Billionaires are pursuing ambitious plans to develop their own tech-centric cities, often in regions with less stringent regulations. These initiatives, primarily involving venture capitalists, are aimed at creating luxurious communities where the developers frequently have a significant say in local laws. According to Mark Lutter, founder of the non-profit Charter Cities Institute, these projects arise from a dissatisfaction with existing political frameworks. He asserts that such cities could provide improved governance and opportunities for economic advancement.
Oliver Janssens, a bitcoin millionaire, is spearheading one such venture named Destiny on the Caribbean island of Nevis. With a plan to sell approximately 1,000 residential units annually, Janssens envisions a family-friendly environment rather than a hub for libertarians. He has acquired four square miles of land, negotiating regulations with the local government. “We are bound by the constitution of St. Kitts and Nevis,” he noted, emphasizing the importance of local governance. Residential prices in Destiny are projected to range from $500,000 to $3 million.
Exploring Other Innovative Projects
Another notable project is Prospera in Honduras, which currently houses around 1,000 residents. Founded by Venezuelan money manager Erick Brimen and supported by investor Peter Thiel, Prospera is designed as an upscale gated community featuring its own laws, including unique arbitration processes. Health influencer Bryan Johnson has expressed interest in the community’s focus on longevity treatments. Studio apartments begin at $120,000, while oceanfront villas can reach $850,000.
In West Africa, entrepreneur Patri Friedman is working on the Alpha Cities initiative, which aims to establish multiple tech-focused cities. Although still in the early planning stages, Friedman aims to collaborate with various countries to develop industry clusters powered by renewable energy. He stated the goal is to emulate the rapid economic development seen in places like Singapore.
California is also witnessing a significant venture with California Forever, which aims to restore the traditional American dream. With over $1 billion in funding, the project spans 94 square miles and is backed by notable figures such as LinkedIn co-founder Reid Hoffman. The plan includes affordable housing, an advanced manufacturing hub, and a park larger than Central Park, with the aim to break ground in 2027.
A Cautionary Tale: Akon City
While many projects are in various stages of development, the situation surrounding Akon City in Senegal serves as a cautionary tale. Although the renowned R&B singer Akon envisioned a vibrant city powered by solar energy and utilizing his Akoin cryptocurrency, development has stalled. As of March 2025, the only construction completed was a reception building, with no significant progress on infrastructure or housing. Akon acknowledged that insufficient investment led to project abandonment, and authorities are now considering a more feasible vacation resort instead.
British actor Idris Elba is also making strides in city development with plans for Sherbro Island in Sierra Leone. This eco-city project aims to blend modern infrastructure with African cultural heritage. Elba has stated that his inspiration stems from a familial legacy, hoping to create a “culturally diverse international city” that will include a central wind farm.
These ambitious projects illustrate both the potential and the challenges of creating new urban environments. While they promise innovation and economic growth, the gap between vision and reality remains a significant hurdle for many developers. As these projects evolve, they will undoubtedly continue to attract attention and scrutiny from around the globe.
