For the ninth year in a row, Aliko Dangote of Nigeria is the richest person in Africa, worth an estimated $10.1 billion, down from $10.3 billion a year ago amid a slightly lower stock price for his Dangote Cement, his largest holding. The much-heralded oil refinery that Dangote is building in Nigeria is still at least a year away from completion.
Nassef Sawiris of Egypt is the new number two richest, worth $8 billion—up from $6.3 billion last year. Sawiris’ most valuable asset is a stake in shoemaker Adidas worth a recent $4 billion. The increase in Adidas’ share price alone added nearly $1.5 billion to his fortune since January 2019. He also owns a significant stake in fertilizer producer OCI N.V. In 2019, Sawiris and U.S. investor Wes Edens purchased the remaining stake they didn’t own in U.K. Premier League team Aston Villa Football Club.
Number three on the list is Nigeria’s Mike Adenuga, worth $7.7 billion. He owns mobile phone network GloMobile as well as oil producer Conoil and extensive real estate holdings.
One member of this elite group is worth 50% less than a year ago. Due primarily to the introduction of a new (weaker) currency in Zimbabwe, Strive Masiyiwa’s fortune fell to $1.1 billion from $2.3 billion in January 2019. Zimbabwe, which has battled with hyperinflation, had been using the U.S. dollar as its currency, but in 2019 it switched to its own currency, initially called the RTGS. When converted into U.S. dollars, the values of Masiyiwa’s stakes in Zimbabwe-listed mobile phone network Econet Wireless Zimbabwe and Cassava Smartech fell dramatically in dollar terms.
Just two of the 20 billionaires are women: Isabel dos Santos, the eldest daughter of Angola’s former president, Jose Eduardo dos Santos; and Folorunsho Alakija of Nigeria. Dos Santos’ fortune has declined to an estimated $2.2 billion, down $100 million from a year ago. In late December, an Angola court issued an order to freeze the assets that Isabel dos Santos and her husband, Sindika Dokolo, own in Angola. Those include her stake in telecom firm Unitel and stakes in two Angolan banks; Forbes estimates those assets are worth hundreds of millions of dollars. A statement issued by Isabel dos Santos said the judgment contained “a number of untruths” and that she would fight the decision “by using all the instruments of Angolan and international law at my disposal.”
Country rankings are unchanged from a year ago: Egypt and South Africa are tied with five billionaires each, followed by Nigeria with four and Morocco with two. Forbes found one billionaire each from Algeria, Angola, Tanzania and Zimbabwe. That’s the same as last year but a better representation than nine years ago, when only four African nations were home to ten-figure fortunes.
METHODOLOGY
Our list tracks the wealth of African billionaires who reside in Africa or have their primary businesses there, thus excluding Sudanese-born billionaire Mo Ibrahim, who is a U.K. citizen, and billionaire London resident Mohamed Al-Fayed, an Egyptian citizen. (Strive Masiyiwa, a citizen of Zimbabwe and a London resident, appears on the list due to his expansive telecom holdings in Africa; Isabel dos Santos, a citizen of Angola, has been living in Europe but retains assets in Angola—although they were recently frozen by a court in Angola.) We calculated net worths using stock prices and currency exchange rates from the close of business on Friday, January 10, 2020. 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. Some list members grow richer or poorer within weeks—or days—of our measurement date.
– Written by Kerry A. Dolan
Africa’s Billionaires List
- Aliko Dangote
Net worth: $10.1 billion
Origin of wealth: Cement, sugar
Age: 62
Country: Nigeria
Residence: Lagos
Education: Al-Azhar University, Bachelor of Arts/Science
Dangote, Africa’s richest man, founded and chairs Dangote Cement, the continent’s largest cement producer. He owns nearly 85% of publicly-traded Dangote Cement through a holding company. Dangote Cement produces 45.6 million metric tons annually and has operations in 10 countries across Africa. Dangote also owns stakes in publicly-traded salt, sugar and flour manufacturing companies. Dangote Refinery has been under construction for three years and is expected to be one of the world’s largest oil refineries once complete.
Did You Know?
Dangote’s grandfather was a successful trader of rice and oats in Kano, Nigeria’s second largest city.
Dangote told Forbes that when he was young, he bought sweets, gave them to others to sell, and he kept the profits.
2. Nassef Sawiris
Net worth: $8 billion
Origin of wealth: Construction, chemicals
Age: 58
Country: Egypt
Residence: Cairo
Education: University of Chicago
Nassef Sawiris is a scion of Egypt’s wealthiest family. His brother Naguib is also a billionaire. Sawiris split Orascom Construction Industries into two entities in 2015: OCI and Orascom Construction. He runs OCI, one of the world’s largest nitrogen fertilizer producers, with plants in Texas and Iowa; it trades on the Euronext Amsterdam exchange. Orascom Construction, an engineering and building firm, trades on the Cairo exchange and Nasdaq Dubai. His holdings include stakes in cement giant Lafarge Holcim and Adidas; he sits on the supervisory board of Adidas.
Did You Know?
A University of Chicago graduate, he donated $24.1 million to the school in 2019 to aid Egyptian students and fund an executive education program.
Nassef Sawiris teamed up with Fortress Investment Group’s Wes Edens to purchase a majority stake in Aston Villa Football Club.
3. Mike Adenuga
Net worth: $7.7 billion
Origin of wealth: Telecom, oil
Age: 66
Country: Nigeria
Residence: Lagos
Education: Pace University, Master of Business
Adenuga, Nigeria’s second richest man, built his fortune in telecom and oil production. His mobile phone network, Globacom, is the third largest operator in Nigeria, with 43 million subscribers. His oil exploration outfit, Conoil Producing, operates six oil blocks in the Niger Delta. Adenuga got an MBA at Pace University in New York, supporting himself as a student by working as a taxi driver. He made his first million at age 26 selling lace and distributing soft drinks.
4. Nicky Oppenheimer
& family
Net worth: $7.7 billion
Origin of wealth: Diamonds
Age: 74
Country: South Africa
Residence: Johannesburg
Education: Oxford University Christ Church, Master of Arts/Science
Oppenheimer, heir to his family’s fortune, sold his 40% stake in diamond firm DeBeers to mining group Anglo American for $5.1 billion in cash in 2012. He was the third generation of his family to run DeBeers, and took the company private in 2001. For 85 years until 2012, the Oppenheimer family occupied a controlling spot in the world’s diamond trade. In 2014, Oppenheimer started Fireblade Aviation in Johannesburg, which operates chartered flights with its fleet of three planes and two helicopters. He owns at least 720 square miles of conservation land across South Africa, Botswana and Zimbabwe.
Did You Know?
Oppenheimer owns Tswalu Kalahari Reserve, the largest private game reserve in South Africa.
Oppenheimer is a sports fan and plays squash, golf and cricket. Notepads in his office read: “Things I must do before cricket”.
5.Johann Rupert & family
Net worth: $6.5 billion
Origin of wealth: Luxury goods
Age: 69
Country: South Africa
Residence: Cape Town
Rupert is chairman of Swiss luxury goods firm Compagnie Financiere Richemont. The company is best known for the brands Cartier and Montblanc. It was formed in 1998 through a spinoff of assets owned by Rembrandt Group Limited (now Remgro Limited), which his father Anton formed in the 1940s. He owns a 7% stake in diversified investment firm Remgro, which he chairs, as well as 25% of Reinet, an investment holding co. based in Luxembourg. In recent years, Rupert has been a vocal opponent of plans to allow fracking in the Karoo, a region of South Africa where he owns land.
Did You Know?
He also owns part of the Saracens English rugby team and Anthonij Rupert Wines, named after his deceased brother.
Rupert says his biggest regret was not buying half of Gucci when he had the opportunity to do so for just $175 million.
6.Issad Rebrab & family
Net worth: $4.4 billion
Origin of wealth: Food
Age: 76
Country: Algeria
Residence: Algiers
Issad Rebrab is the founder and CEO of Cevital, Algeria’s biggest privately-held company. Cevital owns one of the largest sugar refineries in the world, with the capacity to produce 2 million tons a year. Cevital owns European companies, including French home appliances maker Groupe Brandt, an Italian steel mill and a German water purification company. After serving eight months in jail on charges of corruption, Rebrab was released on January 1, 2020. He denies any wrongdoing.
Did You Know?
Rebrab is the son of militants who fought for Algeria’s independence from France.
Cevital helped finance a biopic on Algerian resistance hero Larbi Ben M’hidi, who was executed by the French in 1957.
7.Mohamed Mansour
Net worth: $3.3 billion
Origin of wealth: Diversified
Age: 71
Country: Egypt
Residence: Cairo
Education: Auburn University, Master of Business Administration
Mansour oversees family conglomerate Mansour Group, which was founded by his father Loutfy (D.1976) in 1952 and has 60,000 employees. Mansour established General Motors dealerships in Egypt in 1975, later becoming one of GM’s biggest distributors worldwide. Mansour Group also has exclusive distribution rights for Caterpillar equipment in Egypt and seven other African countries. He served as Egypt’s Minister of Transportation from 2006 to 2009 under the Hosni Mubarak regime. His brothers Yasseen and Youssef, who share ownership in the family group, are also billionaires; his son Loutfy heads private equity arm Man Capital.
8.Abdulsamad Rabiu
Net worth: $3.1 billion
Origin of wealth: Cement, sugar
Age: 59
Country: Nigeria
Rabiu is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate. In early January 2020, Rabiu merged his privately-owned Obu Cement company with listed firm Cement Co. of Northern Nigeria, which he controlled. The combined firm, called BUA Cement Plc, trades on the Nigerian stock exchange; Rabiu owns 98.5% of it. Rabiu, the son of a businessman, inherited land from his father. He set up his own business in 1988 importing iron, steel and chemicals.
9.Naguib Sawiris
Net worth: $3 billion
Origin of wealth: Telecom
Age: 65
Country: Egypt
Residence: Cairo
Education: Swiss Federal Polytechnical Institute, Master of Science; Swiss Federal Polytechnical Institute, Bachelor of Arts/Science
Naguib Sawiris is a scion of Egypt’s wealthiest family. His brother Nassef is also a billionaire. He built a fortune in telecom, selling Orascom Telecom in 2011 to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction. He’s chairman of Orascom TMT Investments, which has stakes in a major asset manager in Egypt and an Italian internet company, among others. Family holding La Mancha has stakes in Evolution Mining, Endeavour Mining and Golden Star Resources, which operate gold mines in Africa and Australia. Sawiris is a majority owner in Euronews. He’s also developed a luxury resort called Silversands in Grenada.
Did You Know?
Sawiris helped found The Free Egyptians, a liberal political party, at the onset of Egypt’s uprisings in 2011.
In 2015, he offered to buy a Greek or Italian island to house Syrian refugees, but Greece and Italy turned him down.
10.Patrice Motsepe
Net worth: $2.6 billion
Origin of wealth: Mining
Age: 57
Country: South Africa
Residence: Johannesburg
Motsepe, the founder and chairman of African Rainbow Minerals, became a billionaire in 2008 – the first black African on the Forbes list. In 2016, he launched a new private equity firm, African Rainbow Capital, focused on investing in Africa. Motsepe also has a stake in Sanlam, a listed financial services firm, and is the president and owner of the Mamelodi Sundowns Football Club. He became the first black partner at law firm Bowman Gilfillan in Johannesburg, and then started a contracting business doing mine scut work. In 1994, he bought low-producing gold mine shafts and later turned them profitable
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