Africa’s richest people spent a combined $3.1 billion in the past 12 months. As a group, the continent’s 19 billionaires are worth about $81.5 billion – down from $84.9 billion a year ago, although there is another billion in the ranks.
The 4% decline follows a 15% jump last year due to rising stock prices in the region. The tycoon’s fortunes have faded in line with equity values around the world, with the S&P All Africa index down more than 20% in the first nine months of 2022, before embarking on a year-end rally that saw the index down just 3% through January. 13, the day Forbes locked in stock prices and exchange rates for the list.
Billionaires from only seven of the 54 countries in Africa made the ranking. Nigerian industrialist Aliko Dangote, whose fortune dropped $400 million to $13.5 billion, is the richest man for the 12th year in a row, and South African luxury goods Johann Rupert holds no. 2 for the second year, although it fell by $300 million to $10.7 billion.
South African Christo Wiese, who stepped down amid an accounting scandal in 2018, is back after successfully suing retailer Steinhoff.
Additional editing by Chase Peterson-Withron and reporting by John Hyatt, Jemima McEvoy, Segun Olakoyenikan, David de Jong and Igor Bosilkovski.
METHODOLOGY
Our list tracks the wealth of African billionaires who live in Africa or have major businesses there, so it excludes Sudanese-born billionaire Mo Ibrahim, who is a British citizen, South African Nathan Kirsh, who works in London and another London billionaire, Mohamed Al-Fayed, citizens of Egypt. Strive Masiyiwa, a Zimbabwean and a London resident appeared on the list due to his telecommunications holdings in Africa.
Net worth is calculated using stock prices and currency exchange rates as of the close of business on Friday, January 13, 2023. To evaluate a privately held business, we start with an estimated profit or loss and apply a price-to-sale or price-to-price ratio. – the earnings ratio for the same public company. Some list members get richer or poorer within weeks or days of the measurement date.
Source: Forbes
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