Former presidential aide to ex-President Goodluck Jonathan and social commentator, Reno Omokri, on Sunday, iastirred a debate online about wealth and lifestyle choices after declaring that owning private jets, luxury homes abroad, yachts, or the latest iPhones does not represent true wealth but rather “Stupidity.”
He shared this in a post on his official X handle, he explained that genuinely wealthy people focus on acquiring assets that appreciate and generate steady income, not liabilities that drain finances.
“Do not see private jet ownership as a sign of wealth. More often, it is a testament to stupidity!” he wrote, stressing that “Money Miss Roads” waste resources on vanity, while the rich invest in appreciating ventures.
Omokri revealed that maintaining a private jet costs between $500,000 and $1 million annually, even when not in use. He argued that unless such jets are used commercially for rentals, they remain liabilities.
Citing Africa’s richest man as an example he added, “Now, for someone like Aliko Dangote, who runs a global empire that can require him to be in any part of the world at a minute’s notice, it would make sense to own a private jet. That is for practical purposes, not for vanity.”
Sharing a personal experience, Omokiri recalled his first private jet flight in 2002 aboard businessman Terry Waya’s aircraft, which he described as underwhelming compared to the comfort of first-class commercial airlines.
He further criticised the obsession with luxury homes abroad, warning that they often come with heavy property taxes, squatter risks, and wasted resources. “Unless you or your family lives abroad, or you’re into commercial real estate, it is a dumb thing to do,” he said.
He drew attention to everyday consumer habits, highlighting the iPhone craze as another example of poor financial judgment. According to him, an iPhone 16 loses almost half its value once a new model is released, making it a liability. By contrast, long-term investments in stocks like the S&P 500’s Magnificent Seven consistently appreciate.
Omokri explained that the truly wealthy live off investments such as dividends and mutual funds. “They buy stocks and rent iPhones, while you purchase iPhones and do not buy stocks,” he wrote, adding that such lifestyle decisions, rather than curses, keep people in poverty.
He contrasted “old money” with “new money,” arguing that wealthy families lease vehicles yearly, while nouveau riche individuals often buy depreciating assets like cars outright.
Despite his critique, Nigeria still has a growing list of private jet owners, including Dangote, Femi Otedola, Mike Adenuga, Ned Nwoko, Davido, Wizkid, Tiwa Savage, Apostle Johnson Suleman, and Pastor Enoch Adeboye. For them, private jet ownership reflects not just convenience but also status and influence.
Omokri’s comments, however, spotlight an age-old financial truth: wealth is built through appreciating assets, while liabilities drain resources. Private jets, flashy cars, and new gadgets may project status, but lasting prosperity lies in smart investments and financial discipline.