Wealth will be defined as a suitable accumulation of resources and possessions of value.’ Under this simple definition, one is wealthy to the extent that one has sufficient food of good quality, clothing appropriate to keep cool or warm, and shelter for protection from the elements.
The Kalahari Desert, a large semi-arid savannah, covers 70% of Botswana. It is, therefore, no surprise that water is such a valued commodity. In fact, Botswana’s currency is called the Pula which translates to rain in Setswana.
Having enjoyed sub-Saharan Africa’s fastest economic growth for much of the last century, this landlocked country has positioned itself to be an important hub for manufacturing and commerce by leveraging its position as a gateway to the Southern African market.
Despite being the world’s third largest diamond producer, its wealthiest individuals made their fortunes through investments in diverse industries outside the mining sector, and they represent some of the biggest homegrown entities on the Botswana Stock Exchange (BSE).
Botswana’s economy is mostly dependent on diamond mining. Diamond mining contributes to 50% of the government revenue mainly through its 50:50 joint venture with De Beers in the Debswana Diamond Company.
Country group: Developing/Emerging; Upper
GDP by sector: agriculture: 1.8%; industry: 27
GDP growth: : 14.5% (2018) 3.0% (2019e)
Population below poverty line: : 16.3% (2016)
Exports The top exports of Botswana are Diamonds ($4B), Gold ($87.2M), Insulated Wire ($81.9M), Bovine ($46M), and Carbonates ($40.1M), exporting mostly to Belgium ($951M), United Arab Emirates ($934M), India ($901M), South Africa ($574M), and Singapore ($277M).
How is Botswana so rich?
Botswana is blessed by two great pieces of fortune – huge diamond deposits and vast pristine areas of wilderness where big cats roam free and which are home to more elephants than anywhere else in the world. Both have helped the country’s per capita wealth jump more than 100-fold in 50 years.
Does Botswana have a billionaire?
A study by a global wealth intelligence firm based in South Africa says that poor Botswana has no billionaires, only two centi-millionaires, 80 multi-millionaires, 2100 millionaires, and a measly US$19 billion in private hands.
What is the biggest company in Botswana?
1) Debswana Diamond Company
Debswana is a major contributor to the national economy of Botswana and its national GDP, foreign exchange earnings, and government revenue. It is one of the largest private sector employers, with over 5200 employees.
What business can I do in Botswana?
Small business ideas in Botswana
- Leather products: There are over two million cattle in Botswana.
- Restaurant or Café:
- Tourism business:
- Construction business:
- Craft Products:
- Meat Industry:
- Digital marketing:
- Event organizer: