Nigerian tops list of Africa's billionaires
Previous Africa rich lists have named as few as 16 billionaires but pan-African business magazine Ventures said it had identified at least 55 on a continent where the wealthy often fiercely protect details about their fortunes.
Of the 55, 20 are Nigerian, including several oil barons, while South Africa and Egypt have nine and eight, respectively.
Ventures supported reports by Forbes, which listed Nigeria's Aliko Dangote as Africa's richest man with a fortune of $US20 billion ($21 billion).
Mr Dangote, who made his fortune in cement, heads a multi-interest empire, profiting from products including flour and sugar, while eyeing a massive investment in oil refining.
The continent's richest woman is Nigeria's Folorunsho Alakija, whose Fama Oil owns an offshore oil block, which she acquired in 1993 "at a relatively inexpensive price", likely through a helpful connection.
The most prominent South African named is Nicky Oppenheimer, worth an estimated $US6.5 billion, whose fortune came largely from the diamond mines his family controlled for decades, which were operated by De Beers.
He sold his family's stake in De Beers two years ago.
The figure of 55 is "an under-estimate", Ventures founder Chi-Chi Okonjo said.
Corruption is rife on the continent and the rule of law still unevenly applied. African business moguls often face accusations that their fortunes were illegitimately earned, including with help from political patrons.
The apparently rising number of ultra-rich Africans has come amid broader economic growth on the continent, with an average of 5 per cent gross domestic product expansion since 2010.
But economic growth has not kept up with a rising population.
"There are more than twice as many extremely poor people living in sub-Saharan Africa today (414 million) than there were three decades ago (205 million)," the World Bank said in April.
It is the only region where "the number of poor people has risen steadily and dramatically" over the last 30 years, the bank said.
Frequently Asked Questions about this Article…
Ventures identified at least 55 African billionaires, far more than some earlier lists that named as few as 16. The report’s founder, Chi‑Chi Okonjo, said 55 is likely an underestimate because wealthy individuals on the continent often protect details about their fortunes.
The report found that Nigeria leads with 20 billionaires, while South Africa and Egypt have nine and eight billionaires respectively.
Forbes and Ventures named Nigeria’s Aliko Dangote as Africa’s richest man with about US$20 billion (around US$21 billion). He made his fortune in cement and heads a multi‑interest empire that also profits from products like flour and sugar and is pursuing large investments in oil refining.
Nigeria’s Folorunsho Alakija is named as the continent’s richest woman. Her company Fama Oil owns an offshore oil block that she acquired in 1993 reportedly at a relatively inexpensive price, likely aided by a helpful connection.
The article names Nicky Oppenheimer, estimated to be worth about US$6.5 billion. His fortune largely came from diamond mines the family controlled for decades, which were operated by De Beers; he sold the family’s De Beers stake two years ago.
The article notes that corruption is rife in parts of Africa and the rule of law is unevenly applied. It says African business moguls often face accusations that fortunes were illegitimately earned, sometimes with help from political patrons.
While the number of ultra‑rich appears to be rising amid average GDP expansion of about 5% since 2010, economic growth hasn’t kept pace with population. The World Bank reports that extremely poor people in sub‑Saharan Africa increased to 414 million from 205 million three decades ago, making it the only region where the number of poor has risen steadily over 30 years.
Key takeaways for investors are that wealth in Africa is more concentrated and diversified across sectors like cement, oil and diamonds than previously thought, but data may be incomplete and governance and corruption risks are real. The report highlights both economic growth opportunities (average ~5% GDP growth since 2010) and persistent social challenges, meaning investors should weigh sector prospects against political and regulatory risks.
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