Kenya has not made it onto the roster of Africa’s wealthiest individuals, trailing behind Tanzania, which boasts at least one billionaire.
Forbes’ latest report on billionaires featured no Kenyan names, with South Africans dominating the list in the Sub-Sahara region.
Tanzanian entrepreneur Mohammed Dewji stands out as the sole billionaire in the East African region, securing the 12th position continent-wide with a net worth of $1.8 billion.
Aliko Dangote, the Nigerian industrialist, retained his position as Africa’s richest for the 13th consecutive year, leading a quartet of Nigerians who defied their oil-rich nation’s economic challenges.
Dangote’s financial standing saw a $400 million upswing in the past year, reaching a net worth of $13.9 billion, fueled by successes in the cement and sugar industries. Notably, he inaugurated an oil refinery in Lagos.
Forbes states that Dangote’s position endured despite the naira’s devaluation, which offset the rising share price of Dangote Cement.
According to Forbes, Egypt claims five billionaires, Nigeria has four, and Morocco has two. Algeria and Zimbabwe each contribute one billionaire to Africa’s elite roster.
The 20 billionaires featured on Forbes’ list collectively possess a net worth of $82.4 billion, showing a slight increase from $81.5 billion a year earlier.
Forbes recognises Africa as a formidable arena for amassing and safeguarding billion-dollar fortunes, tracking the wealth of African billionaires residing or conducting primary business activities on the continent.
South African luxury goods magnate Johann Rupert secured the second position on the list, with former diamond miner Nicky Oppenheimer, also from South Africa, clinching the third spot.
gandae@businessdayafrica.org