Society

Africa Now Home To 55 Billionaires According To Ventures Africa Rich List

| by Khier Casino

Africa now has 55 billionaires, an increase from previous estimates of 6-25 billionaires, The Telegraph reports. A pan-African magazine, Ventures, says that the billionaires are worth $143.88 billion including a Nigerian considered to be the wealthiest black woman in the world.

Compared to Africa, the U.K. has 84 billionaires, worth a nearly £250bn, according to the 2013 Sunday Times Rich List.

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Latin America comes close behind with 51 billionaires at last count by Forbes. On the other hand, Africa has a long way to catch up to Asia, which houses 399 billionaires as of 2013.

Ventures Africa, a business magazine and news service, introduced a new annual rich list for the continent. The list compiled and revealed Africa’s richest people.

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Key findings from the research include:

  • The combined fortune of Africa's 55 billionaires is $143.88 billion, with average net worth of $2.6 billion;
  • The median age of the list is 65 years. The youngest billionaires are Mohammed Dewji of Tanzania and Igho Sanomi, a Nigerian oil trader, who are both 38. The oldest billionaires are Manu Chandaria, a Kenyan industrialist, and Mohammed Al-Fayed, the Egyptian property tycoon, who are both 84;
  • Africa's wealthiest woman, Folorunsho Alakija, is worth $7.3 billion dollars;
  • The most common industries in which African billionaires have made their money are: construction, financial services, oil and gas, manufacturing and real estate;
  • The wealthiest African's are significantly wealthier than previously thought, for example:
    • Aliko Dangote, Africa's richest person, is now estimated to be worth $20.2 billion, a 68 percent increase on the most recent estimate of $12 billion
    • Mike Adenuga, oil and telecoms magnate and Africa's third richest person, is now estimated to be worth $8 billion a 74 percent increase on the most recent estimate of $4.6 billion
    • Nigeria, South Africa and Egypt have the most billionaires with 20, nine and eight respectively. In total ten African countries are represented on the list;
    • There are a large number of African billionaires on the list whose fortunes have never been accurately calculated before including: Strive Masiyiwa (Zimbabwe, $1.46 billion); Abdulsamad Rabiu (Nigeria, $1.4 billion); Aziz Akhannouch (Morocco, $1.39 billion); Jide Omokore (Nigeria, $1.32 billion); and Bode Akindele (Nigeria, $1.19 billion)