Buyers from six African countries – Nigeria, Ghana, the Democratic Republic of the Congo, Gabon, Cameroon and Senegal – are estimated to have spent a total of £600m on luxury residential property in the capital over the past three years.
The purchases by the wealthy Africans are concentrated in the so-called “platinum triangle” of Mayfair, Belgravia and Knightsbridge. Most, around 80%, typically spend £15m-£25m on a property, with 10% spending over £30m and the balance paying less than £10m, according to Beauchamp’s figures. Some of the key addresses include Eaton Square, One Hyde Park, Grosvenor Square and Regent’s Park.
Buyers from Nigeria, for example, have been longstanding purchasers of property in the capital, but have previously favoured homes in the north London districts of Hampstead, St John’s Wood and Primrose Hill. With their enhanced wealth, they are now moving into the ultra-prime market.
Behind every great fortune lies a great crime. Vast sums have been and continue to be siphoned out of Africa into tax havens. So this news should come as no surprise. The elites of Africa appear no different to elites elsewhere in their rapacious greed, extreme reluctance to pay tax and lack of concern for the wellbeing of their fellow citizens. This parasitical upper class have a greater ability to steal, hoard and squander their countries' wealth as people languish in poverty, because of government incompetence and corruption. Whilst millions live in shanty towns, lacking decent sanitation, their masters are allowed to spend appropriated wealth on flamboyant homes.
The truth is, that the UK doesn’t care where the money comes from. Just that it keeps coming in. No questions asked about the chains of anonymous shell companies. The UK facilitate corruption whilst the African elites live the high life in London. Steal millions from the poor from anywhere in the world and the City of London bankers, lawyers, property specialists, and investment consultants will literally be queuing up to offer their services. Border control policy deliberately excludes the mega rich, swindlers and embezzlers from all corners of this planet.