Business
Number of African billionaires ‘higher than previously thought’ – possibly more than in Latin America
Aliko Dangote, President and CEO of Nigeria’s Dangote Group. PHOTO/Mike Hutchings/Reuters
(AFP) – There are far more African billionaires than previously thought, Ventures magazine said Monday in a report on the continent’s mega-rich, however, the number of Africans living in poverty has also risen.
Previous Africa-rich-lists named as few as 16 billionaires, but Ventures said its exhaustive research had identified at least 55 on a continent where the wealthy often fiercely protect details about their fortunes.
The pan-African business magazine said it was able to uncover dozens of new billionaires by using “on-the-ground knowledge” to overcome hurdles that may have “hampered” other researchers.
Of the 55, 20 are Nigerian, including several oil barons, while South Africa and Egypt boast nine and eight respectively.
Ventures’ supported reports by Forbes which listed Nigeria’s Aliko Dangote as Africa’s richest man (also the richest black man globally) with a fortune of US$20.2 billion.
Dangote, who made his fortune in cement, heads a multi-interest empire, profiting from products including flour and sugar, while eyeing a massive investment in oil refining.
The continent’s richest woman is Nigeria’s Folorunsho Alakija (who recently surpassed Oprah Winfrey to become the richest black woman), – her Fama Oil owns an offshore oil block, which she acquired in 1993.
