The Financial Riddler -- 4/5/23

If you get these right, you're better than me.

I’m getting lots of positive vibes on The Riddler. This week, I’ve again channeled Tom Sawyer and found someone else to paint the fence — one of my very best friends, Uri Dadush. Uri and I go back to grad school. My fondest recollection is playing him to a draw in chess. His congratulatory smile was full of intense misery. Funny, he claims to have no recollection of the faithful event.

If you want to hear from Uri and learn about his brilliant, ongoing career, check out this podcast. It’s the second in what are now 24 podcasts in the series, Economics Matters — the Podcast. Uri will be back shortly on another podcast to discuss a really fun topic — the disintegration of world trade. Meanwhile, check out past podcasts. There’s something for everyone — from personal finance to the latest on Ukraine — to the economic history of the Civil War — to building the Grid 2.0 — to the current banking crisis — to …

Riddle me this.

1. Is Sub-Saharan Africa the world's poorest region?

   a. Yes

   b. No

And the answer is …

Yes. In 2021, per capital GDP in the Sub Saharan was $1,126 compare to $70,249 in the U.S. I.e., Americans are 62 times richer.

2. What’s the population of Sub-Saharan Africa (SSA)?

   a. 734 billion

   b. 911 billion

   d. 1.2 billion

   e. 1.5 billion

   f. 1.9 billion

And the answer is …

It’s 1.2 billion compared with 332 million in the U.S. By 2100, Sub Sahara will have 3.2 billion inhabitants. Population-wise, that’s almost two current-day Chinas. One in every three people will live in SSA. The 2100 U.S. population will be 434 million. Hence, Sub Sahara will have almost eight times the population. And this enormous African population growth is projected despite a major projected decline in fertility.

3. How large is Sub Saharan Africa compared to the U.S.?

   a. 0.5 times as large

   b. 0.75 times as large

   c. 1.5 times as large

   d. 2.4 times as large

   e. 3.9 times as large

   f. 4.7 times as larger

And the answer is …

It’s 2.4 times as large. Sub Saharan African comprises 9.2 million square miles compared to 3.8 million square miles in the U.S.

4. Are there more SSA countries or US States?

   a) More U.S. states

   b) More SSA countries

And the answer is …

SSA has 49 countries compared to 50 U.S. States.

5. When were most SSA countries decolonized?

   a. Before 1900

   b. Between 1900 and 1914

   c. Right after WWI

   d. Right after WWII

   e. Between the late 1950s and early 1970s.

And the answer is …

The answer is the late 1950s and early 1970s — almost 200 years after the U.S. kicked out the British.

6. How rapidly has SSAs income per capita grown over the last 10 years?

   a. 0.1%

   b. 0.6%

   c. 1.1%

   d. 1.4 percent

And the Answer Is …

The answer is 1.4%, the same as the US, so there was no catch-up.

7. What share of SSA's population lives in absolute poverty?

   a. 13 percent

   b. 19 percent

   c. 22 percent

   d. 41 percent

And the Answer Is …

The answer is 41 percent with average consumption per day equal to only $1.90.

8. What share of SSA's population has internet access?

   a. 7 percent

   b. 17 percent

   c. 26 percent

   d. 49 percent

And the Answer Is …

The answer is 26 percent.

9. What share of SSA's population has electricity?

   a. 46 percent

   b. 57 percent

   c. 87 percent

   d. 97 percent

And the Answer Is …

The answer is 46 percent.

10. What share of SSA's population has good water supply?

    a. 63 percent

    b. 72 percent

    c. 81 percent

    d. 91 percent

And the Answer Is …

The answer is 63 percent.

12. How much official aid, direct and indirect, does the US provide to Africa? 

    a. $1.1 trillion

    b. $532 billion

    c. $238 billion

    d) $27 billion

    e) $8 billion

And the Answer Is …

The answer is $8 billion or about $8 per African person receiving per year. That about $24 per American giving per year. In comparison, the latest Ford Class US aircraft carrier cost $13 billion.