Profile

Top 10 Richest Men in Africa

Top 10 Richest Men in Africa

The African continent is so vast in land mass and population. It is estimated that Africa has a population of over 1.3 billion people. Such number is indeed no joke when it comes to selecting just few people as the top richest.

It is estimated that African billionaires are as a group richer than their networth a year ago. Altogether, the continent’s 10 billionaires are worth a combined force that controls the African economy.

Aliko Dangote of Nigeria is the richest person in Africa, worth an estimated $10.1 billion, 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.

There is a new record that has been set on this list by the Egyptian richest man Nassef Sawiris who has become the second richest man in Africa with a net worth of $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 which has really made him worth his position of 2nd richest in Africa.

Nigerians is really making us proud as the 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.

Let us consider the list of the top 10 richest Africans

Aliko Dangote
Aliko Dangote

1. 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

Aliko 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.

Dangote’s grandfather was a successful trader of rice and oats in Kano, Nigeria’s second largest city.

Nassef Sawiris
Nassef Sawiris

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.

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

Mike Adenuga
Mike Adenuga

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

Mike 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.

Nicky Oppenheimer
Nicky Oppenheimer

4. Nicky Oppenheimer

  • 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

Nicky 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.

Oppenheimer owns Tswalu Kalahari Reserve, the largest private game reserve in South Africa and controls it shares. Oppenheimer is a sports fan and plays squash, golf and cricket. Notepads in his office read: “Things I must do before cricket”.

Johann Rupert
Johann Rupert

5. Johann Rupert

  • Net worth: $6.5 billion
  • Origin of wealth: Luxury goods
  • Age: 69
  • Country: South Africa
  • Residence: Cape Town

Johann 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.

He also owns part of the Saracens English rugby team and Anthonij Rupert Wines, named after his deceased brother. Johann Rupert says his biggest regret was not buying half of Gucci when he had the opportunity to do so for just $175 million.

 

Issad Rebrab
Issad Rebrab

6.  Issad Rebreb

  • 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.

Issad Rebrab is the son of militants who fought for Algeria’s independence from France that alone has given him an opportunity to make this list. Cevital helped finance a biopic on Algerian resistance hero Larbi Ben M’hidi, who was executed by the French in 1957.

Mohamed Mansour
Mohamed Mansour

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

Mohamed 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.

Mohamed Manour 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.

Abdulsamad Rabiu
Abdulsamad Rabiu

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.

Naguib Sawiris
Naguib Sawiris

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.

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.

Patrice Motsepe
Patrice Motsepe

10. Patrice Motsepe

  • Net worth: $2.6 billion
  • Origin of wealth: Mining
  • Age: 57
  • Country: South Africa
  • Residence: Johannesburg

Patrice 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

The above list shows how the African continent is blessed with wealth and rich people, the content is subject to change as the economy itself is ever changing.

 

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