Finance

Finance

Africaâ€™s 40 richest people determined

17 November 2011 13:18 (UTC +04:00)

Baku - APA-Economics. Forbesâ€™ inaugural list of the 40 Richest People in Africa is a testament to the growing global importance of the continent. Fortunes are being created everywhere from South Africa clear north to Morocco and Egypt in a diverse array of industries, by companies that cater to local tastes or worldwide needs. The combined wealth of the 40 richest is $64.9 billion â€“ more than Thailandâ€™s 40 richest (at $45 billion) but less than Taiwanâ€™s (at $92.7 billion), Forbes reported.

The richest among them is Aliko Dangote of Nigeria, with a $10.1 billion fortune based on his stake in publicly-traded Dangote Cement â€“which has operations across Africa â€” as well as his interests in flour milling, sugar refining and salt processing. Behind him at number two is South African diamond magnate Nicky Oppenheimer, with a $6.5 billion fortune. Oppenheimer decided in early November to sell the familyâ€™s remaining stake in diamond miner DeBeers to mining behemoth Anglo American, ending more than 80 years of family ownership. In a small world twist, Anglo American was founded by Nickyâ€™s grandfather in 1917, making for very deep ties between the companies.

Dangote and Oppenheimer are two of 16 billionaires among Africaâ€™s 40 richest. Egypt boasts the largest number of billionaires in Africa, with 7 (primarily from two familiesâ€”the Sawiris and Mansours). South Africa, the African country with the biggest gross domestic product (an estimated $357 billion in 2010), is second with 4 ten-figure fortunes but it has bragging rights as home to the most list membersâ€”15. Egypt comes in second with 9 list members while Nigeria has 8 and Morocco has 5. Altogether six African countries are represented in the list. Notable for their absence from the list: women. All 40 members are men. Their average age: 61.

One-quarter of the 40 have diversified fortunes, either through outright ownership of a conglomerate (like Egyptâ€™s Mansour family) or via ownership of assets in diverse realms, such as Nigerian Mike Adenuga, whose fortune comes from his telecom company Globacom and his oil producer Conoil. The second biggest industry is finance, accounting for the fortunes of 8 list members, with a heavy representation from South Africa. Six made their fortunes in retailing.

Resource-hungry China directly boosted the fortune of just one list member â€“Theophilus Danjuma, who in 2006 sold a 45% interest in an oil block to CNOOC, Chinaâ€™s overseas oil company, for $1.7 billion.