African billionaires list is growing

By on Oct 8, 2013 in Africa, Business, World Comments

The list of African billionaires have increased from 16 to 55 according to a report by Ventures magazine on Monday, October 7, 2013. Nigerian Aliko Dangote is the top African billionaire in the Ventures list.

A research conducted by Ventures indicate that out of the 55 new billionaires, 20 are Nigerians, South Africa has nine and Egypt with eight.

Dangote, Forbes richest man from Africa, has an estimated wealth of $20.2 billion. His fortune comes from stakes in cement, flour and sugar businesses. He also heads a multi-interest empire and has a massive investment in an oil company.

Folorunsho Alakija, also from Nigeria, is the richest African woman billionaire. She reportedly used her vast connections in the Nigerian government to acquire Fama oil in 1993.

South African Nicky Oppenheimer is one of the famous billionaire from the continent. He has an estimated worth of $6.5 billion that comes from a diamond mining company.

Ventures founder Chi-Chi Okonjo believes that his magazine’s figure is “an under-estimate” of Africa’s vast list of billionaires. Okonjo reveals that African billionaires “are not comfortable disclosing their wealth.”

Despite the growing list of African billionaire’s, World Bank said that there is also a steady rise in poverty during the last 30 years.

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