Nigerian billionaire Aliko Dangote has topped the 2022 list of Africa’s richest persons for the 11th year in a row, Forbes magazine said in a report.
Dangote’s wealth jumped from $12.1 billion last year to an estimated $13.9 billion.
Forbes attributed the growth to a 30% increase in the stock price of Dangote Cement, his most valuable asset.
“A surge in housing developments in Nigeria and growth in government infrastructure spending drove higher demand in the first nine months of 2021,” the magazine said.
Two other Nigerian billionaires – Abdulsamad Rabiu and Mike Adenuga – ranked 6th and 7th richest persons on the continent with estimated values of $7 billion and $6.7 billion respectively.
As a group, the continent’s 18 billionaires were worth an estimated $84.9 billion – a 15 per cent increase from 12 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 were worth $4.7 billion now, worth $3.4 billion in 2014 with soaring stock prices from Nigeria to Zimbabwe lifted the fortunes of these tycoons, as demand for products from cement to luxury goods ticked up.
Jumping into the number two from the list, spot–up from number four last year–was luxury goods magnate, Johann Rupert of South Africa.
More than a 60 per cent 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, ranked number three, worth an estimated $8.7 billion.
The biggest gainer in percentage terms–up 125 per cent was Strive Masiyiwa of Zimbabwe, worth $2.7 billion, up from $1.2 billion last year.