Do you know that the richest man to ever live was an African?

  • Written by Super User
  • Category: News

Amazon founder, Jeff Bezos is the richest man in the world, according to the 2019 Forbes billionaires' list released this week. With an estimated fortune of $131bn (£99bn) he is the wealthiest man in modern history. But he is by no means the richest man of all time.

That title belongs to Mansa Musa, the 14th Century Malian ruler who was so rich his generous handouts wrecked an entire country's economy.

In 2012, US website Celebrity Net Worth estimated his wealth at $400bn, but economic historians agree that his wealth is impossible to pin down to a number.

Mansa Musa was born in 1280 into a family of rulers. His brother, Mansa Abu-Bakr, ruled the empire until 1312, when he abdicated to go on an expedition.

According to 14th Century Syrian historian Shibab al-Umari, Abu-Bakr was obsessed with the Atlantic Ocean and what lay beyond it. He reportedly embarked on an expedition with a fleet of 2,000 ships and thousands of men, women and slaves. They sailed off, never to return.

Mansa Musa inherited the kingdom he left behind, and under his rule, the kingdom of Mali grew significantly. He annexed 24 cities, including Timbuktu.

The kingdom stretched for about 2,000 miles, from the Atlantic Ocean all the way to modern-day Niger, taking in parts of what are now Senegal, Mauritania, Mali, Burkina Faso, Niger, The Gambia, Guinea-Bissau, Guinea and Ivory Coast.

With such a large land mass came great resources such as gold and salt.

During the reign of Mansa Musa, the empire of Mali accounted for almost half of the Old World's gold, according to the British Museum. And all of it belonged to the king!

Though the empire of Mali was home to so much gold, the kingdom itself was not well known.

This changed when Mansa Musa, a devout Muslim, decided to go on a pilgrimage to Mecca, passing through the Sahara Desert and Egypt.

The king reportedly left Mali with a caravan of 60,000 men.

He took his entire royal court and officials, soldiers, griots (entertainers), merchants, camel drivers and 12,000 slaves, as well as a long train of goats and sheep for food.

It was a city moving through the desert.

A city whose inhabitants, all the way down to the slaves, were clad in gold brocade and finest Persian silk. A hundred camels were in tow, each camel carrying hundreds of pounds of pure gold.

It was a sight to behold.

And the sight got even more opulent once the caravan reached Cairo, where they could really show off their wealth.

Mansa Musa left such a memorable impression on Cairo that al-Umari, who visited the city 12 years after the Malian king, recounted how highly the people of Cairo were speaking of him.

So lavishly did he hand out gold in Cairo that his three-month stay caused the price of gold to plummet in the region for 10 years, wrecking the economy.

US-based technology company SmartAsset dot com estimates that due to the depreciation of gold, Mansa Musa's pilgrimage led to about $1.5bn (£1.1bn) of economic losses across the Middle East.

On his way back home, Mansa Musa passed through Egypt again, and according to some, tried to help the country's economy by removing some of the gold from circulation by borrowing it back at extortionate interest rates from Egyptian lenders. Others say he spent so much that he ran out of gold.

Mansa Musa returned from Mecca with several Islamic scholars, including direct descendants of the prophet Muhammad and an Andalusian poet and architect by the name of Abu Es Haq es Saheli, who is widely credited with designing the famous Djinguereber mosque.

The king reportedly paid the poet 200 kg (440lb) in gold, which in today's money would be $8.2m (£6.3m).

In addition to encouraging the arts and architecture, he also funded literature and built schools, libraries and mosques. Timbuktu soon became a centre of education and people travelled from around the world to study at what would become the Sankore University.

The rich king is often credited with starting the tradition of education in West Africa, although the story of his empire largely remains little known outside West Africa.

Timbuktu became an African El Dorado and people came from near and far to have a glimpse.

Mansa Musa had put Mali and himself on the map, quite literally. In a Catalan Atlas map from 1375, a drawing of an African king sits on a golden throne atop Timbuktu, holding a piece of gold in his hand.

In the 19th Century, it still had a mythical status as a lost city of gold at the edge of the world, a beacon for both European fortune hunters and explorers, and this was largely down to the exploits of Mansa Musa 500 years earlier.

After Mansa Musa died in 1337, aged 57, the empire was inherited by his sons who could not hold the empire together. The smaller states broke off and the empire crumbled.

The later arrival of Europeans in the region was the final nail in the empire's coffin.

"The history of the medieval period is still largely seen only as a Western history," says Lisa Corrin Graziose, director of the Block Museum of Art, explaining why the story of Mansa Musa is not widely known.

"Had Europeans arrived in significant numbers in Musa's time, with Mali at the height of its military and economic power instead of a couple hundred years later, things almost certainly would have been different," says Mr Ware. Source: BBC

 

Related: 

 

Excerpt: How To Start Small by I.K Adusei || Special Feature

  • Written by Isaac Kwasi Adusei
  • Category: News

 

From his ground breaking book soon to be launched, How To Start Small: Financial Skills For Business Success, I.K Adusei shares an exclusive excerpt.

Know that as an entrepreneur you only have yourself to impress.

Entrepreneurship is not a popularity contest. It is not an arena for the display of wealth, neither a competition for who is who in the world of business. It is far from it.

Jeff Bezos is the richest individual in the world today. His real time net worth as I write today stands at USD $ 163.3 billion, checking from Forbes real time rankings. As of June 2018, his net worth was $112 billion, checking from the same sources. His closest ally Bill Gates has a real time net worth of USD $ 95 billion.

It is likely you may not have heard of this till now. Jeff Bezos is the Founder of the e-commerce leviathan, Amazon. He foundered Amazon from his garage in Seattle, USA on July 5, 1994.

Over the years Amazon has been engaged in a massive recapitalization exercise mainly using retained earnings from the company. This meant that, the company was reinvesting its profits to create more cash flow and develop its systems. Shareholders were therefore not making profits for years since the company was unable to declare profits.

Jeff Bezos was missing out from Forbes list of top 5 richest men in the world for several decades till the year 2016 and 2017.

In 2018 he emerged as Forbes Richest Man overthrowing Bill Gates whose net worth stands at $USD 90 billion as at June 2018. Jeff Bezos is the first person ever to exceed the net worth of USD 150 billion in the 3 decades of Forbes operations.

Keep a low profile just to be able to increase your assets and create more cash flow which will create more cash flow. Many people who are expectant of you keeping up with the Joneses will decide to ridicule you, but always bear in mind that, entrepreneurship is not a popularity contest. You have but yourself alone to impress. Keep this in mind and go for gold. There is no time to impress people whose predisposition have always been that of hatred and envy. The world is yours if you are able to do this! Go out there and make yourself proud. To be continued...

 

Related: 

 I.K Adusei To Publish Second Book II Special Feature

How To Start Small by I.K Adusei To Go For FREE This X'mas || Special Feature

  • Written by Isaac Kwasi Adusei
  • Category: News

From Friday December 21, 2018 to X'mas  Day 25th December, 2018, I.K Adusei's book How To Start Small: Financial Skills For Business Success will be selling for FREE on Amazon.

You may have to save the date and grab yourself a FREE copy of his yet to be officially launched sensational entrepreneurship handbook How To Start Small.

How To Start Small reveals gripping real life entrepreneurial strategies, lessons and insight which continue to elude business startups the world over.

It presents an easy step by step approach to guide readers of all ages on well-tailored proven success methods on access to capital, human resource management, marketing and sales, business growth strategies as well as top business management practices.

Are you interested in starting your own business? Are you a business owner looking for new ways to expand your business? Do you want to take a jump from employee to business owner? 

This book is as easy as reading the alphabets. 

 

Patrons and readers can pre-order for hard copies of this classic entrepreneurship handbook, How To Start Small from January, 1st 2019  .

The official book launch is scheduled for 29th January, 2019 at University of Ghana, Legon, Accra. Get ahead a grab a FREE copy a any day, from 21st-25th December.

 

Related: 

 

Jay-Z on Why You Aren't Getting Paid Right

  • Written by Isaac Kwasi Adusei
  • Category: News

Credit: Getty Images

Mogul rapper Jay-Z is worth a half billion. In a classic Power 105.1 The Breakfast Club interview, he gives why most artists don't get paid their worth.

In my new book Bring Your Worth, I share the ways we undervalue what we bring to the world.  The problem is never other people, though. People can say what they want. It is up to us to decide to believe them.

The challenge is even harder when you are a creator.

 

Rapper turned business mogul Jay-Z articulated the issue in a classic Power 105.1 The Breakfast Club interviewI included the Instagram clip, but here's the juicy quote:

They are like, "You're an artist. You shouldn't have money!" [and you're like] "I'm an artist. I don't want any money. I want to be a pure artist!"

Why we get confused

 

The fundamental flaw in our thinking is we believe we have to suffer to truly bring our best. The entrepreneur who sacrifices their family life to build a unicorn? The businessperson burning bridges to succeed? The guy who almost died for his startup? They get the attention, and on goes the mythology.

We don't talk about the person who stayed balanced and made an impact in the world.

At least, until now.

We're realizing comfort does not equal laziness and contribution does not equal sacrifice. It directly links to money, too, as, for most of us, having a livable salary affects our ability to produce.

When a business partner (and, as I say in Bring Your Worth, all your contracts are partnerships) undervalues your service, then they are not respecting your ability to produce, as they are not giving you what you need to create. It's like neighborhood kids stealing from the local supermarket, then feeling angry when it closes up shop. You aren't holding up your end of the partnership when you aren't helping the partner function.

Give something, get something

Your business may not be able to give a partner what they are worth, or another business may not have the capability to give you what you truly need. There are many reasons, from budget limitations to conflicts of interest. That's OK.

What matters is how you or the other partner making up the difference by:

  • Bartering services
  • Actively expanding their network
 

Or, just wait until you have the resources to actually give what one is worth. I consciously stopped partnerships last year because I couldn't give them what they were worth. I even explained it to them, and was thankful that they understood. I was even more thankful that they didn't try to negotiate down their own worth just to sustain the connection.

If someone is trying to convince you to take less than your value, then be honest about your own worth. And if you still feel shortchanged, then make peace with either taking a short-term gain for a potentially trendsetting decision or taking a brief loss for a potentially long-term gain. Don't judge yourself over your decision. The important part is to recognize that it is a decision.

5 Powerful Quotes From I.K Adusei's New Book How To Start Small || Special Feature

  • Written by Isaac Kwasi Adusei
  • Category: News

Here are some powerful quotes from I.K Adusei's latest book, How To Start Small. 

 

# 1: "Whenever you stop to take a look at the things around you including the malls, skyscrapers, latest technology, cars, bullet trains, etc., you need to ask yourself what you have used your imagination to create." - [How To Start Small]

 

#2: “There is no real business school than a business you set up yourself. With your own business, you can learn quickly about what works and what doesn’t work, as you do your utmost to better manage your cash flow.” - [How To Start Small]

 

#3: The grass is always greener on the other side of fear. Taking an entrepreneurial leap of faith is no mean task. The brave often succeed, leaving behind the masses who are chicken-hearted.  - [How To Start Small] 

#4: “As a small business owner, you have to pay yourself a specific salary each month which should be paid after all your other expenditures are paid for.” - [How To Start Small]

#5: “Keep a low profile just to be able to increase your assets and create more positive cash flow. Many people who are expectant of you keeping up with the Joneses will decide to ridicule you, but always bear in mind that, entrepreneurship is not a popularity contest.” - [ How To Start Small]

Patrons and readers can get copies of this classic entrepreneurship book, How To Start Small from Amazon and can pre-order for hard copies from January, 1st 2019.

The official book launch is scheduled to take place in Accra, Ghana on January, 29th 2019.

You can follow the author's social media pages for further details: Facebook and Twitter.

 

 

Related:

 How to search for business opportunities

  •  

Follow us on Twitter

Find Us on Facebook

ABN Gallery

ZooTemplate
ZooTemplate
ZooTemplate
ZooTemplate
ZooTemplate
ZooTemplate

Monthly Newsletter

Stay infomation on our lastest new, template and extension

Get in Touch

Location: For any request or enquiry, do send us an email on This email address is being protected from spambots. You need JavaScript enabled to view it. . Or connect with us on any of our social media platforms. Join the ABN Family.

Head Office: Graphic Road, South Industrial Area, Accra, Ghana

Head Phone: +233 (0)205-114-116

Top of Page