Aliko Dangote maintains his position as Africa’s richest person with a net worth of $12.1 billion, according to Forbes’ 2022 list of Africa’s 10 biggest billionaires.
This is included in a post on his verified Twitter account @Forbes.
According to the report, Nigeria’s Aliko Dangote was the richest person on the continent for the 11th consecutive year, worth $13.9 billion, compared to $12.1 billion in 2021.
According to the magazine, this was followed by a 30 percent increase in the share price of Dangote Cement, its most valuable asset.
Rising housing developments in Nigeria and increasing government infrastructure spending have led to higher demand in the first nine months of 2021, analysts say.
The report adds that despite the global pandemic, billionaires in Africa are wealthier than in previous years.
As a group, the continent’s 18 billionaires are worth an estimated $84.9 billion — a 15% increase from 12 months ago and the highest since 2014, when more billionaires — 28 — totaled $96.5 billion.
On average, the continent’s billionaires are now worth $4.7 billion, up from $3.4 billion in 2014, as rising stock prices from Nigeria to Zimbabwe increased the wealth of these tycoons as demand for luxury cement products increased .
Second on the list, down from fourth last year, is luxury goods mogul Johan Rupert from South Africa.
A more than 60% rise in the stock price of Compagnie Financiere Richemont – maker of Cartier watches and Montblanc pens – brought his fortune to $11 billion, up from $7.2 billion a year ago, making him the biggest earner on the list. .
South Africa’s Nicki Oppenheimer, who previously ran diamond mining company DeBeers before selling it to Anglo American a decade ago, is third with about $8.7 billion.
The largest percentage increase – a 125% increase – was Streve Massive Zimbabwe, worth US$2.7 billion compared to US$1.2 billion a year earlier.
Shares of Econet Wireless Zimbabwe, which he founded, are up more than 750% over the past year, which has helped grow his fortune.
Another winner: Nigerian cement entrepreneur Abdulsamad Rabiou, who is $1.5 billion richer after taking over another publicly traded company from his own.
In early January 2022, Rabiou listed his sugar and food company BUA Foods on the Nigerian Stock Exchange.
He and his son retain a 96% stake in the company, the latter of which has a market cap of nearly $2.8 billion. (Forbes discounted the unit value when the public stock was less than 5 percent).
Semen BUA, of which he and his son own 96%, was registered in January 2020.
According to the report, only two of the 18 billionaires will cost less than 2021: Cousin Becker of South Africa, which fell from $2.8 billion to $2.7 billion as the stock prices of consumer internet companies Naspers and Prosus fell more than 20 percent. each.
Mohammed Duji of Tanzania, whose fortune has plunged to about $1.5 billion from $1.6 billion last year due to lower quotas for registered competitors.
The 18 billionaires from Africa who are not newcomers to the ranks also come from seven different countries, with South Africa and Egypt having five billion each, followed by Nigeria with three and Morocco with two.
All the billionaires on the continent are men; The last woman in the ranking, Isabel dos Santos of Angola, was removed from the Forbes list in January 2021.
Forbes notes that the list charts the wealth of African billionaires who live or have their primary business in Africa, so it does not include Sudanese-born billionaire Mo Ibrahim, who is a British citizen.
Billionaire, resident of London, Mohamed Al-Fayed, resident of Egypt. Streev Masiyiva, a resident of Zimbabwe and London, appears on the list for his telecommunications wealth in Africa.
He added, net worth is calculated using stock prices and exchange rates until the close of trading on Wednesday (19 January).
“To assess a private company, we start with an estimate of revenue or revenue and apply the price-to-sales or price-to-income ratio applicable to that public company.
“Some of the list members have become richer or poorer within weeks or days of our measurement date,” Forbes said.
Owned by Integrated Whale Media Investments and the Forbes family, Forbes features original articles on finance, industry, investing and marketing.
He also reports on related topics such as technology, communications, science, politics, and law.
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