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Wealth of African Billionaires Slightly Declines, Highlighting Economic Inequalities

Aliko Dangote Leads Forbes’ Ranking for the 12th Consecutive Year, with Nigerian and South African Entrepreneurs Dominating the List

The total wealth of African billionaires has experienced a slight decline compared to the previous year, dropping from $84.9 billion to $81.5 billion. This decrease underscores the persistent economic inequalities on the continent, further exacerbated by the fact that only 7 African countries are represented in Forbes’ annual ranking.

Maintaining his position as the richest person in Africa for the 12th consecutive year, Nigerian businessman Aliko Dangote boasts an estimated fortune of $13.5 billion. Despite a minor decrease in his wealth, Dangote remains a prominent figure in the manufacturing sector, signaling his continued dominance.

South African entrepreneur Johann Rupert secures the second spot in the ranking for the second year in a row, with a fortune exceeding $10.7 billion. Former chairman of De Beers, Nicky Oppenheimer, occupies the third place with an estimated fortune of $8.4 billion, stemming from his involvement in the diamond mining industry.

Nigerian businessman Abdul Samad Rabiu climbs two spots to claim the fourth position with a fortune of $7.6 billion. His success spans multiple sectors, including cement, real estate, and food.

Nassef Sawiris, heir to an Egyptian billionaire family, ranks fifth with a fortune of $7.3 billion. As the CEO of Orascom Group, he holds ownership in the English football club Aston Villa, as well as shares in Holcim Ltd and Adidas.

Nigerian entrepreneur Mike Adenuga, once the second richest person in Nigeria, now occupies the sixth position with a fortune of $6.3 billion. His success is attributed to strategic investments in the oil and telecommunications sectors.

Algerian businessman Issad Rebrab holds the seventh position with a fortune of $4.6 billion. As the former CEO of Cevital, an agro-food company employing over 18,000 people worldwide, he retains his status as the wealthiest individual in Algeria.

The ranking continues with influential figures such as Naguib Sawiris, Patrice Motsepe, Mohammed Mansour, and Koos Bekker, all contributing to the economic diversity and growth of the African continent.

These African business leaders serve as inspiring examples for young entrepreneurs, showcasing the potential for prosperity in Africa and the capacity to contribute to the economic development of their respective countries.

It is important to note that Forbes’ ranking is based on estimations that may vary over time due to economic fluctuations and investments. Nonetheless, it emphasizes the remarkable achievements of these African business moguls and their pivotal role in fostering a robust and prosperous economy across the continent.