Economy

Dangote Still Africa's Richest Man With $12.2 Billion Net Worth

Dangote Still Africa's Richest Man With $12.2 Billion Net Worth

Alhaji Aliko Dangote who in the past years has been nominated as Africa's richest still remains on top according to the current list released by Forbes with a net worth of $12.2 billion.

Mr. Dangote, ranked Africa's richest with a net worth that Forbes pegged at $12.2 billion, is being so declared for the seventh year running.

Placed second on the list of African richest people is diamond mining heir, Nicky Oppenheimer of South Africa, with a net worth of $7.7 billion, up $700 million from a year ago.

The list has nationals from a total of eight African countries.

75 percent of Aliko Dangote's earnings come from Dangote Cement shares which appreciated on the Nigerian stock exchange in 2017.

It would be recalled that Dangote was also recently the only African selected among Bloomberg's world 50 best persons in the year 2017.

According to Forbes, the 2017 net worth had an increase of $100 million from the previous year's worth. He is now worth $1.2 billion.

When the plant begins operation slated for 2019, it would make him the single largest train petroleum refiner in the world with a production capacity of about 650,000 barrels per day.

While the names of notable Nigerians were dropped from the billionaires' list, Globacom Chairman, Mike Adenuga, with a net worth of $5.8bn, was adjudged the fifth richest man in Africa and Folorunsho Alakija, also a Nigerian, whose estimated $1.6bn fortune is in oil exploration, was adjudged as the 15th richest person on the continent.

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According to Forbes, the list tracks the wealth of African billionaires who reside in Africa or have their primary businesses there, thus excluding Sudanese-born billionaire Mo Ibrahim, who is a United Kingdom citizen, and billionaire London resident Mohamed Al-Fayed, an Egyptian citizen. Forbes estimates Masiyiwa's net worth at $1.7 billion.

There are just two women out of the 23 list members.

"Isabel dos Santos, the daughter of Angola's longtime former president, Jose Eduardo dos Santos, is worth an estimated $2.7 billion this year, down from $3.2 billion a year ago". Her net worth dropped in part due to a lower value for Banco BCI, as its book value plunged in 2016 amid a tough year for the oil- producing country.

Telecom magnate Strive Masiyiwa placed Zimbabwe on the list for the first time.

At number 21, the oldest member on the list is Egyptian, Onsi Sawiris, age 88.

Two of his three sons are also billionaires, including Nassef Sawiris, who at $6.8 billion is Egypt's richest man. That was an increase of U$100m from a year earlier.

"Fortunes rose since previous year for 13 of the 23 list members, fell for four people and stayed the same for three people".

The youngest billionaire in Africa hails from Tanzania.


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