 annual budget of $17 billion that was announced last week

Waa yab wallahi.

If we were more individualistic people we would have more generational wealth

We would also have generational more weatlh if the civil war didn't happen that led to dispossession.

Alot of Somalis had to start from scratch again after losing or giving up what they had, so it's remarkable what they have generate back up since then.

 

[Adam Weishaupt]

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.

Welcome to this forum where most of the imbecile users think Somalis back home are all polygamous and that this is the reason the country is poor.

No daleel or statistics, just pure gibberish, and emotion, and what they came across personally even though the sources you provide and many more indicate we are probably one of the least polygamous Muslim societies.

 

[Adam Weishaupt]

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?

That means nothing. The only proof needed is how the richest ethnicity on earth, the Jews in London and New York, live. They have middle-class homes, not even villas like Somali elders have, and good schooling. Their wives live and dress like regulars not even single designers but their homes are nice - This is all of them; none including me has ever seen a Jew flaunt.

You have got your perception of generational wealth and what being rich means twisted.

 

[Idilinaa]

Welcome to this forum where most of the imbecile users think Somalis back home are polygamous and that this is the reason the country is poor.

No daleel or statistics, just pure gibberish, and emotion, even though the sources you provide and many more indicate we are probably one of the least polygamous Muslim societies.

Another thing you can clearly see the difference in Puntland for example which has been the most stable region in Somalia, although Puntland is the most arid region in Somalia compared with the NorthWest/Somaliland and Mogadishu it has the lowest poverty rate . Puntland has lower poverty rate than neighboring Ethiopia and Kenya as well, despite those countries generating more wealth annually with higher growing GDP. 70% of the population has access to clean water, electricity, basic services and education.

This is from a 2017 paper, it was at 27% rate then, twice as less than Mogadishu and Somaliland.

People living in North East, where poverty is less widespread and deep, have highest levels of employment, educational attainment, and access to improved water and sanitation systems.

Since then the poverty rate has gone lower across the country and you can see it in the expansion of a middle class, so it probably less than that now in 2024.

The most significant finding is that the marginal gap between the rural and urban population.

In line with other relevant non-monetary indicators, such as education and employment, households living in North East show a relatively low degree of inequality in access to an improved source of water between urban and rural areas.

This is the biggest evidence against what @Bison trying to insinuate about Somalis, there is not a big gap, only with the displaced.

 

[Angelina]

The way she tried to compare a Somali guy with 5 million to a kalerji Arab with 100m just to make a strawman to bash Somali men with

I didn’t make a comparison. I used Khaleejis as an example to showcase that rich Somalis don’t have that much money hence it makes generational wealth more difficult compared to someone with 100 million.

The Khaleeji comment wasn’t to bash Somali men. I think you have difficulties reading.