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Tuesday, September 26, 2023

10 Wealthiest African Billionaires

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The year 2020 has been a successful year for some, but for others, it has been the other way round. Coronavirus had really affected the world economy, and the wealthiest are not an exception.

Some billionaires have seen their fortune take a really bad turn, and others lost their ranks on the Forbes list.

Regardless of the unfortunate ongoing pandemic, there are still some that are considered as Africa’s wealthiest, and we would be discussing them in this article.

1. Aliko Dangote

Everyone knows the multi-billionaire, Aliko Dangote. He is currently the richest man in Africa. He founded and chaired the Dangote Cement Company, the continent’s largest cement producer.

He owns 85% of publicly-traded cement through a holding company. The company produces 45.6 million metric tons yearly and operates in 10 different countries.

The company also trades in salt, sugar, and flour manufacturing. It is currently building a crude oil refinery in Lagos state, and the project has been on since 2017/2018. It is expected to be one of the largest oil refineries in the world.

It would be safe to say that Dangote picked up from where his grandfather left off and built an empire for himself. His grandfather was a successful rice and oat trader in Kano, which is Nigeria’s second-largest city.

Brief Summary of Aliko Dangote

  • Net worth: $8.3 billion
  • Origin of wealth: Cement, Sugar, Flour and Salt
  • Age: 62
  • Country: Nigeria
  • Residence: Lagos
  • Education: Al-Azhar University, Bachelor of Arts and Science

2. Nassef Sawiris

Nassef Sawiris

Nassef is a descendant of one of the wealthiest families in Egypt. And like him, his brother is also a billionaire. Nassef runs OCI, one of the world’s biggest nitrogen fertilizer producers.

This company was the second company that was split out of the Orascom Construction industry in 2015.

OCI has plants in Texas and Iowa; and trades in the Euronext Amsterdam exchange, While Orascom is a building and engineering company. It trades on the Cairo and Nasdaq Dubai. He has holdings in Cements giant Lafarge Holcim and Adidas, where he is at the top of the supervisory board.

Brief Summary of Nassef Sawiris

  • Net worth: $7.5 billion
  • Origin of wealth: Construction, Chemicals
  • Age: 58
  • Country: Egypt
  • Residence: Cairo
  • Education: University of Chicago.

3. Mike Adenuga

The Globacom founder and Nigeria’s second richest man, Mike Adenuga, is the third person on this list. He built his fortune in oil production and mobile telecom business.

His telecommunication company is the third-largest operator in Nigeria, with 43 million subscribers. He owns Conoil producing, which operates six oil blocks in the Niger Delta.

He got his MBA at Pace University in New York while he was a taxi driver; this was a means for him to support himself as a student. When he was 26, he was already earning millions through his lace distribution and soft drink business.

Brief Summary of Mike Adenuga

  • Net worth: $7 billion
  • Origin of wealth: Telecommunication and Oil
  • Age: 66
  • Country: Nigeria
  • Residence: Lagos
  • Education: Pace University, Master of Business

4. Nicholas or Nicky Oppenheimer

He is a South African billionaire, philanthropist, and businessman. He was formerly the chairman of De Beers diamond mining company and former Deputy Chairman of Anglo American.  Nick was the hair to its family’s fortune.

In 2012 he sold his 40% stake in diamond firm DeBeers to mining group Anglo America for $5.1 billion. The Oppenheimer family controlled the world’s largest diamond trade.

In 2014, Oppenheimer went into fire blade Aviation in Johannesburg; it operates chartered flights with its fleet of two helicopters and three planes.

Brief Summary of Nicholas Oppenheimer

  • Net worth: $7 billion
  • Origin of wealth: Diamonds
  • Age: 74
  • Country: South Africa
  • Residence: Johannesburg
  • Education: Oxford University Christ Church, Master of Art and Science

5. Johann Rupert & Family

Johann Rupert

The South African chairman of the Swiss luxury goods firm “Compagnie Financiere Richemont,” The Company is known for its brand Cartier and Montblanc.

There was a spinoff of assets in the year 1998 by Rembrandt Group Limited now Remgo Limited formed by his father in 1940; this spinoff led to the establishment of Compagnie Financiere Richemont.

He owns part of an English rugby team called Saracens.

Brief Summary of Johann Rupert

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

6. Issad Rebrab and Family

Issad Rebrab

Issad is the founder of a sugar company called Cevital, Algeria’s biggest private company. The company owns one of the largest sugar refineries in the world, with the capacity to produce 2 million tons annually.

Issad’s company owns other European companies such as Group Brandt (the French home appliance makers), A German water Purification Company, and an Italian steel mill company.

Brief Summary of Issad Rebrab

  • Net worth: $4.4 billion
  • Origin of wealth: Food
  • Age: 76
  • Country: Algeria
  • Residence: Algiers

7. Mohamed Mansour

The family owns a conglomerate Mansour Group; it was founded by Mohamed Mansour’s father, Loufty, in the year 1952. His father died in the year 1976, and since his conglomerate had only expanded, the more.

A General Moto dealership was added to the conglomerate in 1975, there in Egypt. This establishment later became its biggest distributors worldwide.

He was the Minister for Transportation in Egypt from 2006 to 2009 under Hosini Mubarak regime. Mansour Group has an exclusive distribution right for Caterpillar equipment in Egypt and seven countries.

Brief Summary of Mohamed Mansour

  • Net worth: $3.3 billion
  • Origin of wealth: Diversified
  • Age: 71
  • Country: Egypt
  • Residence: Cairo
  • Education: Auburn University, Master of Business Administration

8. Abdulsamad Rabiu

Abdulsamad Rabiu

BUA is a group in Nigeria that is founded by Abdulsamad. BUA is a conglomerate that is active in the production of cement, real estate, and a sugar refinery.

Rabiu merged two of his companies in January 2020; the combined firm is what’s known as BUA Cement Plc. Rabiu’s business started with the importation of Iron, chemicals.

Brief Summary of Abdulsamad Rabiu

  • Net worth: $3.1 billion
  • Origin of wealth: Cement, Sugar
  • Age: 59
  • Country: Nigeria

9. Naguib Sawiris

Naguib Sawiris

The brother of Nassef Sawiris, and an heir to the Egyptians wealthiest family, He built his wealth in telecom and selling of Orascom Telecom to Russia in 2011.

He owns various acquisitions in the likes of Orascom TMT Investments, an Italian Internet Company, La Mancha, which has stakes in Evolution Mining, Endeavour Mining, and Golden Star Resources.

Brief Summary of Naguib Sawiris

  • Net worth: $3 billion
  • Origin of wealth: Telecom
  • Age: 65
  • Country: Egypt
  • Residence: Caito
  • Education: Swiss Federal Polytechnic Institue, Master of Science; Swiss Federal Polytechnic Institute, Bachelor of Arts and Science.

10. Patrice Motsepe

Patrice Motsepe

Patrice is the owner and founder of African Rainbow Minerals. He became a billionaire in 2008 and was the first black African on the Forbes list.

Brief Summary of Patrice Motsepe

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

We hope that you found this article useful. Kindly leave a comment below.

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Emmanuella Oluwafemi
Emmanuella Oluwafemihttps://freelancespace.org
Emmanuella Oluwafemi is a sociologist, anthropologist, fashion model, and senior writer at Krafty Sprouts Media, LLC. She is also the founder of https://freelancespace.org
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