Global media company focused on business, investing, technology and entrepreneurship Forbes has listed out African richest men and Nigeria has bee well represented.
Though the ongoing Coronavirus pandemic has affected top personalities in walks of life Africa continent’s 18 billionaires are worth an average $4.1 billion, 12% more than a year ago.
This is driven in part by Nigeria’s surging stock market.
For the tenth year in a row, Aliko Dangote of Nigeria is the continent’s richest person, worth $12.1 billion, up by $2 billion from last year’s list thanks to a roughly 30% rise in the share price of Dangote Cement, by far his most valuable asset.
Coming in second place is Nassef Sawiris of Egypt, whose largest asset is a nearly 6% stake in sportswear maker Adidas.
Nicky Oppenheimer of South Africa, who inherited a stake in diamond firm DeBeers and ran the company until 2012, when he sold his family’s 40% stake in DeBeers to mining giant AngloAmerican for $5.1 billion sits comfortably at number three.
Nigerian cement tycoon, Abdulsamad Rabiu is the biggest gainer this year as the shares of his BUA Cement PLC, which listed on the Nigeria Stock Exchange in January 2020, have doubled in value in the past year.
His fortune has been pushed by an extraordinary 77%, to $5.5 billion.
However, this was not the same for some entrepreneurs as two from the 2020 list of Africa’s richest dropped below the $1 billion marks.
Two women billionaires from Africa in Folorunsho Alakija and Isabel dos Santos have both fallen off the list.
Folorunsho Alakija of Nigeria, who owns an oil exploration company, dropped below $1 billion due to lower oil prices.
Isabel dos Santos, who since 2013 has been the richest woman in Africa, was knocked from her perch by a series of court decisions freezing her assets in both Angola and Portugal.
In summary, the 18 billionaires from Africa hail from seven different countries.
South Africa and Egypt each have five billionaires, followed by Nigeria with three and Morocco with two.