2 More Nigerians Join Forbes List Of Richest People In Africa

2 More Nigerians Join Forbes List Of Richest People In Africa [SEE Full List]

By Forbes on November 19, 2014
1
Aliko Dangote
Aliko Dangote, President and Chief Executive of Nigeria's Dangote Group speaks during the final session of the World Economic Forum on Africa meeting in Cape Town June 6, 2008. (Photo Credit: REUTERS/Mike Hutchings)

For the first time in the four years that FORBES has been tracking Africa’s richest, Nigeria bests South Africa. At the top yet again is cement tycoon Aliko Dangote of Nigeria, joined on the list of Africa’s 50 Richest by 12 other countrymen. In comparison South Africa claims 11 spots, down from 14 a year ago. Nigeria is showing its strength, having earned commendations for its efforts to snuff out Ebola in the country, which Dangote helped fund — and despite a recent drop in oil prices.

Tony Elumelu meeting with President Barack Obama in Tanzania
Tony Elumelu meeting with President Barack Obama in Tanzania

There are three new billionaires on the list: Orji Uzor Kalu of Nigeria, Tony Elumelu of Nigeria and King Mohammed VI of Morocco. Three billionaires on last year’s list are no longer members of the 10-figure club: Vimal Shah of Kenya is off the list, replaced by his father Bhimji Depar Shah at a lower net worth. Abdulsamad Rabiu of Nigeria dropped below $1 billion due to ceased operations at his floating cement terminal in Nigeria. And South African mining mogul Desmond Sacco dropped to a net worth of $680 million, down from $1.4 billion last year, because of a sharp decline in the share price of his mining firm Assore Group. The net result: the number of billionaires on the list stayed steady with 2013 at 27.

Africa’s 50 richest are, as a whole, wealthier than a year ago. Their combined net worth of $110.7 billion is 6.7% more than in November 2013. The minimum net worth needed to join this elite group rose to $510 million, up from $400 million a year ago.

Former Abia Governor Orji Uzor Kalu
Former Abia Governor Orji Uzor Kalu

Behind Aliko Dangote at number one with a fortune of $21.6 billion, comes South African luxury goods magnate Johann Rupert, number two for the second year in a row, worth an estimated $7.3 billion. His Compagnie Financiere Richemont has a stable of luxury brands including Cartier, Montblanc and fashion house Azzedine Alaia.

Six newcomers join the list of richest Africans, including the above mentioned new billionaires, as well as Ali Wakrim of Morocco and Ahmed Ezz of Egypt. Mohamed Bensalah of Morocco rejoins the list after dropping off in 2013. Seven members of the 2013 list fell off: Vimal Shah of Kenya (as mentioned earlier, his father Bhimji replaced him), Cyril Ramaphosa of South Africa, Raymond Ackerman of South Africa, Sani Bello of Nigeria, Adrian Gore of South Africa, Shafik Gabr of Egypt, and Alami Lazraq of Morocco.
The oldest person on the list is 85 – both Miloud Chaabi of Morocco and Onsi Sawiris of Egypt share that age. The youngest is Mohammed “Mo” Dewji of Tanzania, age 39. The number of women on the list is two, unchanged from a year ago. Thirty-five of the fortunes were self made; two were inherited and the remaining 13 were inherited but are being expanded. The average net worth of each list member is $2.2 billion, compared to $2.1 billion a year ago.

King Mohammed VI of Morocco
King Mohammed VI of Morocco

See full list at FORBES.

1 COMMENT

Leave a Comment

To leave a comment anonymously, simple write your thoughts in the comments box below and click the ‘post comment’ button.