Published: Sat, January 12, 2019
Economy | By

Forbes lists Dangote and Adenuga as the leading billionaires in Africa

Forbes lists Dangote and Adenuga as the leading billionaires in Africa

Tagged: Fewer Billionaires, Poorer Billionaires On African Continent In 2019, Forbes said the number of African billionaires fell to 20, down from 23 previous year, having been buffeted by plunging stock prices and weaker currencies.

Chiejina recalled that Dangote, who is also the Chairman of the Aliko Dangote Foundation, was also ranked by Forbes as the 66th most powerful person on earth, ahead of Mike Pence, US Vice-President in May 2018.

"Buffeted by plunging stock prices and weaker currencies, the number of African billionaires has shrunk to just 20, down from 23 a year ago", Forbes said on the reduced net worth of the personalities.

The American magazine said Adenuga's net worth dramatically increased from $5.3 billion to $9.2 billion.

Dangote, however, maintained his place as the continent's richest man for the eighth consecutive time.

Dangote's net worth value, which stood at $12.2 billion in January, last year, is down to $10 billion a year after, the Forbes' Africa Billionaires List released yesterday showed.

The worldwide magazine also listed Mike Adenuga, Chairman/Chief Executive Officer of Globacom who has interests in investments in oil and gas, real estate and other concerns moved up to become the second richest man in Africa. He is now worth an estimated $7.3 billion, down from $7.7 billion a year ago. "All but four members on the list have smaller fortunes than a year ago".

He is followed closely - if one can use that word when discussing billions - by Nigeria's Mike Adenuga, the founder of Globacom and Conoil Producing.

"The three South Africans who fell off since last year's list are Stephen Saad, founder of generics drug firm Aspen Pharmacare; Desmond Sacco, chairman of iron ore mining company Assore Group; and Christoffel Wiese, founder of retailer Pepkor and former chairman of furniture retailer Steinhoff International, which acquired Pepkor in 2015". From Egypt, Onsi Sawiris Egypt lost a heap of cash when the stock price of their main asset fell.

The merger between Rabiu's Kalambaina Cement firm with Cement Company of Northern Nigeria, which he controlled, in December 2018 was formally consummated in Sokoto earlier this week.

Other South African billionaires who made it to the list include Johann Rupert, who also had the worst year, in billionaire speak, that is. Their net worth also dipped from $75.4 billion for last year's list to $68.7 billion.

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