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The South African
16-07-2025
- Business
- The South African
BUSINESS INSIGHTS: The truth about property and wealth in South Africa
You've heard the phrase, '90% of millionaires made their money through property.' It's quoted everywhere; in webinars, at braais, it's printed on mugs and slapped into LinkedIn posts by someone trying to sell you a course. But is it true? Let's just say… it needs a bit of fact-checking, and a lot less blind faith. The quote is often credited to Andrew Carnegie, a 19th-century industrialist who believed land ownership was the foundation of wealth. Back then, however, he wasn't wrong. If you owned land, you had power. You also probably had a horse and candlelight. But we're in 2025, in South Africa, where things are a bit more complex and a lot more expensive. Not really. Actual data on high-net-worth individuals (people with R20 million-plus in assets) shows that property plays a role, yes, but it's not the leading source of wealth. Financial services, banking and investing – think the 'finance world'. Property & construction: a solid contributor, especially for the long-term thinkers. Basic materials: think mining, resources and energy. So no, 90% of millionaires didn't make their fortunes through property, but many of them do own property now. There's a difference. Because it sounds good and because it's repeated often. And because owning property is still seen as the gold standard of financial success, especially in South Africa, where land and homeownership carry real emotional and cultural value. Property is often where wealth ends up. Not always where it begins. Most millionaires didn't start by buying a two-bedroom in Sea Point. They've built wealth in business, finance or industry, and then put it into property to preserve and grow it over time. Yes, them. The ones promising early retirement through flipping, short-term letting or some 'guaranteed' model they're selling in their course. Some of them make valid points because let's face it, when you get property right, it's brilliant. But here's what they don't always mention: Property is a long game. It takes capital, patience and a bit of risk. It's usually the second or third asset class investors turn to, after they've already built a strong income base. Absolutely. Property might not make 90% of millionaires, but it plays a massive role in keeping people wealthy. Why? It holds value. It generates income. It beats inflation (when you buy well). It creates a legacy, something you can pass down. And it gives you control over an actual asset, not just numbers on a screen. For many South Africans – especially first-time buyers or investors – it's still one of the most empowering financial decisions they'll ever make. We're in property, so yes, we believe in it… But we also believe in clarity. Let's stop quoting old-school stats and start understanding how real wealth is built. If you're planning to invest in property, do so wisely. Not because someone told you '90% of millionaires did it,' but because you've done your homework, picked the right area and have a solid plan in place. That's how wealth is built: Step by step, brick by brick. What's your take on the '90% of millionaires' claim? Have you invested in property, or are you planning to? Share your thoughts in the comments section. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
New York Post
14-07-2025
- Business
- New York Post
Pittsburgh is poised to be at the heart of America's second Industrial Revolution
PITTSBURGH — It was the site of America's first industrial revolution. Now it's prepared to usher in a second one, when the country's leaders in innovation, technology, energy and artificial intelligence meet at Carnegie Mellon University on Tuesday for the Pennsylvania Energy and Innovation Summit. President Donald Trump, in an interview with me ahead of the summit, said the event is going to 'open the eyes of a lot of people of what is about to be unleashed in Pennsylvania.' Senator David McCormick, the Pittsburgh Republican who assembled the July 15 event, said the energy and AI summit will feature Trump, several cabinet members, Pennsylvania Gov. Josh Shapiro, big Tech leaders from OpenAI and Meta as well as energy leaders from all over the country, including the natural gas powerhouse EQT's Toby Rice. 3 Industrialist Andrew Carnegie turned Pittsburgh into the steel capital of the world. ASSOCIATED PRESS 'And what is about to happen here in Pennsylvania, with the technology experts from our universities, the natural resources, the ability to turn around long dormant industrial communities and our unparrelled workforce is a game changer,' McCormick said. He compares the moment to 1859, when Edwin Drake became the first American to successfully drill for oil. Drake's Well, in Titusville, Pennsylvania, ushered in an energy revolution. Scottish immigrant Andrew Carnegie was an early investor in this oil boom, which he then used to build the largest steel company in the world in western Pennsylvania. Carnegie became one of the richest men in American history, and donated most of it — including to the Pittsburgh research university that bears his name. 'People will quickly see we are on the brink of America's next industrial revolution, just in the same way Pennsylvania led the first one when Drake's oil was discovered,' McCormick said. 'We are at that moment right now, thanks to the technology that comes from [Carnegie Mellon] and the hubs of companies that surround it, as well as our incredible work force to build these AI data power centers, and the tradesmen and women who will supply the energy needed for them,' he said. Darrin Kelly, the President of the Allegheny-Fayette Labor Council, said if the investments in projects all line up, his men and women will be ready to go. 'We have the best workforce in the world and no matter what it is, we'll shine when the time comes.' 3 Workers at the the McKeesport steel mill in 1949. ASSOCIATED PRESS The event comes on the heels of a boom in the labor force in Pennsylvania that kicked off last month when Trump announced the partnership and $11 billion investment from Japanese-owned Nippon Steel. That investment not only kept the American steelmaker in the U.S., but also protected more than 100,000 jobs through investments in steelmaking in Pennsylvania as well as in other plants in Indiana, Arkansas, Minnesota and Alabama. That announcement was quickly followed by Amazon pledging $20 billion in Pennsylvania for AI infrastructure. Shapiro told me that the investment will establish multiple high tech cloud computing and AI innovation campuses across the Commonwealth, 'It will create thousands of new jobs that will build, operate and maintain the first two data center campuses in Luzerne and Bucks counties,' he said, adding, 'look for more investment soon.' Western Pennsylvania sits in the sweet spot for the growth and development of the AI boom; both the University of Pittsburgh and CMU are heralded for attracting and training some of the brightest minds in the country when it comes to engineering, research and artificial intelligence. Western Pennsylvania has had its troubles. After the end of the steel boom, the area decayed, unemployment was rampant — still-vacant coal fired power plants, steel mills and manufacturing plants stand as ghostly sentinels of an era that has long vanished. But things started to turn around about 15 years with a natural-gas boom and oil fracking technology. McCormick says between the access to massive amounts of energy, both natural gas, nuclear as well as coal that will turn things around in a way no one has seen for generations. In April, in Homer City, the stacks of a former coal fired power plant were imploded, and the site is being redeveloped into a $10 billion AI and data center. In the two years since the Homer City coal fire plant had been closed down, the tiny western Pennsylvania village had already started to show signs of depression — but the new investment changed everything. 3 Sen. Dave McCormick assembled the Pennsylvania Energy and Innovation Summit that will be hosted in Pittsburgh this week. AP Photo/Steven Senne McCormick said this isn't just about the potential tens of thousands of construction jobs to build these AI data centers. 'These jobs will also include chemists, scientists, engineers, AI experts, physicists,' he said. McCormick said people have asked him why Pittsburgh? His answer: 'The energy production is incredible, it is the number two energy producer in the country which is the first necessary step to power the AI revolution and to really power the energy revolution. We have incredible skilled labor, with the welders, steam fitters, pipe fitters, construction workers and electricians, but we also have incredibly sophisticated technologists.' 'I think it's arguably CMU is the best AI university in the country. It's got incredible tradition with computer science and technologists, which is why in recent years, Google and Apple and Airbnb and everybody else, Tesla all have offices around here because they're trying to draw on that talent,' he said. Trump, Shapiro and McCormick all expressed great excitement about what people learn from this summit, but also to show the turn around for the region. 'Too often the stories have been about what once was, well this is a moment about how great things will be,' said McCormick, adding, 'We are only beginning.' Salena Zito is the author of 'Butler: The Untold Story of the Near Assassination of Donald Trump and the Fight for America's Heartland,' out now.
Time of India
09-07-2025
- Business
- Time of India
India's Many Mafias & The Damage They Do
India's Many Mafias & The Damage They Do Abhilash Gaur TNN Jul 9, 2025, 20:36 IST IST From gangs mining sand, selling blackmarket kerosene to running illegal parking, they control a vast unlawful shadow economy. They steal govt revenues, diminish its authority, damage environment, & intimidate citizens Think 'robber baron', and America's industry captains of the 1800s come to mind. Ruthless builders of railways, and oil and steel empires. While they lacked scruples, the likes of Andrew Carnegie and Charles Crocker wore a cloak of legality. But the original robber barons – the 'raubritter' of mediaeval Germany – were thugs, charging extortionate, unauthorised tolls on the Rhine, like the 'octroi mafia' that bedevilled Indian highways before GST. Octroi thugs are gone now, but other species of the genus 'mafia' are thriving across India. Sand mafia , tanker mafia, parking mafia, coal mafia , slum mafia, to name a few. Like the raubritter, they grab and exploit a collective resource without the state's permission. Of course, they have to bribe, and connive with, officials – instruments of the state – but that's not the same as working with the state.
Yahoo
01-07-2025
- Yahoo
Discover Dunfermline: The perfect city break destination
The ultimate combination of an illustrious past and modern convenience, the city of Dunfermline is a location like no other. Filled to the brim with things to do and places to visit, it is the definitive in city break destinations all year round, offering visitors top-class attractions, history and heritage, food and drink, arts and culture, and outdoor activities and spaces to enjoy. Once Scotland's ancient capital, Dunfermline is actually Scotland's newest city, having been granted the status as part of the late HM Queen Elizabeth II Platinum Jubilee celebrations in 2022, making it the eighth former borough to do so. Steeped in history and culture, the Heritage Quarter is well worth a visit. Step back in time over 700 years with trips to Dunfermline Abbey, which dates back to the 11th century, and the magnificent ruins of neighbouring Dunfermline Palace; Abbot House, a beautiful 'A' listed building that is instantly recognisable by its colour and fondly referred to by locals as 'the pink hoose', dating back to at least the 16th Century with a delightful gift shop and café for you to really make the most of your time there; Dunfermline Carnegie Library & Galleries (DCL&G), an award-winning museum, gallery spaces, shop and reading rooms all adjoining the world's first Carnegie Library; and the Andrew Carnegie Birthplace Museum, where you can experience the life of one of the great Scots of the 19th century, philanthropist, steel tycoon, writer, lecturer, entrepreneur Andrew Carnegie; all are absolute must-haves on your to-do list in House. (Image: Welcome to Fife) If you prefer to spend your time a little more in the present, why not get involved in this vibrant city's bustling cultural scene? Home to painters, printmakers, designers, jewellers, photographers, a textile designer, an upholsterer, an upcycler and an illustrator – just to cover all bases! - Fire Station Creative has 20 artists' studios, a gallery, classrooms and café, all set in a former art-deco fire station. Offering a range of creative classes for all ages so you can get involved, there are also lots of regularly changing exhibitions in the gallery space for you to take inspiration from. Prefer something a little more theatrical? With bold theatre, powerful vocals, and feel-good nights to remember, The Alhambra Theatre and Carnegie Hall are ready and waiting to dazzle you. Dunfermline is also home to one of Scotland's most important and popular urban parks. Pittencrieff Park, or 'The Glen' as it is more commonly known by local people, is renowned for its resident peacocks and sprawling size, with 76-acres that attracts over 750,000 visitors each year. If strolling through a picturesque park is a little too low-key for you, how about tackling one of Dunfermline's longer routes? Set on the Fife Pilgrim Way, a 64-mile-long walking route stretching from Culross or North Queensferry to St Andrews, the city is a perfect stop off. Pittencrieff Park. (Image: Welcome to Fife) With its central location, Dunfermline is easy to get to either by road or public transport, with Edinburgh only around 30 minutes away for a quick visit. Ideal as a home-base too for exploring the surrounding area, its compact feel and relaxed atmosphere lends itself as a retreat from the faster-paced city breaks one might typically imagine. This is shown time and again with the local delights on offer here. Whether you're on the lookout for a quaint guesthouse to stay in for the week, a comfortable hotel to sink into after taking part in one of the dozens of activities to choose from, or you'd like a little more privacy with a house of your own to rent, there are options to suit every need and budget. Options right in the city centre include Garvock House Hotel and De Brus Hoose self catering Abbey and Palace from above. (Image: Welcome to Fife) Of course, you'll need to stay well-fed and hydrated throughout all of this; why not sample one of the many delicacies and delights throughout Dunfermline, with plenty of restaurants, pubs, cafés and coffeehouses to be found in the city centre, from fine dining at Jack O'Bryans to coffee with a view at The Granary. There's something for everyone in this charming locale, whether you're a solo traveller, you've got a dozen family members in tow, or you're looking for a quiet location for you and your partner to enjoy. No matter how you choose to spend your time here in Dunfermline, you can be sure it will be time well spent. Pittencrieff Park is known for its peacocks. (Image: Welcome to Fife) Find out more and plan your trip to Dunfermline now. W:
Scotsman
24-06-2025
- Business
- Scotsman
Edinburgh's new concert hall handed million dollar grant by Andrew Carnegie foundation
Edinburgh's first purpose-built new concert hall for more than a century is to benefit from the fortune left by Scottish industrialist Andrew Carnegie. Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... His philanthropic foundation Carnegie Corporation of New York has made a $1 million grant - £735,000 - towards the Dunard Centre, which is set to be built on the recently cleared site behind the historic Royal Bank of Scotland building in St Andrew Square. The news comes as a new report projects the 1,000-seater venue will generate £170 million in gross value added in first 20 years and boost tourism spending by £8.6m each year. Work is due to start this summer and the new venue is expected to open in 2029. The Dunard Centre will be a 1,000-seat concert hall complete with a multi-purpose space, café and bar. | David Chipperfield Architects, Reiach and Hall Architects Advertisement Hide Ad Advertisement Hide Ad The Dunard Centre - expected to cost at least £115 million - will provide a permanent home for the Scottish Chamber Orchestra and a new venue for the Edinburgh International Festival. The Carnegie foundation, which is led by Dame Louise Richardson, former principal and vice-chancellor of St Andrews University, was established by Andrew Carnegie in 1911, to manage the bulk of his philanthropic giving. He wanted it to 'promote the advancement and diffusion of knowledge and understanding'. It is backed by an endowment valued at around $4.5 billion and between 2023 and 2024, it awarded grants totalling $174 million. The Dunard Centre, expected to open in 2029, will become the permanent home for the Scottish Chamber Orchestra | supplied Jo Buckley, chief executive of the Dunard Centre, said: 'We are hugely grateful for this grant, which recognises both the global significance of the Dunard Centre and the role it will play in enriching the lives of local people, by giving them greater access to the arts. Advertisement Hide Ad Advertisement Hide Ad 'The money will help us develop and advance our engagement strategy, which is a vital element of our mission to create a 'Hall for All' here in Edinburgh. 'With a focus on supporting civic participation and socioeconomic mobility, we intend to build trusted relationships, design thoughtful creative engagement programmes, and establish the team that will bring this work to life when we open our doors in 2029. 'We look forward to the opportunity of exploring and sharing the parallels between the transformational philanthropy of Andrew Carnegie – and the mark this left upon the world –and the various ways civic society benefits from the provision of outstanding performance and lifelong engagement with music.' The centre is named after the Dunard Fund, an arts charity established by philanthropist Carol Colburn Grigor, which has contributed £35m toward the project. In total, the new concert hall has attracted record private donations of £80m. And it is backed by £25 million of public investment through Edinburgh's City Region Deal.
