News / Africa

Survey Lists 55 Billionaires in Africa

FILE -  Nigerian billionaire businessman Aliko Dangote.
FILE - Nigerian billionaire businessman Aliko Dangote.
There are at least 55 billionaires on the African continent. That's according to the Africa's Richest survey from Venture Africa, an Africa-based business magazine.

There are 10 countries represented on the list, with Nigeria leading the way with 20 billionaires, South Africa with nine and Egypt with eight.

The combined wealth of Africa's 55 billionaires is $143.88 billion, and the average wealth is $2.6 billion.

The richest man on the list is Aliko Dangote, whose investments in manufacturing three decades ago have grown into a $20.2 billion net worth.  He is followed by South African investor Allan Gray and Nigerian oil and telecom businessman Mike Adenuga.

Of Nigeria's billionaires, 13 have significant or total investments in the oil business, and mining is a sector tapped by many on the list across the continent.

The Venture Africa survey has more than triple the number of billionaires reported by previous lists. Forbes Magazine noted only 16 billionaires in Africa in late 2012.

Venture Africa's Publisher Chi Chi Okonjo said his magazine's Nigerian and South African base help with having more information than some lists - which is why his survey is more comprehensive.

"We know, because we have people on ground, some of these people are actually people we know personally," Okonjo explained. "So we know their assets….That's the difference….You really need to be on ground to know what's happening. So we're able to provide much more detailed information."

His editorial staff calculated wealth through publicly held shares, privately held companies, investment bankers, financial analysts and other financial barometers.

Okonjo said Africans also tend to be quiet about their wealth.
 
"Wealth is still somewhat taboo in Africa. People prefer discuss what they are doing for their communities rather than how much money they have. It's just a cultural thing," he noted. "So people don't like to discuss how much money they have or how much they've amassed."

Dr. Azar Jammine, director of Econometrix, an economic consulting firm in Johannesburg, said this growing number of billionaires might not be a great sign for the overall economic health of the continent.
 
"Essentially it's also a reflection of growing, it seems to be going hand in hand, with growing inequality around the world. Not everyone is getting rich at the same pace. The rich appear to be getting richer faster than the poor are getting richer, " Jammine said.

According to Jammine, the economic growth comes from fast and large population growth, an increase in commodities prices such as oil, and the growth of the Chinese economy, which has heavily invested in Africa.

Okonjo said he wasn't surprised at all by the findings, though they were quite conservative with their estimations of wealth, just to be safe.
 
 "I do think the number is a whole lot more than the 55 that we have, so we're not surprised. We actually expected a bit more from some of the places," he admitted. "I believe that we have a few more entrepreneurs who at some point in time will list their assets or make their business a bit more transparent."

Okonjo expects that next year's list of billionaires will be even larger.

You May Like

Photogallery South Africa Bans Travelers From Ebola-stricken Countries

South Africans returning from affected West African countries will be thoroughly screened, required to fill out medical questionnaire, health minister says More

Multimedia UN Launches ‘Biggest Aid Operation in 30 Years’ in Iraq

Move aims to help thousands of Iraqi religious minorities who fled their homes as Kurdish, Iraqi government forces battle Sunni insurgents More

Video African Media Tries to Educate Public About Ebola

IT specialists, together with radio and TV reporters, are battling misinformation and prejudice about disease More

This forum has been closed.
Comment Sorting
Comments
     
by: Pule from: Gaborone
October 31, 2013 2:10 AM
This is an inspiration to me and I am next on this list


by: Thapelo Merapelo S from: Gabonone, Botswana
October 17, 2013 7:00 AM
This is very great to know that Africa has billionaires and it could be better if they are listed so that we can know who is who. Now those people how do the help the need, how can they reach them for encase they need to communicate with them.


by: Given Nzuza from: Durban-South Africa
October 11, 2013 10:11 AM
Wow! That very inspiring to the youth of Africa.Arise Afrika your time has cometh for your "glory".


by: Joe Kool
October 11, 2013 7:32 AM
Yes how things have changed, please PUBLISH the names, could be so so interesting.


by: Xaaji Dhagax from: Somalia
October 10, 2013 10:41 PM
HALLELUJAH! we have got multi billionaires in black Africa.
Hope our never-ending poverty will soon be wiped out from this continent.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
African Media Tries to Educate Public About Ebolai
X
George Putic
August 20, 2014 8:57 PM
While the Ebola epidemic continues to claim lives in West Africa, information technology specialists, together with radio and TV reporters, are battling misinformation and prejudice about the disease - using social media to educate the public about the deadly virus. VOA’s George Putic has more.
Video

Video African Media Tries to Educate Public About Ebola

While the Ebola epidemic continues to claim lives in West Africa, information technology specialists, together with radio and TV reporters, are battling misinformation and prejudice about the disease - using social media to educate the public about the deadly virus. VOA’s George Putic has more.
Video

Video Ferguson Calls for Justice as Anger, Violence Grips Community

Violence, anger and frustration continue to grip the small St. Louis suburb of Ferguson, Missouri. Protests broke out after a white police officer fatally shot an unarmed black teenager on August 9. The case has sparked outrage around the nation and prompted the White House to send U.S. Attorney Eric Holder to the small community of just over 20,000 people. VOA’s Mary Alice Salinas has more from Ferguson.
Video

Video Beheading Of US Journalist Breeds Outrage

U.S. and British authorities have launched an investigation into an Islamic State video showing the beheading of kidnapped American journalist James Foley by a militant with a British accent. The extremist group, which posted the video on the Internet Tuesday, said the murder was revenge for U.S. airstrikes on militant positions in Iraq - and has threatened to execute another American journalist it is holding. Henry Ridgwell has more from London.
Video

Video Family Robots - The Next Big Thing?

Robots that can help us with daily chores like cooking and cleaning are a long way off, but automatons that serve as family companions may be much closer. Researchers in the United States, France, Japan and other countries are racing to build robots that can entertain and perform some simpler tasks for us. VOA’s George Putic reports.
Video

Video In Ukraine, Fear and Distrust Remain Where Fighting has Stopped

As the Ukrainian military reclaims control of eastern cities from pro-Russian separatists, residents are getting a chance to rebuild their lives. VOA's Gabe Joselow reports from the town of Kramatorsk in Donetsk province, where a sense of fear is still in the air, and distrust of the government in Kyiv still runs deep.
Video

Video Five Patients Given Experimental Ebola Drug Said to Be Improving

The World Health Organization has approved the use of experimental treatments for Ebola patients in West Africa. The Ebola outbreak there is unprecedented, the disease deadly. The number of people who have died from Ebola has surpassed 1,200. VOA's Carol Pearson reports on the ethical considerations of allowing experimental drugs to be used.
Video

Video China Targets Overseas Assets of Corrupt Officials

As China presses forward with its anti-graft effort, authorities are targeting corrupt officials who have sent family members and assets overseas. The efforts have stirred up a debate at home on exactly how many officials take that route and how likely it is they will be caught. Rebecca Valli has this report.
Video

Video Leading The Fight Against Islamic State, Kurds Question Iraqi Future

Western countries including the United States have begun arming the Kurdish Peshmerga forces in northern Iraq to aid their battle against extremist Sunni militants from the Islamic State. But there are concerns that a heavily-armed Kurdistan Regional Government, or KRG, might seek to declare independence and cause the break-up of the Iraqi state. As Henry Ridgwell reports from London, the KRG says it will only seek greater autonomy from Baghdad.
Video

Video In Rural Kenya, Pressure Builds Against Female Circumcision

In some Kenyan communities, female genital mutilation remains a rite of passage. But activists are pushing back, with education for girls and with threats of punishment those who perform the circumcision. Mohammed Yusuf looks at the practice in the rural eastern community of Tharaka-Nithi.

AppleAndroid