How Africa's Richest Billionaires Build Their Fortunes: A Revealing Look
Introduction
The fortunes of Africa’s wealthiest people have rebounded slightly in the past year, with a total combined wealth of $82.4 billion. This blog provides an insightful look into the successful business ventures and strategies of Africa’s richest billionaires.
Africa’s Richest Billionaires
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The fortunes of Africa’s wealthiest people have rebounded slightly in the past 12 months, reversing the decline from a year ago.
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The 20 billionaires on the 2024 Forbes list of Africa’s richest are worth a combined $82.4 billion, up $900 million from last year’s total of $81.5 billion.
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The gain in total wealth can be attributed to the return of Nigeria’s FEI Otola, who reappeared on the Africa list in 2017.
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South Africa claims six spots on the ranking, followed by Egypt with five, and Nigeria with four. Algeria, Tanzania, and Zimbabwe each have one spot on the list.
Africa’s Top Five Billionaires
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Nigeria’s second richest man is Mike Adenuga who built his fortune in telecommunications and oil production.
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His mobile phone network, Globacom, is the second largest operator in Nigeria with over 60 million subscribers. Additionally, Globacom also built the Glow1, a 6,100m long submarine internet cable connecting to the UK via Ghana and Portugal.
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Nasf Suis, an investor and member of Egypt’s wealthiest family, holds the fourth position among Africa’s top billionaires.
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Nasf Suis has significant investments, but further information about his ventures is not provided.
The Successful Business Ventures of Two Billionaires
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As of December 2020, the net worth of a prominent billionaire stood at $8.7 billion.
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This billionaire acquired a 5% stake in New York listed firm Madison Square Garden Sports, which owns the NBA’s Knicks and the NHL’s Rangers.
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His diverse holdings include a nearly 6% stake in the German sportswear firm Adidas, as well as ownership of OCI, one of the world’s largest nitrogen fertilizer producers with plants in Texas and Iowa.
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On the other hand, the third generation of the Oppenheimer family, Nikki Oppenheimer, took the family’s diamond company private in 2001.
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For 85 years, the Oppenheimer family held a controlling position in the world’s diamond trade, demonstrating their long-standing influence and success.
The Wealth of South African Business Magnates
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Nikki Oppenheimer sold his 40% stake in the firm to mining group Anglo-American for $5.1 billion in cash in 2014.
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Oppenheimer also founded Fireblade Aviation in Johannesburg, which specializes in chartered flights, and he owns over 720 square miles of conservation land across South Africa, Botswana, Zimbabwe, and Mozambique.
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Johan Rupert and his family, the South African luxury goods owners, secured the number two spot with a net worth of $10.1 billion in 2023, slightly down from the previous year’s $10.7 billion. Their company, Richemont, is renowned for brands like Cartier and Montblanc, and was established in 1998 through a spin-off of assets owned by Remgro Limited, a company founded by Johan’s father, Anton, in the 1940s.
African Business Tycoons
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Rupert owns 7% of Diversified investment firm remrow which he chairs as well as 26% of rayet, an investment holding company based in Luxembourg. He has been a vocal opponent of plans to allow fracking in the kuu region of South Africa where he owns land.
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Aliko Dangote is Africa’s richest person and the founder of Dangote Cement, the continent’s largest cement producer. He owns 85% of publicly traded Dangote Cement through a holding company. After many years in development, Dangote’s fertilizer plant in Nigeria began operations in March 2022. His Dangote Refinery is expected to begin refining operations in 2024. His fortune rose by $400 million this year to 13.9 billion and he claimed the ranking’s number one spot for the 13th year in a row.
Conclusion
The success stories of Africa’s richest billionaires offer valuable insights into the diverse business opportunities and strategies that have contributed to their wealth. Studying their ventures can provide inspiration and learning opportunities for aspiring entrepreneurs across the continent. With a combined wealth of $82.4 billion, these billionaires exemplify the potential for prosperity in the African business landscape.
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