How Africa News
The combined net worth of Africa’s richest billionaires was projected to be $81.8 billion over the last year, down $3.1 billion from $84.9 billion the year before. Forbes Africa reports that the 3.6% decline comes after a 15% increase the previous year due to rising stock valuations from Zimbabwe to Nigeria.
The number of billionaires rose from 18 to 19, despite the slight fall in the net worth of the continent’s richest people.
Similar to how Dangote kept his title as Africa’s richest man despite a $400 million loss that caused his net worth to fall to $13.5 billion. Johann Rupert, a South African businessman who specializes in luxury items, placed in second place with a net worth of $10.7 billion, down from $11 billion in 2022. Nicky Oppenheimer, a South African with a net worth of $8.4 billion who formerly oversaw the diamond mining company DeBeers, held down the third position.
Christoffel Wiese, a South African who ranks No. 18 and has an estimated net worth of $1.1 billion, is back in this year’s ranking. In 2015, his net worth was $5.7 billion. But, a financial scandal that destroyed Steinhoff’s stock two years ago cost him his billionaire status.
“He sued, and in March 2022, collected 7 billion South African rands (about $400 million) in cash and shares from Steinhoff, totaling about 5% of publicly traded Pepkor,” Forbes reported.
According to Forbes Africa’s methodology justification, the billionaire Mo Ibrahim, who was born in Sudan but now holds British citizenship, was not included. Moreover, “South African Natie Kirsh, who operates out of London, and another billionaire London resident, Egyptian national Mohamed Al-Fayed, were excluded from the platform.”
According to Forbes, “Net worths were determined using stock prices and currency exchange rates as of the close of business on Friday, January 13, 2023. We begin with estimations of revenues or profits and use current price-to-sale or price-to-earnings ratios for comparable public companies to value privately held enterprises. Within weeks or even just days of our measurement date, some list members experience wealth or poverty increases.
Below are the top 10 wealthiest people in Africa
- Aliko Dangote
Aliko Dangote is the richest black guy in the world as well as the richest person in all of Africa. Many business owners will always be motivated by his inspiring account of how he built his company from nothing. Soon after getting his college degree at the age of 21, he borrowed $3,000 from his uncle to import and sell food items in Nigeria.
Within three months following his operations, he was successful and able to repay the debt in full. Nevertheless, Dangote had higher plans than simply making money off of local goods. He had his sights set on becoming a global conglomerate, and as a result, he went on to become one of the greatest African success stories of our time.
Significantly adding to his wealth was Dangote’s 86 percent ownership of Dangote Cement, which is worth $8.64 billion. His $5 billion fertilizer business, which has the capacity to produce up to 2.8 million metric tonnes of urea annually, is another reason contributing to his rising riches.
He currently has a net worth of $13.5 billion.
- Johann Rupert and Family
Johann Rupert has a $10.7 billion net worth. He serves as chairman of Compagnie Financiere Richemont, a luxury products company in Switzerland. Together with 25% of Luxembourg-based investment holding company Reinet, he also controls 7% of the diversified investment company Remgro, which he chairs.
- Nicky Oppenheimer and Family
Nicky Oppenheimer’s net worth increased by $600 million, bringing his total assets to $8.4 billion. He founded Fireblade Aviation in 2014, a Johannesburg-based company that flies charters using a fleet of 3 aircraft and 2 helicopters. Additionally, he owns at least 720 square miles of conservation area in Zimbabwe, Botswana, and South Africa.
For $5.1 billion in cash, according to Forbes, Oppenheimer sold his 40% ownership in the mining company Anglo American to the diamond company DeBeers in 2012. In 2001, he turned DeBeers private, making him the third generation of his family to oversee the business. Also, the Oppenheimer family held a dominant position in the diamond trade for 85 years, up until 2012.
- Abdulsamad Rabiu
Abdulsamad Rabiu is the sixth-richest person in Africa according to Forbes, with a net worth of $7.6 billion. He is the founder of the BUA Group, which specializes in real estate, sugar refining, and the production of cement. His first line of business was the importation of chemicals, steel, and iron.
- Nassef Sawiris
The chairman of Orascom Construction Industries, one of the biggest manufacturers of nitrogen fertilizer in the world, and the second son of Nassef Sawiris’ family. He has a $7.3 billion net worth. A 6% interest in Adidas is one of his most valued possessions.
He bought a 5% share in Madison Square Garden Sports, which is listed on the New York Stock Exchange, and he also has stock in Lafarge Cement. He acquired Aston Villa Club in collaboration with Fortress Investment Group. With a net worth of $3.3 billion, Nassef ranks 304 globally and as the fourth billionaire in Africa.
- Mike Adenuga
The third wealthiest person in Nigeria and fifth overall in Africa is Mike Adenuga. He earned his money in the oil and telecom industries. Forbes highlights his $6.7 billion net worth. He runs Globacom, Nigeria’s third-largest telecom network, which has an estimated 55 million members.
Adenuga also engages in oil exploration. Six oil blocks are managed by his company, Conoil Producing, in the Niger Delta. At the age of 26, he sold lace and distributed soft drinks, earning his first million dollars.
- Issad Rebrab and Family
Issad Rebrab is worth 4.6 billion dollars. In addition to serving as the company’s CEO and board chairman, he formed Cevital SPA in 1998. One of the first Algerians after independence to enter the business sector is him. He established his own certified public accounting firm in 1968. He once received a piece of advice from one of his customers to buy stock in his metallurgical manufacturing business.
He entered the business world in 1971 when he invested 20% of the capital in the metallurgical production firm Sotecom. He then started other businesses in the steel and metallurgy industries. Rebrab made substantial investments. He has served as the Cevital Group’s chairman of the board of directors since 2008. The Cevital Group includes 19 subsidiaries that are separated into 4 poles: distribution, industry, automobile and services, and food processing industry.
One of the biggest sugar refineries in the world, owned by Cevital, can produce 2 million tons of sugar annually. Additionally, it owns European businesses like the German water purification firm, the Italian steel mill, and the French home appliance manufacturer Groupe Brandt. To develop train tracks and enhance logistics for the transportation of exports of sugar, corn, and soy flour, Rebrab intends to construct a steel factory in Brazil.
- Naguib Sawiris
The second-richest person in Africa, Nassef Sawiris, is the brother of Naguib Sawiris ($3.3 billion). According to Forbes, he has a $3.2 billion net worth. By selling Orascom Telecom to the Russian telecom company VimpelCom (now Veon) in 2011 in a multibillion-dollar deal, Naguib amassed a fortune in the telecom industry. The Egyptian is also the chairman of Orascom TMT Investments, which owns shares in several companies including Italiaonline, an Italian internet company, and an asset manager in Egypt.
With his Media Globe Holdings, he owns 88% of the pan-European pay TV and video news network, Euronews. He also created a premium resort named Silversands on the Caribbean island of Grenada, Forbes stated.
- Patrice Motsepe
The total wealth of Patrice Motsepe is $3.1 billion. At the age of 46, he made history by being the first Black African to appear on Forbes’ list of world billionaires. He is also the first billionaire industrialist from South Africa.
Motsepe stated that his initial love was entrepreneurship in a CNN interview. I wanted to pursue my first interest, which was entrepreneurship, he said. “Coming up in a business environment within a family standing behind disagreements at an early age,” he said.
- Mohamed Mansour
Mohamed Mansour is in charge of the 60,000-person Mansour Group, a family-owned corporation that his father Loutfy (D. 1976) created in 1952. In 1976, Mohamed Mansour assumed control of the Mansour Group. He was named Egypt’s Minister of Transport in early 2006, one of the country’s largest service ministries with more than 250,000 workers. He served in that capacity until October 2009.
In addition to being the founder and current chairman of Mansour Automotive Company, Mantrac Group, and Unatrac, which distributes Caterpillar, Mohamed also served as the previous chairman of Crédit Agricole Egypt, the second-largest bank in the nation.
His total wealth is $2.8 billion.
