Forbes Magazine has released its 2023 list of Africa’s billionaires.
Nigerian industrialist Aliko Dangote, emerged the richest person in Africa even though his fortune dropped by $400 million to $13.5 billion in the year. Dangote has maintained the top position for the 12th year in a row.
In second place is South African luxury goods magnate Johann Rupert in consecutive years. His fortune also dropped by $300 million to $10.7 billion. Metals and Mining magnate Nicky Oppenheimer and his family placed third with $8.4 billion.
Per the list, Africa’s wealthiest people shed a combined $3.1 billion in the past 12 months.
Africa’s 19 billionaires are worth an estimated $81.5 billion – down from $84.9 billion a year ago, despite one more billionaire in the ranks. The billionaires from just seven of Africa’s 54 countries made the ranks.
The 4% dip follows a 15% jump last year on the back of soaring stock prices across the region.
These tycoons’ fortunes faded in sync with equity values around the world, with the S&P All Africa index dropping more than 20% in the first nine months of 2022, before starting a late-year rally that left the index down just 3% through January 13, the day Forbes locked in stock prices and exchange rates for the list.
The Forbes list tracks the wealth of African billionaires who reside in Africa or have their primary business there, thus excluding Sudanese-born billionaire Mo Ibrahim, who is a U.K. citizen, South African Nathan Kirsh, who operates out of London and another 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 telecom holdings in Africa.
Net worths were calculated using stock prices and currency exchange rates from the close of business on Friday, January 13, 2023. To value privately held businesses, we start with estimates of revenues or profits and apply prevailing price-to-sale or price-to-earnings ratios for similar public companies. Some list members grow richer or poorer within weeks or days of the measurement date.