Top student to be awarded $1 million in essay competition
Published:Saturday | February 22, 2025 | 12:09 AMLester Hinds/Gleaner Writer
A fortunate Jamaican student could soon win $1 million for investment in the Jamaica Stock Market through an exciting new essay competition initiative.
One hundred students from two Jamaican high schools will compete for the top prize, with the winnings vested in the stock market for two years to promote wealth-building.
The remaining 99 participants will also have investment accounts opened in their names by the Jamaica Stock Exchange (JSE), though the investment amounts are yet to be finalised. Their funds will also be vested for two years.
The competition requires students to write an essay after reading ‘The Richest Man in Babylon’ by George Samuel Clason, a classic book on personal finance and wealth-building. One hundred copies of the book will be distributed to participants, who will then submit essays summarising the key lessons they learned.
The top essay will secure the $1 million prize. The investment will be managed with guidance from investment experts, with funds being inaccessible for withdrawal within the first year. The essay competition was announced by Jamaica’s consul general to New York, Alsion Wilson, during the recent Jamaica Stock Exchange Regional Investments and Capital Markets Conference.
She told The Gleaner that the selection process for the participating schools is ongoing, along with the finalisation of the competition’s rules.
Wilson emphasised the importance of targeting students from underprivileged backgrounds, aiming to help them build generational wealth for themselves and their families.
“With prudent investments, the initial $1 million could potentially grow to between $5 million and $6 million over two years,” Wilson explained.
“The initiative aligns with the principles of long-term wealth building.”
THREE-YEAR COMMITMENT
The competition is a joint effort by the Jamaica Stock Exchange, the Ministry of Foreign Affairs and Foreign Trade, and the Jamaican Consulate in New York. Its primary goal is to cultivate a culture of financial literacy and investment among young Jamaicans, equipping them with the tools to create sustainable wealth for themselves and contribute positively to their communities and the nation.
The Ministry of Foreign Affairs and the consulate will oversee all aspects of the programme to ensure transparency and the achievement of its objectives.
The initiative’s sponsor has pledged a three-year commitment, with the possibility of renewal. Each year, a new student will be awarded the top prize, providing a lasting impact that could influence an entire generation.
“This initiative is not merely a competition – it is a call to action for young Jamaicans to embrace financial empowerment, transform their futures, and contribute to the economic growth of their nation. By planting the seeds of investment knowledge and discipline now, this programme paves the way for a brighter, more prosperous Jamaica,” said Wilson.
Additionally, the programme aims to have participants mentor other high school students on investing in financial markets, further extending the initiative’s impact.