Friday, November 14, 2014

Africa's Rich List.

Nigeria has more billionaires than any other country in Africa, including the continent’s wealthiest man and the world’s richest black woman, according to a rich list compiled by Ventures Africa, a business magazine that “champions African capitalism”. The list was compiled by sourcing financial reports, tracking equity holdings around stock markets and identifying shareholding structures in big privately held companies.

The collective wealth of Nigerians on the rich list stands at $77.7bn (£49bn), more than double that of South Africans and almost as much as the rest of the continent’s billionaires combined.

Of 55 billionaires in Africa, Nigeria boasts 23 while South Africa and Egypt each have eight. Their net worth totals $161.7bn, up 12.4% from $143.8bn on Ventures Africa’s first list in 2013. Of five new billionaires added this year, four are Nigerian.

Aliko Dangote, founder of Africa’s biggest industrial conglomerate, Dangote Group, remains the continent’s richest man. His net worth has grown to $25.7bn in 2014, a 21% rise from his $20.2bn valuation in 2013.
Second is his compatriot Mike Adenuga, worth $8bn, owner of the Globacom telecommunications company, which has about 30 million subscribers across west Africa.
 The highest ranking South African and third overall, is Johann Rupert, chairman and biggest shareholder of the Swiss-based luxury goods company Compagnie Financière Richemont SA.

Number four on the list is Folorunsho Alakija of Nigeria, whose $7.3bn, generated from oil andgas, puts her ahead of America’s Oprah Winfrey as the richest black woman in the world. It is widely believed that Alakija’s friendship with Maryam Babangida, the late wife of former Nigerian military dictator general Ibrahim Babangida, played a huge role in her relatively inexpensive acquisition of the oil block back in 1993.

Africa’s second wealthiest woman is Isabel dos Santos, daughter of Angola’s long-time president Jose Eduardo dos Santos, on $3.5bn.

Most African  ultra-high-net-worth individuals are reluctant to discuss their wealth. There are several reasons for this, it suggests. “The number of underprivileged people is so large that it almost seems insensitive to celebrate wealth in absolute terms. Another reason may be to ensure that ‘enemies’ are kept at bay. On a continent where systems and structures are not entirely defined, flaunting wealth may attract the wrong kind of attention from people in government, particularly the tax-man.

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