Business
Number of African billionaires ‘higher than previously thought’ – possibly more than in Latin America
Alakija initially began as a fashion designer – her sense of fashion and customer service led many to her store – including Maryam Babaginda, the late wife of former Nigerian military leader Ibrahim Babaginda. Alakija “is believed to have ridden on the crest of this relationship to acquire an oil block,” off the Niger Delta in southern Nigeria, said Ventures.
The most prominent South African named is Nicky Oppenheimer, worth an estimated US$6.5 billion, whose fortune came largely from the diamond mines his family controlled for decades, which were operated by De Beers. Oppenheimer sold his family’s stake in De Beers two years ago.
The figure of 55 is “actually an under-estimate” of Africa’s billionaires, Chi-Chi Okonjo, the founder of Ventures, told reporters. “People are not comfortable disclosing their wealth,” he said.
The apparently rising number of ultra-rich Africans has come amid broader economic growth on the continent, which has seen an average of 7 percent gross domestic product (GDP) expansion since 2010.
