11th year in a row Dangote still Forbes richest man in Africa

Jan. 25, 2022

…The continent’s 18 billionaires worth an estimated $84.9 billion

For the 11th year in a row Nigeria’s billionaire, Aliko Dangote has retained his position as Africa’s richest man, worth an estimated $13.9 billion, up from $12.1 billion last year following a 30% increase in the stock price of Dangote Cement, his most valuable asset.

Forbes made the announcement in a statement on Tuesday in the 2022 edition of the Forbes’ Top 10 Africa’s Billionaires List.

According to the report, Africa’s billionaires are richer than they have been in years, despite the global pandemic.

The report notes that as a group, the continent’s 18 billionaires are worth an estimated $84.9 billion – a 15% increase from twelve months ago and the most since 2014, when a larger number of billionaires–28–were worth a combined $96.5 billion.

On average, the continent’s billionaires are worth $4.7 billion now vs. $3.4 billion in 2014. Soaring stock prices from Nigeria to Zimbabwe lifted the fortunes of these tycoons, as demand for products from cement to luxury goods ticked up.

 “A surge in housing developments in Nigeria and growth in government infrastructure spending drove higher demand in the first nine months of 2021, analysts found. Jumping into the No. 2 spot–up from No. 4 last year–is luxury goods magnate Johann Rupert of South Africa.

“A more than 60% surge in the share price of his Compagnie Financiere Richemont–maker of Cartier watches and Montblanc pens–pushed his fortune to $11 billion, up from $7.2 billion a year ago, making him the biggest dollar gainer on the list. South African Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo American a decade ago, ranks No. 3, worth an estimated $8.7 billion.

“The biggest gainer in percentage terms–up 125%—is Strive Masiyiwa of Zimbabwe, worth $2.7 billion, up from $1.2 billion last year. Shares of Econet Wireless Zimbabwe, which he founded, rose more than 750% in the past year, helping to drive up the size of his fortune.

Another gainer: Nigerian cement tycoon Abdulsamad Rabiu, who is $1.5 billion richer after taking yet another of his companies public. In early January 2022, Rabiu listed his sugar and food firm BUA Foods on the Nigerian stock exchange. He and his son retained a 96% stake in the company, which recently had a market capitalization of nearly $2.8 billion.