Three billionaires from Africa explain their core principles for wealth and money.

Aliko Dangote, Strive Masiwiya, and Tony Elumelu, three African billionaires, have highlighted the guiding principles that have helped them create their businesses and riches over the years. Let's review what each speaker had to say.

Dangote Aliko

In order to create wealth and advance his businesses, Dangote, the richest black man in the world, prefers to invest and reinvest money in successful ventures. He has consistently adhered to the philosophy of investing all of his money back into his companies rather than using it or leaving it sitting in the bank. His financial principles have resulted in a prosperous conglomerate of up to thirteen different businesses, including those that produce cement, refine sugar, salt & seasoning, fertilizer, infrastructure, rice and tomato farming, as well as automobiles, refineries, energy, petrochemicals, training facilities, and polysacks.

Here are a some of his well-known quotes on wealth and business:

“Dangote is different from most Africans who keep most of their money in the bank. At Dangote, we do not keep money in the bank, we invest all we have and we keep reinvesting.”

“I only enter a business that I can fully understand; I don’t venture into a business that is not clear to me.”

“I only enter a business where I can become the number one, or at worst, the number two.”

“A lot of people, even the younger ones need to be very careful. One of the biggest issues with us African is that, we spend our projected incomes. Once you start doing business and the business starts doing well, rather than for you to keep reinvesting into the business, you start spending money and thinking that the profit will continue to come. There are ups and downs in business, so you need to be much focused. Luxury things take up your time, which will make you not to focus on your business. I don’t have any holiday home anywhere, I don’t have a house anywhere else, but I know people who are working for me, they have a house in London, but I don’t.”

Strive Masiwiya

The richest man in Zimbabwe claims his mother taught him and his siblings how to save money, be content with what they have, and always reach out and engage with others. She is credited with teaching them these values as well as many other business principles. Masiwiya has upheld the values instilled in him by his mother and continues to utilize them to shape the way he thinks about business.

"Your Mindset Sets Your Altitude - Nothing is gained by whining; never whine and never allow yourself to feel bitter because you feel you are not being treated correctly by others. Always be respectful and appreciative.

"You Gotta Save - It is crucial to have the ability to save money and live within one's means. Don't act irresponsibly, even when things are going well. Have the self-control to save aside money, even if it is only $1, from every little bit you receive. Sadly, I often discover that people who fail in business did so because they lacked discipline in this fundamental aspect of success. Friends, you need to cultivate a savings culture. Savings must be a culture.

Avoid bragging or making an effort to impress others by practicing "Be Thrifty With Your Money."

Avoid Borrowing Money: Because they are so rare, relationships are extremely valuable. Borrowing money and not returning it is a surefire way to end a relationship. If you do borrow money, make sure to quickly repay it. Nevertheless, avoid making borrowing a habit.

Elumelu Tony

One of Africa's top financial gurus, businessmen, and philanthropists, Tony Emumelu, has long backed the continent's push for entrepreneurship through his foundation. One of his well-known quotes serves as a constant reminder to young people to cultivate a saving mindset and financial discipline: If I don't start saving when I make a dollar, I won't start saving when I make a billion.