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…
The article says pan-African magazine Ventures identified at least 55 African billionaires — far more than earlier lists that named as few as 16 — and its founder called 55 an "under-estimate."
According to the article, Nigeria tops the list with 20 billionaires, South Africa has nine and Egypt eight among the 55 individuals identified.
The article cites Forbes and Ventures in naming Nigeria's Aliko Dangote as Africa's richest man with a fortune of about US$20 billion (USD$21 billion). It notes he made his wealth in cement and heads a multi‑interest empire that also profits from products such as flour and sugar while eyeing a large oil‑refining investment.
The article names Nigeria's Folorunsho Alakija as the continent's richest woman; her company Fama Oil owns an offshore oil block she acquired in 1993, described in the article as bought "at a relatively inexpensive price," likely helped by a connection.
The article links much of the continent's wealth to natural resources and basic industries: oil and offshore blocks, cement and building materials, food commodities like flour and sugar, and diamonds (noting Nicky Oppenheimer's fortune from diamond mines operated by De Beers).
The piece notes rising numbers of ultra‑rich amid broader economic growth — an average of about 5% GDP expansion since 2010 — which can signal opportunity. It also stresses that this wealth concentration comes with risks and uneven benefits, so everyday investors should weigh growth prospects alongside governance, inequality and sector‑specific factors highlighted in the article.
The article warns that corruption is rife and the rule of law is unevenly applied across the continent. It says African business moguls often face accusations their fortunes were illegitimately earned, sometimes with help from political patrons — a risk investors should consider when evaluating companies or deals.
Citing the World Bank, the article reports that extremely poor people in sub‑Saharan Africa have more than doubled over three decades (from about 205 million to 414 million). For investors, the article frames this as evidence that economic growth has not been broadly shared, raising potential social and policy risks that can affect markets and long‑term returns.
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