BrandArena: African Billionaires Rise From 21 to 23 on Forbes’ List; Dangote Remains Richest On the Continent

Tuesday 16 January 2018

African Billionaires Rise From 21 to 23 on Forbes’ List; Dangote Remains Richest On the Continent

Number of billionaires in Africa on Forbes' list grew from 21 to 23, collectively now worth $75.4 billion. Nigerian Aliko Dangote still remains the richest African worth $12.2 billion, up $100 million from a year ago. This is the seventh time in a row. The second on the list is the South African diamond mining heir, Nicky Oppenhiemer, with a net worth of $7.7 billion, up $700 million from last year.

The increase in combined wealth is buoyed by rising stock markets and commodity prices.

The billionaires are from eight countries: 8 from South Africa, 6 from Egypt, 3 from Nigeria, 2 from Morocco and one list member each from Algeria, Angola, Tanzania and Zimbabwe. Notable among the list for the first time is Zimbabwe. The billionaire is telecoms magnate and founder of the Econet Group, Strive Masiyiwa.

The top five billionaires are listed below:

Telecom tycoon Strive Masiyiwa has become Zimbabwe’s first billionaire. According to a report by Forbes, Masiyiwa, 57, is now worth $1.7 billion, a fortune sufficient to rank him along other African billionaires like Nigeria’s Aliko Dangote.

The Forbes 2018 List of the Richest Africans confirmed that Dangote is still the richest man on the continent with a fortune of $12.2 billion. His investments in cement, oil and fertiliser production have paid off.

The few billionaires in Africa have a combined wealth of $75.4 billion in 2018, according to Forbes’ estimates which project a rise from last year’s $70 billion.

The 2018 Forbes list of Africa’s billionaires named 23 people, up from 21 last year, who have become wealthier due to rising stock markets and commodity prices.

Forbes calculated net worths using stock prices and currency exchange rates from the close of business on Friday, January 5, 2018.  To value privately-held businesses, it couples estimates of revenues or profits with prevailing price-to-sales or price-to-earnings ratios for similar public companies.

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