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

India PM Modi's Party Distances Itself From Religious Conversions

BJP under fire for being slow to rein in hardline affiliate groups allegedly trying to promote Hindu-dominant agenda by luring Muslims and Christians to convert More

Anti-Whaling Group Found in Contempt of Court

Radical environmentalists who threw acid and smoke bombs at Japanese whalers in the waters off Antarctica continue their campaign to disrupt Japan's annual whale hunt More

UN's Ban Urges End to Discrimination Against Ebola Workers

Ban was speaking in Guinea on the second day of a whistle-stop tour aimed at thanking healthcare workers of the countries at the heart of the epidemic 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.
US Decision on Cuba Underscores Divisions Among Miami Cubansi
X
Sharon Behn
December 19, 2014 9:34 PM
For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video US Decision on Cuba Underscores Divisions Among Miami Cubans

For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video Three Cities Bid for Future Obama Presidential Library

President Barack Obama still has two years left in his term in office, but the effort to establish his post-presidential library is already underway. The bid for the Obama Presidential Library is down to four locations in three states -- New York, Hawaii, and Illinois. As VOA’s Kane Farabaugh reports, each of them played an important part in the president’s life before he reached the White House.
Video

Video Cuba Deal is Major Victory for Pope’s Diplomatic Initiatives

Pope Francis played a key role in brokering the US-Cuba deal that was made public earlier this week. It is the most stunning success so far in a series of peacemaking efforts by the pontiff. VOA religion reporter Jerome Socolovsky has more.
Video

Video Fears of More Political Gridlock in 2015

2014 proved to be a difficult year politically for President Barack Obama and a very good year for the U.S. Republican Party. Republican gains in the November midterm elections gave them control of the Senate and House of Representatives for the next two years -- setting the stage for more confrontation and gridlock in the final two years of the Obama presidency. VOA National Correspondent Jim Malone has a preview from Washington.
Video

Video Sudan School Becomes Target of Aerial Attacks

The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. VOA reporter Ayaz Gul visited the devastated school and attended the funeral of the principal who courageously tried to save her students from the deadly attack.
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.

All About America

AppleAndroid