Rich Somalis???

[Hotchick12]

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Isn’t that How most wealthy ppl are, even the cadaan old money ppl don’t like to spend like new money ppl and that’s how they keep generational wealth

 

[Hotchick12]

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But isn’t that good, they have the basic, that’s how most rich ppl are even the cadaans who grew up Rich, they only spend big on housing, cars and education

 

[Shimbiris]

Isn’t that How most wealthy ppl are, even the cadaan old money ppl don’t like to spend like new money ppl and that’s how they keep generational wealth

No, this is different from just being stingy. Those cadaan old money people will, for example, live in a nice house, own a nice car, dress well but just be otherwise tight-fisted and stingy toward how they run their business. These people will straight-up live in rafad their entire lives. Small, gloomy looking apartment in a poor part of town, raggedy old clothes, no car when they can afford it... it's frugality to an almost self-punishing extent and very strange. Then they'll still grandstand to you about how wealthy they are and how much they have in the bank and you can't help but think "What does all your money matter when you and your children live in rafad?"

 

[Desert Flower]

But isn’t that good, they have the basic, that’s how most rich ppl are even the cadaans who grew up Rich, they only spend big on housing, cars and education

The difference between new money and "old" money is that old money (when you say cadaan, thats what I'm assuming you're referring to) spend their money on experiences: travel, leisure, activities for their children (horseback riding, sports etc), private tutoring etc. They don't hoard all of their money because even they know this life is only one shot.

That's the difference between them and the people @Shimbiris and I are talking about.

 

[OffTheDome]

Adeer Dahabshil

 

[Kanan]

UAE Somalis are ballers, also lots of Somalis in Southern Africa.

In 90s and 80s maybe. Most Somalis in UAE at present are fobs (landers) few are businessmen and professionals who keep it to themselves. The vast majority left for the west in 2000's and the families who remained are packing their bags to Turkey or Europe.

 

[GemState]

In 90s and 80s maybe. Most Somalis in UAE at present are fobs (landers) few are businessmen and professionals who keep it to themselves. The vast majority left for the west in 2000's and the families who remained are packing their bags to Turkey or Europe.

lol this is just wrong. Most UAE Somalis have Western citizenship.

Some of my fellow Reer Khaleej have a nasty habit, though. They are rich but they do literally nothing with the money. They just save it up in their bank account or in the form of assets. And no, not for any kind of rainy day or future plan or charity... Some of these people are in their 50s, 60, 70s and aren't even giving it to their kids or have no kids in some cases. They're just weirdly tight-fisted and make money just so they can say they make money. It's weird meeting someone you hear has hundreds of thousands to millions of dollars but lives in a gloomy apartment in a poorer part of town while wearing raggedy cloths. They have no concept of how to enjoy their money and live a good life.

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[Cerberus]

I know we have a few rich somalis around the world, but why don't we encourage our people to invest more, build businesses or become financially literate? Almost every single Somali household I've seen is on some sort of government assistance, while they hide they're from the government. Our people need to start building wealth so we can build back home

Mo Farah the runner has 4 Million dollars equivalent