Prime Business AfricaThe wealth of African billionaires has seen a significant surge, reaching $105 billion, with Nigeria accounting for 35% of this total, thanks to Aliko Dangote’s substantial wealth.
The number of billionaires on the continent rose from 20 to 22, according to Prime Business Africa’s analysis of the Forbes African billionaire ranking, which saw South Africa produce more billionaires, with 11 people representing the country on the ranking. Egypt has five, Nigeria accounts for four, Morocco has three, while Algeria, Zimbabwe and Tanzania have one each.
Join our WhatsApp ChannelNigeria’s billionaires also accounted for 35 percent or $37.3 billion of the total wealth of the African billionaires – the highest based on country-by-country comparison, thanks to Aliko Dangote’s wealth.
Findings by Prime Business Africa also showed that the total wealth held by South African billionaires is $36 billion; Egyptian billionaires accounted for $20.6 billion; Morocco holds $4.7 billion, Algeria $3 billion; Tanzania, $2,2 billion; and Zimbabwean billionaires accounted for $1.20 billion.
Nigerian billionaires networth
A further breakdown of the list showed that Dangote is still the richest Nigerian and African with $23.9 billion, as his wealth increased from $13.9 billion a year ago due to the addition of the value of his refinery to his net worth.
Dangote is also the majority shareholder in three publicly listed companies: Dangote Cement and Dangote Sugar, and Nascon Allied Industries.
Mike Adenuga, the founder of Globacom and majority shareholder of Sterling Financial Holdings Company, the parent company of Sterling Bank, is the second richest in Nigeria and fifth wealthiest in Africa, with a net worth of $6.8 billion.
Abdulsamad Rabiu, with a fortune of $5.1 billion, was ranked third in Nigeria and seventh on the continent, thanks to his majority investments in BUA Cement and BUA Foods.
Femi Otedola occupied the fourth spot in Nigeria’s billionaires list but was ranked 16th in Africa after amassing a $1.5 billion net worth through his investments in Geregu Power and First HoldCo, formerly known as FBN Holdings, the parent company of First Bank of Nigeria (FBN).
Top five billionaires in Africa
Dangote occupied the first position with $23.9 billion, a position he has held since 2012, according to Forbes.
Johann Rupert & family occupied the second position with $14 billion due to their ownership of Swiss luxury goods firm, Compagnie Financiere Richemont, which is best known for the brands, Cartier and Montblanc.
READ ALSO: Dangote Cement’s Revenue Soars, But Production Costs Rise 45% In Tandem
Nicky Oppenheimer & family were ranked third with $10.4 billion after pulling wealth from their family’s De Beers diamond fortune, which occupied a controlling spot in the world’s diamond trade for 85 years until 2012 when Oppenheimer sold his 40 percent of the firm to mining group Anglo American for $5.1 billion in cash.
Nassef Sawiris, with $9.6 billion net worth, is the fourth richest person in Africa, following investment in a series of businesses: German sportswear giant, Adidas, Fortress Investment Group’s Wes Edens, owners of the Premier League’s Aston Villa Football Club, and New York-listed firm, Madison Square Garden Sports, owners of the NBA Knicks and the NHL Rangers teams.
The investor and a child of Egypt’s wealthiest family, Sawiris, also owns OCI, one of the world’s largest nitrogen fertilizer producers, with plants in Texas and Iowa, and Orascom Construction, an engineering and building firm.
Adenuga, the founder of Globacom and majority shareholder of Sterling Financial Holdings Company, completes the top five list with a $6.8 billion fortune.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
