The richest people in Africa and sources of their wealths

Ventures Africa has launched its second annual ranking of Africa’s wealthiest people at richlist.ventures-africa.com. The Richest People in Africa list remains the most comprehensive compilation of the continent’s wealthiest individuals.

In 2014, we counted 55 African billionaires with a net worth totalling $161.7 billion, a 12.4 percent rise from $143.8 billion in 2013. This year Africa welcomed five new billionaires, four of whom are Nigerian.

Reclusive industrialist, Cletus Ibeto, leads the newcomers with $3.7 billion in net worth. Oil mogul, Benedict Peters, Tony Elumelu, Chairman of UBA Group and founder of Heirs Holdings, Samih Sawiris of Egyptian multi-business conglomerate, Orascom Group, and Akanimu Udofia complete the list.

Key findings from the research include:

• The average net worth of the continent’s wealthiest people is $2.9 billion. The median age is 63 years.

• Mohammed Dewji of Tanzania and Igho Sanomi, a Nigerian oil trader, remain the continent’s youngest billionaires. They are both 39 years old. Moroccan businessman Miloud Chaabi, Kenyan industrialist Manu Chandaria, and Mohammed Al-Fayed, the Egyptian property tycoon, are Africa’s oldest billionaires.

• Folorunsho Alakija, the richest black woman in the world, is worth $7.3 billion dollars. She is followed by the daughter of Angolan President Jose Eduardo Dos Santos, Isabel dos Santos who is now worth $3.5 billion.

• The most common industries in which African billionaires have made their money are: construction, financial services, oil and gas, manufacturing and real estate.

• Aliko Dangote, founder of Africa’s largest industrial conglomerate Dangote Group, remains the continent’s richest man. His net worth has grown to $25.7 billion, a 21% rise from his $20.2 billion valuation in 2013.

• Nigeria, South Africa and Egypt have the most billionaires. Nigeria leads the pack with 23 while South Africa and Egypt both contribute eight each. In total twelve African countries are represented on the list.

• Africa’s wealthiest individuals provide jobs for almost half a million people within the continent.

Chi-Chi Okonjo, Founder of Ventures Africa, said: “The Ventures Africa Rich List is the most authoritative accounting of individual African wealth. We have been able to do so because of our on-the-ground experience and detailed knowledge of the local African business landscape.”

The list has been compiled using financial reports, by tracking equity holdings around stock markets and identifying specific shareholding structures in large, privately-held companies. The results have been corroborated with investment bankers, realtors and financial analysts to determine proper valuations.

To view the full Ventures Africa Rich List please visit: richlist.ventures-africa.com

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