Ruto Claims Next African Billionaires Will Be Farmers

Ruto Claims Next African Billionaires Will Be Farmers

President William Ruto has projected that Africa’s next generation of billionaires will emerge from the agricultural sector, citing the continent’s vast arable land and growing population as key drivers of future wealth creation.

Speaking on Africa’s economic potential, Ruto underscored the role of agriculture in addressing two of the continent’s most pressing challenges—food security and youth unemployment—while positioning it as a pathway to prosperity.

Africa’s population has now reached approximately 1.58 billion people, surpassing both India and China individually, making it the second most populous region globally after Asia. Projections indicate that by 2050, the continent’s population will grow to about 2.5 billion, accounting for nearly a quarter of the world’s population.

While this growth presents opportunities, it also raises concerns about the continent’s ability to provide adequate food and employment. Data from the African Development Bank shows that Africa’s unemployment rate stands at around 7.9 per cent, above the global average of 5.6 per cent. The challenge is particularly acute among young people, with a significant proportion either unemployed, discouraged, or engaged in vulnerable work.

Against this backdrop, Ruto argued that agriculture offers a viable solution for economic transformation.

“We have resources, and we have assets. We have two-thirds of the world’s remaining arable land,” he said.

The President noted that tapping into this resource could unlock significant wealth across the continent, especially if supported by innovation, investment, and modern farming techniques.

Currently, Africa has 23 dollar billionaires with a combined net worth of approximately $126.7 billion (about Ksh16.4 trillion). Kenya, while not home to any verified dollar billionaires, has a growing number of high-net-worth individuals, including an estimated 125 to 130 people with assets exceeding $30 million and at least 16 individuals with wealth surpassing Ksh12 billion.

Ruto revealed that his perspective on agriculture as a wealth generator was influenced by insights from former leadership at the African Development Bank.

“I was told by the former president of the African Development Bank that the future billionaires will be farmers. That is why I’m trying farming myself,” he stated.

Despite the optimism, food security remains a significant challenge across parts of Africa, particularly in the Horn of Africa region. Countries such as Somalia, Ethiopia, Sudan, South Sudan, and Kenya continue to face severe, localised crises driven by drought, climate change, and conflict. An estimated 50 million people in the region are affected by food insecurity.

Even so, the President expressed confidence that Africa’s economic prospects remain strong, particularly with the implementation of the African Continental Free Trade Area agreement. The trade pact is expected to create the largest single market in the world, facilitating intra-African trade and investment.

“There is a need for thought leaders. There is a need for intelligence leaders to think about how we are going to organise ourselves,” Ruto said, calling for strategic planning to harness the continent’s potential.

Analysts note that while agriculture holds promise, achieving large-scale success will depend on addressing structural challenges such as access to financing, infrastructure development, climate resilience, and value chain integration.

As Africa prepares for rapid population growth, the focus on agriculture as both a food source and an economic engine is expected to intensify, with leaders increasingly positioning the sector as central to the continent’s long-term development strategy.

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Ruto Claims Next African Billionaires Will Be Farmers