Wednesday, January 07, 2015

Where is Africa's wealth?

Forbes recently published its list of the 50 richest peoplein Africa which measured Africa’s richest’s fortunes as at the end of 2014, South Africa was trumped by Nigeria as the country with the most wealthy individuals in the top 50. The richest people in Africa are better off than they were in the previous listing, having increased their combined wealth by 6.7% to US$110.7 billion, according to Forbes. The lowest listed net worth was $510 million, up from $400 million.

The list featured 13 Nigerians compared to South Africa’s 11, which was down from 14 in the previous listing. Once again, Nigerian business tycoon Aliko Dangote tops the list as the richest man in Africa by a long shot, with a net worth of US$21.6 billion. Three familiar South African faces follow in the top 5, with only Egypt’s richest man Nassef Sawiris interjecting at number 4.

Topping the list for South Africa is luxury goods boss Johann Rupert, with a net worth of US$7.3 billion. Rupert made his billions serving as chairman and CEO of Richemont, a Swiss holding company that controls brands such as Vacheron Constantin, Cartier, Alfred Dunhill, Montblanc, and Chloé. Rupert is also the chairman of Remgro, which has South African technology interests in the CIV group of companies, and an investment in SEACOM.

South African diamond magnate Nicky Oppenheimer is the 2nd richest person in the country, according to Forbes, with a net worth of US$6.8 billion. Shoprite chief Christo Wiese is listed at 3rd (5th in Africa) with a net worth of US$5.4 billion, followed by mining magnate Patrice Motsepe (14th overall) with a net worth of US$2 billion.

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