For the first time in the four years that FORBES has been tracking Africa’s richest, Nigeria bests South Africa.
At the top yet again is cement tycoon Aliko Dangote of Nigeria, joined on the list of Africa’s 50 Richest by 12 other countrymen. In comparison South Africa claims 11 spots, down from 14 a year ago. Nigeria is showing its strength, having earned commendations for its efforts to snuff out Ebola in the country, which Dangote helped fund — and despite a recent drop in oil prices.
There are three new billionaires on the list: Orji Uzor Kalu of Nigeria, Tony Elumelu of Nigeria and King Mohammed VI of Morocco. Three billionaires on last year’s list are no longer members of the 10-figure club: Vimal Shah of Kenya is off the list, replaced by his father Bhimji Depar Shah at a lower net worth. Abdulsamad Rabiu of Nigeria dropped below $1 billion due to ceased operations at his floating cement terminal in Nigeria. And South African mining mogul Desmond Sacco dropped to a net worth of $680 million, down from $1.4 billion last year, because of a sharp decline in the share price of his mining firm Assore Group. The net result: the number of billionaires on the list stayed steady with 2013 at 27.
Africa’s 50 richest are, as a whole, wealthier than a year ago. Their combined net worth of $110.7 billion is 6.7% more than in November 2013. The minimum net worth needed to join this elite group rose to $510 million, up from $400 million a year ago.
Behind Aliko Dangote at number one with a fortune of $21.6 billion, comes South African luxury goods magnate Johann Rupert, number two for the second year in a row, worth an estimated $7.3 billion. His Compagnie Financiere Richemont has a stable of luxury brands including Cartier, Montblanc and fashion house Azzedine Alaia.
View the 50 richest people in Africa.
Photo Credit: FORBES Magazine