They are a little poorer than they were last year but still richer than the rest of the continent. Forbes says Africa's richest 20 are worth a combined $68.7 billion, $6.7 billion less than a year ago. Only four of the twenty made gains while the rest shed considerable wealth over the past year. Falling stock prices and weaker currencies are largely to blame for the tumble but it is quite unlikely that any of these moguls are complaining.
On top of the list for the eighth consecutive year is Aliko Dangote, a man who needs no introduction. With an estimated wealth of $10.3 billion, the Nigerian magnate remains perched on the summit despite losing $2 billion of wealth over the past year. This has primarily been due to the 20% stock price drop in Dangote Cement.
Mike Adenuga is the second richest man in Nigeria and the continent with a strong showing of $9.2 billion. This represents an impressive jump from just $5.2 billion last year. Forbes says Adenuga provided more detailed information about his assets thus the jump. Adenuga is a major player in the telecommunications and oil sectors. He also holds an extensive real estate portfolio. He is said to have earned his first million at 26 selling lace and distributing soft drinks.
South Africa's Nicky Oppenheimer is third with a massive fortune of $7.1 billion. He is proof that diamonds are indeed forever! Oppenheimer is a mining industry tycoon, having inherited 40% of DeBeers which he then sold to Anglo American. He owns vast expanses of conservation land in South Africa, Botswana and Zimbabwe.
At fourth position is Egypt's Nassef Sawiris whose net worth of $6.3 billion comes from construction and chemicals. He runs one of the world's largest nitrogen fertilizer producers and has stakes in Lafarge Holcim and Adidas as well as Aston Villa Football Club.
Johann Rupert and Family's $5.3 billion is enough to make them the fifth richest in Africa. Their wealth is mainly from selling luxury goods; anyone remembers Cartier and Montblanc? Johann Rupert is the chairman of Compagnie Financiere Richemont, the company behind the two brands. Having passed up the chance to buy Gucci when he could, Rupert has surely made up for his regrets.
Isabel dos Santos of Angola and Folorunsho Alakija of Nigeria are the only women on the list. Dos Santos has shares in a number of Portuguese and Angolan companies. However, Forbes says while her father was the President of Angola, he transferred stakes to her. Alakija is the Vice Chair of Famfa Oil which has a stake in the Agbami Oilfield.
The Complete List
Rank: 1
Name: Aliko Dangote
Net Worth $: 10.3 bn
Source of Wealth: Sugar, Cement, Flour
Nationality: Nigerian
Age: 61
Rank: 2
Name: Mike Adenuga
Net Worth $: 9.2 bn
Source of Wealth: Telecom, Oil
Nationality: Nigerian
Age: 65
Rank: 3
Name: Nicky Oppenheimer & Family
Net Worth $: 7.3 bn
Source of Wealth: Diamonds
Nationality: South African
Age: 73
Rank: 4
Name: Nassef Sawiris
Net Worth $: 6.3 bn
Source of Wealth: Construction, Chemicals
Nationality: Egyptian
Age: 57
Rank: 5
Name: Johann Rupert & Family
Net Worth $: 5.3 bn
Source of Wealth: Luxury Goods
Nationality: South African
Age: 68
Rank: 6
Name: Issad Rebran & Family
Net Worth $: 3.7 bn
Source of Wealth: Food
Nationality: Algerian
Age: 75
Rank: 7
Name: Naguib Sawiris
Net Worth $: 2.9 bn
Source of Wealth: Telecom
Nationality: Egypt
Age: 64
Rank: 8
Name: Koos Bekker
Net Worth $: 2.3
Source of Wealth: Media, Investments
Nationality: South Africa
Age: 66
Rank: 8
Name: Isabel dos Santos
Net Worth $: 2.3 bn
Source of Wealth: Investments
Nationality: Angolan
Age: 45
Rank: 8
Name: Mohamed Mansour
Net Worth $: 2.3 bn
Source of Wealth: Diversified
Nationality: Egypt
Age: 70
Rank: 8
Name: Strive Masiyiwa
Net Worth $: 2.3 bn
Source of Wealth: Telecom
Nationality: Zimbabwean
Age: 58
Rank: 8
Name: Patrice Motsepe
Net Worth $: 2.3 bn
Source of Wealth: mining
Nationality: South African
Age: 56
Rank: 13
Name: Aziz Akhannouch & family
Net Worth $: 2.1 bn
Source of Wealth: Petroleum, Diversified
Nationality: Moroccan
Age: 58
Rank: 14
Name: Mohammed Dewji
Net Worth $: 1.9 bn
Source of Wealth: Diversified
Nationality: Tanzanian
Age: 43
Rank: 15
Name: Othman Benjelloun & family
Net Worth $: 1.7 bn
Source of Wealth: Banking, Insurance
Nationality: Moroccan
Age: 86
Rank: 16
Name: Abdulsamad Rabiu
Net Worth $: 1.6 bn
Source of Wealth: Cement, Sugar
Nationality: Nigerian
Age: 58
Rank: 17
Name: Yasseen Mansour
Net Worth $: 1.5 bn
Source of Wealth: Diversified
Nationality: Egyptian
Age: 57
Rank: 18
Name: Youssef Mansour
Net Worth $: 1.2 bn
Source of Wealth: Diversified
Nationality: Egyptian
Age: 73
Rank: 19
Name: Folorunsho Alakija
Net Worth $: 1.1 bn
Source of Wealth: Oil
Nationality: Nigerian
Age: 68
Rank: 19
Name: Michiel Le Roux
Net Worth $: 1.1 bn
Source of Wealth: Banking
Nationality: South African
Age: 69
Header Image: Forbes Africa