People in Africa 2013.
The combined fortune of Africa's 55 billionaires is $143.88 billion.
The average net worth of the members of this exclusive club is
$2.6 billion, while the median age of the richest people in Africa is
65 years. The oldest billionaires are Kenyan industrialist, Manu
Chandaria, and Egyptian property tycoon, Mohammed Al-Fayed,
both aged 84. The youngest billionaires are Mohammed Dewji of
Tanzania and Igho Sanomi, a Nigerian oil trader. They are both 38
years old.
Nigeria, South Africa and Egypt lead the pack with the highest
number of billionaires at 20, nine and eight respectively. Algeria,
Angola, Zimbabwe and Swaziland only have one billionaire each. In
all, there are 10 African countries represented on the list.
Three women made it into the rankings. The richest of them is
Folorunsho Alakija, a Nigerian fashion designer and oil tycoon worth
some $7.3 billion by our estimates.
See the full list after the cut...
1. Aliko Dangote
$20.2 billion
Industry: Manufacturing
Country Of Citizenship: Nigeria
Age: 56
Marital Status: Married
Africa's richest man started building his fortune three decades ago
after taking a business loan from his maternal uncle to begin trading in
commodities such as flour, sugar, rice and cement. In the early 2000s,
he started producing these items himself. His Dangote Group is now
the largest manufacturing conglomerate in West Africa and owns
sugar refineries, salt processing facilities, a beverage manufacturer
and a string of cement plants across Africa. In October 2012,
Dangote sold a controlling stake in his flour milling company to Tiger
Brands, a South African manufacturer of consumer goods. He
pocketed $190 million from the sale. Dangote's biggest asset is
Dangote Cement, a $20-billion (market cap) cement manufacturer
with operations in 14 countries and an annual production capacity of
30 million metric tonnes. In June this year, South Africa's Public
Investment Corporation acquired a 1.5-percent stake in the company
for $290 million. Dangote is also Africa's most generous philanthropist.
Within the last 12 months, he has given away over $100 million to
causes ranging from youth empowerment to flood relief, religious
causes and education. His younger brother, Sani Dangote, is Vice
Chairman of Dangote Group.
2. Allan Gray
$8.5 billion
Industry: Financial services
Country Of Citizenship: South Africa
Age: 75
Marital Status: Married
This media-shy South African moneyman controls two investment
companies that collectively manage over $50 billion in assets. After
Gray received an MBA from Harvard, he worked for eight years at
Fidelity Management and Research in Boston before returning to Cape
Town in 1973, when he founded Allan Gray Limited, now the largest
privately owned asset manager in South Africa. It is also the most
successful with assets under management at approximately $30
billion. According to inside sources at the company, Allan Gray's global
mandate share portfolio has achieved an average annual return of 28
percent since 1974. Keys to success include rigorous research and the
consistent application of Allan Gray's ages-old and time-tested
investment approach of buying heavily into companies whose share
price is less than their intrinsic value. Gray is also the founder of Orbis,
an asset manager in Bermuda, which he founded in 1989. Orbis has
over $21 billion under management. Gray's son, William, is President of
Orbis and equally serves as portfolio manager of the Orbis Funds. Gray
and his family are the controlling shareholders of Allan Gray Limited and
Orbis. In 2007, Gray endowed his Allan Gray Orbis Foundation with
$130 million, the single largest charity gift in Southern Africa at the
time. The foundation funds scholarships for poor but promising South
African high school students
.
3. Mike Adenuga
$8 billion
Industry: Oil, telecoms
Country Of Citizenship: Nigeria
Age: 60
Marital Status: Married
Nigeria's second richest man made his first fortune in his mid-twenties
by distributing lace fabrics and Coca- Cola, and by handling lucrative
government contracts during the regime of former Nigerian military
President, Ibrahim Babangida. In the early nineties he founded Conoil
Producing, an indigenous oil exploration and production outfit that was
the first Nigerian company to strike oil in commercial quantities. Today,
Conoil Producing's assets produce more than 100,000 barrels of
crude a day. Adenuga's other holdings include Globacom, a Nigerian mobile
telecommunications network that boasts more than 25 million
customers in Nigeria and Republic of Benin. He also owns a 74-
percent stake in Conoil PLC, a petroleum marketing outfit listed on the
Nigerian Stock Exchange.
4. Folorunsho Alakija
$7.3 billion
Industry: Oil
Country Of Citizenship: Nigeria
Age: 62
Marital Status: Married
Africa's richest woman sits atop Famfa Oil, a Nigerian oil company that
owns a 60-percent stake in OML 127, one of Nigeria's most prolific
oil blocks located at Nigerian offshore Agbami deepwater field. Daily
production at OML 127 stands at over 200,000 barrels per day.
Alakija studied fashion design in England in the eighties, returning to
Nigeria to found Supreme Stitches, a Nigerian fashion label which
enjoyed patronage from the more successful women in Nigerian high
society. One of her clients was Maryam Babangida, the wife to
former Nigerian military President, Ibrahim Babangida. Alakija is believed
to have ridden on the crest of this relationship to acquire an oil block in
1993 at a relatively inexpensive price. Famfa immediately entered into
a joint venture agreement with Star Deep Water Petroleum (a
subsidiary of Chevron and Brazil's Petrobas), ceding a 40-percent
stake to the two companies. Famfa owned a 60-percent interest in
the block until 2000, when the incumbent Nigerian president,
Olusegun Obasanjo, forcefully acquired a 50-percent stake in the
block, transferring it to the Nigerian National Petroleum Corporation –
a government-owned oil company. Famfa Oil immediately went to
court to challenge the acquisition in a case that dragged on for 12
years. In May 2013, the Nigerian Supreme court reinstated the 50-
percent stake to Famfa Oil. Alakija also owns $200-million of real
estate in the United Kingdom
.
5. Nicky Oppenheimer
$6.5 billion
Industry: Mining, investments
Country Of Citizenship: South Africa
Age: 68
Marital Status: Married
Diamonds are not forever. In November 2011, Nicky Oppenheimer
made the momentous decision to sell off his family's stake in De Beers,
the world's largest diamond producer, to mining behemoth Anglo
American. The landmark $5.1-billion deal ended the Oppenheimer
family's eight-decade control of De Beers, which began when Nicky's
grandfather, Sir Ernest Oppenheimer, took over the firm in 1927 and
consolidated the company's global monopoly over the world's diamond
industry. In 2011, E Oppenheimer & Sons, the family-owned
investment firm which Nicky controls, partnered with Temasek, the
investment firm of the Government of Singapore, to form Tana
Africa Capital, a $300-million private equity fund that invests in the
fast moving consumer goods (FMCG) and agriculture sectors.
6. Johann Rupert
$6.1 billion
Industry: Luxury goods and retail
Country Of Citizenship: South Africa
Age: 63
Marital Status: Married
Johann Rupert is the chairman of Swiss-based luxury goods company,
Compagnie Financière Richemont SA, which owns premium brands
such as Cartier, Dunhill, IWC Schaffhausen, Piaget and Vacheron
Constantin, among many others. It is the sixth largest company on the
Swiss stock exchange and the third largest luxury goods company in
the world. Johann's father, Anton Rupert, founded a small cigarette
manufacturing operation, Rembrandt, in his garage in 1941 with a £10-
investment. Rembrandt became incredibly popular among young South
African smokers and by the 1950s, was already one of the leading
tobacco firms in the continent. Anton, ever the visionary, diversified
from tobacco into the industrial and luxury branded goods sectors,
splitting Rembrandt into two divisions: Remgro (an investment
company with financial, mining and industrial interests) and Richemont
(the Swiss-based luxury goods group). Johann is chairman and the
largest individual shareholder in both companies. He also owns two of
South Africa's best-known vineyards, Rupert & Rothschild and
L'Ormarins, and founded the Franschhoek Motor Museum, which
houses his personal collection of over 200 antique motor vehicles.
7. Nassef Sawiris
$5.2 billion
Industry: Construction
Country Of Citizenship: Egypt
Age: 53
Marital Status: Married
Nassef Sawiris is the youngest of the three sons of Egyptian billionaire
and founder of the Orascom conglomerate, Onsi Sawiris. He heads
Orascom Construction Industries (OCI), one of the largest companies in
the North Africa region. In January this year, Nassef announced that
OCI was exchanging all global depositary receipts of the company for
newly issued shares of OCI NV on the NYSE Euronext in Amsterdam
or in exchange for cash. A consortium of investors, including Microsoft
founder Bill Gates, provided the $1 billion in fresh capital required to
pay off investors. The overwhelming majority of the shareholders
accepted the buyout offer, which subsequently led to the company's
delisting on the EGX. Nassef also serves as a director at Lafarge, the
French cement giant, and the Dubai international Financial Exchange.
8. Gilbert Chagoury & Family
$4.2 billion
Industry: Construction
Country Of Citizenship: Nigeria
Age: 67
Marital Status: Married
The Nigerian-Lebanese industrialist and diplomat is a co-founder of the
Chagoury Group, a large, multi-faceted Nigerian conglomerate with
interests in manufacturing, construction, real estate, hospitality and
healthcare. Gilbert was born in 1946 in Lagos by Lebanese immigrant
parents. After studying at the College des Freres Chretiens in Lebanon,
he returned to Nigeria where he kick-started his business career. In
1971 he started GrandsMoulins du Bénin Flour Mills, a milling company in
Cottonou, Republic of Benin, which formed the foundation of the
Chagoury Group. Today, the Chagoury Group owns five flour-milling
companies in Nigeria and Republic of Benin. Chagoury's milling operations
collectively produce over 3,700 metric tonnes of wheat flour every
day. The Chagoury Group also owns a glass bottle manufacturing plant
and a plastic bottle manufacturing operation. Other assets include Eko
Hotel, a five-star Hotel in Lagos, and Hotel Presidential, a five-star
hotel in Port Harcourt. One of the newer companies within the group
is South EnergyX, a real estate development company that is
developing Eko Atlantic, a new $6-billion metropolis on land reclaimed
from the Atlantic Ocean. When completed, Eko Atlantic is expected
to provide residential accommodation for up to 250,000 people.
Chagoury's property portfolio also includes Ocean Parade, a series of
14 tower blocks overlooking a lagoon in Banana Island, Nigeria's priciest
residential community. Gilbert Chagoury's career has not been without
controversy. In 2001, in a British court, he admitted to helping the
family of deceased Nigerian dictator, Sani Abacha, transfer $300
million into foreign accounts. He returned the money and was
indemnified of charges.
9. Nathan Kirsh
$3.6 billion
Industry: Real Estate, Distribution
Country Of Citizenship: Swaziland
Age: 82
Marital Status: Married
Nathan Kirsh made his first fortune after he founded a successful
corn milling business in Swaziland. He deftly reinvested his profits in
food distribution and real estate. The bulk of his fortune is held in
various property and distribution companies. His investment company,
Kirsh Holding Group, owns a 50-percent stake in Swazi Plaza
Properties – the company that owns the largest shopping mall in
Swaziland. He also owns a 29-percent stake in Minerva, a London-
based property developer, and a 63-percent stake in Jetro Holdings,
which operates Jetro Cash and Carry stores and Restaurant Depots in
the New York City area. Jetro enjoys a near monopoly in supplying
wholesale goods to small stores and restaurants in the New York City
area and had revenues of over $6 billion in 2013. Kirsh is also the
largest individual shareholder in Magal Security Systems, a developer
and supplier of control systems and intruder detection systems
.
10. Christoffel Wiese
$3.4 billion
Industry: Retail
Country Of Citizenship: South Africa
Age: 72
Marital Status: Married
The South African businessman is the chairman and greatest individual
shareholder of Shoprite, Africa's largest discount retailer. After
studying Law at the University of Stellenbosch, Wiese took up a job as
an executive director at Pep Stores, a discount clothing chain his
parents co-founded. In 1979, Pep Stores diversified into groceries
through its acquisition of Shoprite, a small South African retail chain.
When Wiese became chairman of the company in 1981, he changed the
company's name to Pepkor and made a series of acquisitions including
Ackermans, a prominent clothing chain. He went on to list Shoprite on
the Johannesburg Stock Exchange. He owns a 15-percent stake in the
$7-billion (market cap) company. While his Shoprite stake remains his
biggest asset, he also owns significant stakes in other Johannesburg
Stock Exchange-listed companies, including Invicta Holdings, PSG
Holdings, Tradehold, and private equity firm, Brait. Other assets include
a private game reserve in the Kalahari and Lourensford Wine Estate.
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