Africa’s 10 Wealthiest UHNW Billionaires
The wealthiest man in Africa is Nigeria’s Aliko Mohammed Dangote, a self-made business tycoon with a personal fortune of US$17 billion. He leads the Wealth-X list of Africa’s wealthiest individuals, which is primarily dominated by South Africans and Egyptians.
With a combined fortune of US$73.2 billion, these 10 individuals account for 0.4 percent of Africa’s ultra high net worth (UHNW) population but over 20 percent of the UHNW wealth in the region.
Wealth-X released this list as part of the Wealth-X and UBS World Ultra Wealth Report 2013. The study showed that in 2013 Africa’s UHNW population increased by 9.5 percent to 2,775 individuals with a combined wealth of US$350 billion – a 7.7 percent rise from last year.
Dangote started a small trading firm in 1977 that grew to become the Dangote Group, Nigeria’s largest conglomerate and a major supplier to the country’s soft drink companies, breweries and confectionaries – effectively dominating its sugar market. The group also has interests in other commodities, with operations in Nigeria and neighbouring countries.
The only other Nigerian in the list is Michael Adeniyi Isola Adenuga, who has a net worth of US$6.8 billion. Adenuga is the chairman and CEO of Globacom Limited, a privately-owned telecommunications company in Lagos.