World News

Angolan Named As Africa's First Woman Billionaire

Africa has its first woman billionaire, according to the U.S.-based Forbes magazine.

The financial magazine says Angola's Isabel dos Santos' shares in several Portuguese companies and at least one Angolan bank have "pushed her net worth over the $1 billion mark."

The 40-year-old is the eldest daughter of President Jose Eduardo dos Santos, one of Africa's longest-serving leaders.

The magazine says her investments include shares in a Portuguese cable TV company and a bank. She also owns at least one bank in Angola.

The engineering graduate of London's King's College launched her first business venture at the age of 24 - a restaurant in Angola called Miami Beach.

She has gradually built up her business interests and sits on several corporate boards.

President dos Santos' Popular Movement for the Liberation of Angola had a sweeping victory in September elections. Mr. dos Santos and the MPLA have ruled the country since 1979.

Angola, one of Africa's biggest oil producers, had an annual growth rate of 11 percent last year. Its economic boom has been attracting companies and Western workers, but many of the nation's 19 million people live in poverty.

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