Dangote’s Fortunes Rise On Forbes 2018 List Of Continent’s Richest

Dangote’s Fortunes Rise On Forbes 2018 List Of Continent’s Richest

Buoyed by rising stock markets and commodity prices, Africa’s billionaires are collectively wealthier than a year ago. The 23 billionaires that Forbes found in Africa – up from 21 billionaires last year — are worth a combined $75.4 billion, compared to $70 billion in January 2017.

The richest African, for the seventh year in a row, is Nigerian cement and commodities tycoon Aliko Dangote, with a net worth that Forbes pegs at $12.2 billion. That’s up $100 million from a year ago. Dangote is looking beyond cement –his most valuable asset – and has been investing in a fertilizer production company and a large oil refinery. Dangote Fertilizer is expected to start operations in the second quarter this year.

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Number two on the list is diamond mining heir Nicky Oppenheimer of South Africa, with a net worth of $7.7 billion, up $700 million from last year. Oppenheimer is one of 8 South Africans on the list, making it the African country with the most billionaires.

Last year, South Africa and Egypt tied with 6 billionaires each. Boosting the South African ranks this year: newcomer Michiel Le Roux, the founder and former chairman of Johannesburg-listed Capitec Bank Holdings, whose stock has climbed more than 50% in the past year, making Le Roux a new billionaire worth $1.2 billion. South African mining tycoon Desmond Sacco, chairman of listed Assore Group, returns to the list following a stock price surge of some 60% in the past 12 months. Sacco last appeared as a billionaire on Africa’s Richest list in 2012 with a $1.4 billion fortune. (He also appeared on the 2014 Forbes list of the World’s Billionaires, worth $1.3 billion.)

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The full list

Rank Name Net Worth Age Origin of Wealth
#1 Aliko Dangote $12.2 B 60 cement, sugar, flour
#2 Nicky Oppenheimer $7.7 B 72 diamonds
#3 Johann Rupert $7.2 B 67 luxury goods
#4 Nassef Sawiris $6.8 B 56 construction, chemicals
#5 Mike Adenuga $5.3 B 64 telecom, oil
#6 Issad Rebrab $4 B 74 food
#6 Naguib Sawiris $4 B 63 telecom
#8 Koos Bekker $2.8 B 65 media, investments
#9 Isabel dos Santos $2.7 B 44 investments
#9 Mohamed Mansour $2.7 B 69 diversified
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#11 Patrice Motsepe $2.4 B 55 mining
#12 Aziz Akhannouch $2.2 B 57 petroleum, diversified
#13 Yasseen Mansour $1.9 B 56 diversified
#14 Strive Masiyiwa $1.7 B 56 telecom
#15 Folorunsho Alakija $1.6 B 67 oil
#15 Othman Benjelloun $1.6 B 85 banking, insurance
#17 Mohammed Dewji $1.5 B 42 diversified
#18 Youssef Mansour $1.4 B 72 diversified
#19 Michiel Le Roux $1.2 B 68 banking
#19 Stephen Saad $1.2 B 53 pharmaceuticals
#21 Desmond Sacco $1.1 B 75 mining
#21 Onsi Sawiris $1.1 B 88 construction, telecom
#21 Christoffel Wiese $1.1 B 76 retail

Source Forbes

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