Aliko Dangote, the head of Dangote, has been voted Africa’s richest person, with a net worth of $13.9 billion, up from $12.1 billion the previous year.
This was said by Forbes, an American business magazine, in its newest edition on Africa’s 2022 billionaires, which was issued on Monday.
According to Forbes, the continent’s 18 billionaires are worth an estimated $84.9 billion, a 15% rise from 2021.
The valuation has risen since 2014, when 28 billionaires were worth a total of $96.5 billion.
“As a group, the continent’s 18 billionaires are worth an estimated $84.9 billion – a 15% increase from a year ago and the largest since 2014, when a bigger number of billionaires–28–were worth a combined $96.5 billion,” according to the research.
“The continent’s billionaires are now valued $4.7 billion on average, up from $3.4 billion in 2014.
“Soaring stock prices increased the wealth of these tycoons from Nigeria to Zimbabwe, while demand for products ranging from cement to luxury goods crept up.”
According to Forbes, the increase in Dangote’s monetary value arose from a 30% increase in Dangote Cement’s stock price.
‘”For the 11th year in a row, Alike Dangote of Nigeria is the continent’s richest person, worth an estimated $13.9 billion, up from $12.1 billion last year due to a 30% gain in the stock price of Dangote Cement, his most valuable asset,” it added.
“A spike in Nigerian house development and growth in government infrastructure spending drove higher demand in the first nine months of 2021, according to analysts.”
According to the report, Abdulsamad Rabiu, chairman of BUA Group, is now worth $7 billion, $1.5 billion more after listing BUA Foods on the Nigeria Exchange (NGX) Limited.
Mike Adenuga, the sixth richest person in Africa and third in Nigeria, followed Rabiu with a $6.7 billion fortune.
“Nigerian cement tycoon Abdulsamad Rabiu, who is $1.5 billion richer after bringing yet another of his enterprises public,” the article stated.
“Rabiu placed his sugar and food firm BUA Foods on the Nigerian stock exchange in early January 2022.”
“He and his son kept a 96 percent ownership in the company, which had a market capitalization of about $2.8 billion at the time.” (Forbes discounts stake values when the public float is less than 5%.) BUA Cement, in which he and his son own 96 percent, is set to go public in January 2020.”
According to the research, the fortunes of two of the 18 billionaires fell during the course of the year.
“Only two of the 18 billionaires are worth less than they were last year: Koos Bekker of South Africa, whose fortune fell to $2.7 billion from $2.8 billion as consumer Internet firms Naspers and Prosus fell more than 20% each, and Mohammed Dewji of Tanzania, whose fortune fell to an estimated $1.5 billion from $1.6 billion a year ago due to lower multiples for publicly traded competitors,” according to the report.
“Africa’s 18 billionaires, none of whom are new to the list, come from seven different countries.” South Africa and Egypt have five billionaires each, with Nigeria having three and Morocco having two.”
After Isabel dos Santos of Angola dropped off the list in January 2021, Forbes stated that all of the continent’s billionaires are men.
