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AfricaMoney | August 20, 2017

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Mauritians missing even as African billionaires abound

Mauritians missing even as African billionaires abound

The Ventures magazine African billionaire roll showed that the richest person in Africa is Aliko Dangote, a Nigerian who has interests in cement, food, oil and other industries and whose wealth is estimated at more than $20bn. (Image: Forbes)

Two rich lists released last week showed that African billionaires are rising, but spelt bad news for the island nation as Mauritius went missing in the rich rankings.

Released early last week, the Ventures magazine African billionaire roll showed that the combined fortune of Africa’s 55 dollar billionaires stood at $143.88 billion. Africa’s list now rivals that of Latin America which has 51 dollar billionaires but lags far behind Asia with 399 dollar billionaires, most of them from China.

Nigeria, South Africa and Egypt lead the pack with the highest number of billionaires at 20, nine and eight respectively. Algeria, Angola, Zimbabwe and Swaziland only have one billionaire each. In all, there are 10 African countries represented on the list.

Africa’s richest people derived their fortunes pursuing a variety of business endeavours including financial services, mining, construction, energy and retail.

The richest person in Africa is Aliko Dangote, a Nigerian who has interests in cement, food, oil and other industries and whose wealth is estimated at more than $20bn. South Africa’s wealthiest and the second-richest man in Africa is Allan Gray, the Bermuda-based founder of the Cape Town asset manager of the same name. According to the list, he has assets amounting to $8.5bn. Rounding off the top three was Mike Adenuga, whose wealth is valued at $8 billion. Nigeria’s second richest man made his first fortune in his mid-twenties by distributing lace fabrics and Coca-Cola, and by handling lucrative government contracts during the regime of former Nigerian military President, Ibrahim Babangida.

Meanwhile, the second report released late last week, the Credit Suisse global wealth report, showed that South Africa lost almost 5,000 dollar millionaires in the past year, as the rand fell against the dollar.

Last year, South Africa had 47,000 dollar millionaires. This has dropped to 43,000 in the current report. Altogether, the Credit Suisse survey found that 62,000 South Africans are among the top 1% of global wealth holders, slightly down from last year.

Meanwhile, South Africa’s household wealth per adult tripled from $8,400 in 2000 to $25,800 in 2007.

However, the report comments that inequality seems rampant in Africa with half of all African adults are found in the bottom two global wealth deciles. At the same time, wealth inequality within and across countries in Africa is so high that some individuals are found among the top 10% of global wealth holders, and even among the top 1%.

Source: www.ventures-africa.com, Credit Suisse

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