A growing trend among wealthy entrepreneurs involves creating tech-centric cities, with billionaire investors seeking to establish their own governance frameworks. This movement has gained traction as venture capitalists partner with governments, particularly in economically developing nations, to construct luxury developments and reshape local laws. These initiatives reflect a dissatisfaction with existing political systems, according to Mark Lutter, founder of the Charter Cities Institute, which aims to empower new cities with improved governance to alleviate poverty.
Among the various projects under development, five stand out as ambitious ventures, with one serving as a cautionary tale about the challenges ahead.
Prospera, Honduras
Located in Honduras, Prospera is home to around 1,000 residents living in a gated community that boasts upscale amenities, including a beach and golf course. The project has attracted funding from notable investors, including Peter Thiel, and was founded by Venezuelan financier Erick Brimen. Prospera operates under its own legal framework, which includes unique arbitration processes and relaxed regulations on longevity drugs. Studio apartments are priced from $120,000, while oceanfront villas can reach up to $850,000.
Destiny, St. Kitts and Nevis
On the Caribbean island of Nevis, Oliver Janssens, a cryptocurrency entrepreneur, is developing Destiny on four square miles of land. His vision includes creating a family-friendly community rather than attracting a libertarian crowd. Janssens emphasizes that while they are negotiating rules with the local government, they are bound by the constitution of St. Kitts and Nevis. Homes are expected to be priced between $500,000 and $3 million, with plans to utilize cryptocurrency as the local currency.
Alpha Cities, West Africa
Patri Friedman is spearheading the ambitious Alpha Cities initiative, aiming to develop multiple cities in West Africa. Currently in the conceptual phase, these cities will focus on industry clusters such as data centers powered by geothermal energy and electric vehicle manufacturing. Friedman notes that host countries aspire to emulate Singapore’s rapid development, with the goal of transitioning from developing to developed status.
California Forever
Differentiating itself from other projects, California Forever seeks to establish a city that embodies the California and American dream. With a funding commitment of $1 billion, the project spans approximately 94 square miles and is backed by influential figures like Reid Hoffman and Mark Andreessen. The brainchild of former Goldman Sachs trader Jan Sramek, California Forever plans to break ground in 2027, featuring affordable housing, walkable neighborhoods, and an advanced manufacturing hub.
Sherbro Island, Sierra Leone
British actor Idris Elba is not a tech entrepreneur by trade, but he is leading the modernization of Sherbro Island in Sierra Leone, his father’s homeland. Earlier this year, Elba and his partners secured government approval for an eco-city project. This initiative, officially designated as a Special Economic Zone, aims to blend African tradition with modern infrastructure, including plans for a wind farm at its core.
Akon City, Senegal: A Cautionary Tale
In contrast to the optimism surrounding other projects, Akon City in Senegal serves as a cautionary example of the complexities involved in such ventures. Launched by the renowned singer Akon, the project aimed to create a “real-life Wakanda” powered by solar energy. However, by 2025, progress was minimal, with only a reception building completed and no roads or housing in sight. Akon acknowledged the challenges in securing sufficient investment, leading to the project’s abandonment. Authorities are now planning a more realistic endeavor: a vacation resort.
As these projects develop, they illustrate the ambitious visions of billionaire investors while also highlighting the significant hurdles they face in transforming their dreams into viable realities.
