The Paradox of Prosperity in Africa: A Case Study Analysis of Why Ultra-Wealthy Entrepreneurs Rarely Pursue Doctoral Degrees

This article explores the underrepresentation of African millionaires and billionaires in doctoral education. While academic attainment is widely viewed as a pathway to socioeconomic mobility across the continent, many of Africa’s most successful entrepreneurs either abandoned formal education early or never pursued it beyond the undergraduate level. Using a qualitative case study approach, this article investigates the motivations and contextual factors behind this trend. Selected case studies include Aliko Dangote (Nigeria), Patrice Motsepe (South Africa), Strive Masiyiwa (Zimbabwe), Ashish Thakkar (Uganda), and Koos Bekker (South Africa). The findings highlight a complex interplay between colonial education systems, entrepreneurial self-conception, opportunity cost, and the informal nature of African economies. The study challenges traditional models of human capital development and raises questions about the role of universities in fostering inclusive economic growth on the continent.