Aliko Dangote, Rabiu, Adenuga make new Forbes’ Africa richest people list
Despite the global coronavirus pandemic, Africa’s wealthiest are richer than they have been in eight years. As a group, the continent’s 18 billionaires are worth an estimated $84.9 billion–15% more than twelve months ago and the largest combined tally since 2014 when there were 28 African billionaires; the average net worth is higher this year due to the current smaller number of list members, Forbes found. Soaring stock prices from Nigeria to Zimbabwe lifted the fortunes of these tycoons, as demand for products from cement to luxury goods ticked up.
Forbes used stock prices and currency exchange rates from January 19, 2022 to measure the net worths. Billionaires from seven African countries made the list. South Africa and Egypt have the most, with five each, followed by Nigeria with three billionaires. The Chairman and Chief Executive Officer of Dangote Group, Aliko Dangote, has been named the richest man in Africa for the 11th year in a row by Forbes.
Read Also:
According to Forbes in its latest report on the richest people in Africa, Dangote is worth an estimated $13.9 billion, which is up from $12.1 billion last year after a 30% increase in the stock price of his most valuable asset, Dangote Cement.
Forbes analysts attributed Dangote’s retention of the top spot to the “surge in housing developments in Nigeria and growth in government infrastructure spending drove higher demand in the first nine months of 2021.”
Also, Nigerian business tycoon and founder of the BUA Group, Abdulsamad Rabiu, came in fifth with around $7 billion in net worth.
The Forbes report stated that Rabiu became $1.5 billion richer after listing his sugar and food firm BUA Foods on the Nigerian Exchange Limited in early January 2022.
“He and his son retained a 96% stake in the company, which recently had a market capitalization of nearly $2.8 billion. BUA Cement, in which he and his son have a 96% stake, listed in January 2020,” Forbes stated.
Meanwhile, Founder and CEO of Globacom, Mike Adenuga, comes in a close sixth after Rabiu with an estimated net worth of $6.7 billion.