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

Video On the Scene: In Gaza, Darkness Brings Dread and Death

Palestinians fear nighttime raids, many feel abandoned by outside world, VOA's Scott Bobb reports More

African Small Farmers Could Be Key to Ending Food Insecurity

Experts say providing access to microloans, crop insurance, better storage facilities, irrigation, road systems and market information could enable greater production More

University of Michigan Wins Solar Car Race

Squad guided its student-designed solar-powered vehicle to fifth consecutive time victory in eight-day bi-annual American Solar Challenge 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.
Vietnamese Staging Chinese Product Boycott After Oil Rig Spati
X
Reasey Poch
July 28, 2014 7:18 PM
China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video ESA Spacecraft to Land on a Comet

After a long flight through deep space, a European Space Agency probe is finally approaching its target -- a comet millions of kilometers away from earth. Scientists say the mission may lead to some startling discoveries about the origins of the water on earth. VOA’s George Putic has more.
Video

Video Young Africans Arrive in US for Leadership Program

President Barack Obama's Young African Leadership Initiative has brought hundreds of young Africans to the United States for a six-week program aimed at building their knowledge and skills in fields such as public administration and business. Out of the 50,000 young Africans who applied for the program, just one percent was accepted. VOA's Laurel Bowman caught up with some of those who made the cut and has this report.
Video

Video In Honduras, Amnesty Rumors Fuel US Migration Surges

False rumors in Central America are fueling the current surge of undocumented young people being apprehended at the U.S. border. The inaccurate claims suggest the U.S. will give amnesty to young migrants from the region. As VOA's Brian Padden reports from Honduras, these rumors trace back to President Obama's 2012 executive order to halt deportations for some young undocumented immigrants already living in the United States.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.

AppleAndroid