Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Dangote is joined by two other Nigerian billionaires on this year’s list - telecom tycoon Mike Adenuga and oil billionaire Folorunsho Alakija.

Enterprise

Dangote tops Africa’s rich list as tough economy sees 7 Africans exit group

Dangote is joined by two other Nigerian billionaires on this year’s list – telecom tycoon Mike Adenuga and oil billionaire Folorunsho Alakija.

NAIROBI, Kenya, Jan 13 – Nigerian billionaire Aliko Dangote has been named as Africa’s richest person for the sixth year running with a $12.1 billion fortune despite his net value falling by $5 billion in 2016.

Falling commodity prices and tough economic times in the continent saw 7 rich Africans lose the coveted dollar billionaire status with only 21 making it to the Forbes list compared to 28 in 2014 as 23 billionaires were listed in 2015.

South Africa billionaires dominate the list followed by Egypt, Nigeria and Morocco with three billionaries each listed in the annual ranking.

No Kenyan has made it to the list with the report saying it has excluded fortunes held by dispersed family members like the Chandarias – one of Kenya’s richest families – and Uganda’s Madhvanis.

The list is however only including African billionaires living in Africa, instead of featuring Africa’s 50 richest people.

Forbes indicates that there are 21 billionaires on the 2016 list, worth a combined $70 billion compared to the November 2015 Africa Rich List that had 23 African billionaires worth a combined $79.8 billion.

“Dangote is joined by two other Nigerian billionaires on this year’s list – telecom tycoon Mike Adenuga, who is Africa’s third richest person with an estimated $5.8 billion fortune, and oil billionaire Folorunsho Alakija, who has an estimated net worth of $1.6 billion,” Forbes reports.

Algeria and Angola have one billionaire each with Tanzania’s CEO of conglomerate METL Mohammed Dewji listed as Africa’s youngest billionaire at 41.

A weakened Nigeria currency made two Nigerians drop off the list – oil marketer Femi Otedola, whose net worth dropped from $1.6 billion in November 2015 to just $330 million today, and sugar billionaire Abdulsamad Rabiu, who’s net worth dropped below $1 billion.

Thirteen out of Africa’s 21 billionaires have self-made fortunes, while the other eight inherited their fortunes.

Advertisement. Scroll to continue reading.

“This year’s list includes only billionaires, rather than the 50 richest people living in Africa. We calculated net worths using stock prices and currency exchange rates from the close of business on Thursday, January 5. To value privately-held businesses, we couple estimates of revenues or profits with prevailing price-to-sales or price-to-earnings ratios for similar public companies,” Forbes added.

See the full list of Africa’s billionaires here >> http://www.forbes.com/africa-billionaires/list/

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...