London – Business leader Tony Elumelu has called for a new approach to economic growth in Africa, where prosperity is shared and wealth creation benefits communities. He made the remarks during a session on “CNN: Global Perspectives on Africa” alongside Lynn Forester de Rothschild and journalist Eleni Giokos.
Elumelu said that true success is not measured by bank balances but by the impact one has on the lives of others. “Success and wealth are not about what we have in our bank accounts. True success lies in how we help catalyze prosperity for all. The legacy we leave, the lives we change,” he said.
He described Africapitalism, the philosophy he champions, as a response to global economic challenges such as inequality, exclusion, and environmental stress. The approach calls for the private sector to drive both economic prosperity and social transformation, particularly across Africa.
At the Tony Elumelu Foundation, Elumelu and his wife put Africapitalism into action by identifying, training, and funding 3,000 to 5,000 young African entrepreneurs each year. Each entrepreneur receives a non-refundable seed capital grant of $5,000 to grow businesses that boost employment, strengthen communities, and promote dignity.
“That is Africapitalism: building wealth that empowers others. Investing for the greater good,” he said.
Elumelu concluded that 21st-century capitalism must be rooted in community, inclusion, and shared prosperity. “Together, we can create a system where doing well and doing good are one and the same,” he said.
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