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In a world hard hit by geopolitical risk, supply chain issues, macroeconomic concerns, and fears of a looming food crisis and recession, some African billionaires, like their counterparts in the United States, Europe, and Asia, saw their wealth plummet significantly in the first half of 2022.
From January to June, the combined net worth of Africa’s 10 wealthiest billionaires fell by $1.22 billion, from $81.03 billion at the start of business in 2022 to $79.81 billion at the end of the first half of 2022.
The $1.22-billion drop in their combined net worth can be attributed to a sustained sell-off in the shares of companies that they own as investors. An additional factor was leading investment banks repositioning their investments from risky assets such as equities into less risky assets with a proven inflation hedge. These investment banks are doing so as part of a move to preserve wealth after an impressive bull-run that began in Q3 2020 reversed into a bear-run.
While Johann Rupert, Mohammed Al-Amoudi, and Mike Adenuga lost more than $500 million in wealth during the half-year period, Aliko Dangote, Abdul Samad Rabiu, and Nicky Oppenheimer saw their net worth increase by more than $500 million.
With his recent performance, Dangote, who recorded a $1.3-billion increase in his net worth in the first half of 2022, is on track to dominate the African wealth scene for the twelfth year in a row, as the richest man in the continent.
According to data compiled by Billionaires.Africa, the following are the continent’s top 10 richest billionaires at the moment.
Net worth: $20.4 billion
Nationality: Nigerian
Aliko Dangote, the chairman of Dangote Group, Africa’s most diversified manufacturing conglomerate, retained his position as the continent’s richest man thanks to the performance of his flagship company, Dangote Cement Plc.
Dangote’s wealth increased by $1.3 billion in the first half of 2022, from $19.1 billion on Jan. 1 to $20.4 billion on June 30. This can be attributed to his stake in Dangote Cement, which has risen to more than $9.6 billion.
Net worth: $9.14 billion
Nationality: South African
Despite a difficult first half, Johann Rupert retained his position as not only South Africa’s richest man but also Africa’s second-richest man, trailing Nigerian billionaire Aliko Dangote.
Rupert’s net worth fell by $2.76 billion in the first half of 2022, from $11.9 billion at the start of the year to $9.14 billion at the end of the first half.
The decline in his net worth is primarily due to a drop in the market value of his Richemont stake, as investors continue to sell down stakes in luxury goods holdings as part of a shift to a focus on capital preservation and investment in core assets.
Net worth: $8.5 billion
Nationality: South African
Nicky Oppenheimer, the leading billionaire who previously ran diamond mining firm DeBeers before selling it to mining firm Anglo-American a decade ago, has been able to close the wealth gap with Johann Rupert to less than $700 million as he prepares to reclaim his position as South Africa’s richest man, which he briefly held in 2019.
Oppenheimer’s net worth increased by $550 million in the first half of 2022, from $7.95 billion to $8.5 billion.
The $550 million increase in his wealth can be attributed to his well-diversified investment portfolio in private equity firms, which he maintains through London-based Stockdale Street and Johannesburg-based Tana Africa Capital.
Net worth: $7.6 billion
Nationality: Emaswati
Despite a staggering $670-million drop in his net worth from $8.27 billion to $7.6 billion in the first half of 2022, Nathan “Natie” Kirsh retained his position as Africa’s fourth-richest man.
Kirsh made his fortune through his ownership of Kirsh Group, a closely held conglomerate that owns a majority stake in Jetro Holdings, a food supply company.
The decline in his net worth can be attributed in part to the performance of his stake in Jetro Holdings, which fell from $4.9 billion to $4.73 billion in the first half of 2022.
Net worth: $7 billion
Nationality: Nigerian
Abdul Samad Rabiu is a leading Nigerian billionaire industrialist and one of the few African billionaires who recorded wealth gains in excess of $1 billion this thanks to his well-diversified industrial assets portfolio.
In the first half of 2022, Rabiu’s net worth increased by $1.6 billion from $5.4 billion to $7 billion. This comes on the heels of listing his food business on the Nigerian Exchange in January — a move that saw his net worth surge to more than $7 billion.
Net worth: $6.85 billion
Nationality: Egyptian
Egypt’s richest man, Nassef Sawiris, is one of the few billionaires who made impressive gains in their well-diversified investment portfolio during the first half of 2022, a period marked by economic disruptions and sanctions, geopolitical disruptions, and macroeconomic issues.
Sawiris’ net worth increased by $350 million in the first half of 2022, from $6.5 billion to $6.85 billion, as the market value of his stake in OCI N.V., a global manufacturer and distributor of nitrogen products, increased, offsetting losses from his stake in leading sportswear manufacturer, Adidas.
Net worth: $6.1 billion
Nationality: Nigerian
Mike Adenuga, the founder of Nigerian multinational telecommunications company Globacom Limited, saw his net worth plummet by millions of dollars in the first half of the year due to the revaluation of his stake in Globacom, one of Nigeria’s leading telecom services providers.
According to data obtained by Billionaires.Africa, his net worth dropped by $600 million during the first half of 2022, from $6.7 billion to $6.1 billion.
Net worth: $5.72 billion
Nationality: Ethiopian
Mohammed Al-Amoudi, Ethiopia’s richest man, saw his net worth plummet by nearly $1 billion in the first half of 2022, as the market value of his industrial assets, which include prestigious Swedish oil companies, plummeted significantly during the period, closely mirroring the drop in European stocks.
Al-Amoudi, a leading billionaire who was the wealthiest Black person in the world until he was dethroned by Nigerian cement tycoon Aliko Dangote in 2013, derives the majority of his net worth from a variety of industrial assets in Sweden, Saudi Arabia, and Ethiopia.
According to Bloomberg, his net worth dropped by $982 million in the first half of 2022, from $6.71 billion at the start of the year to $5.73 billion on June 30.
Net worth: $5.1 billion
Nationality: Algerian
Despite maintaining his wealth figures in the first half of 2022, as well as his position as Africa’s eighth richest man and Algeria’s richest man, Issad Rebrab’s net worth has risen to $5.1 billion in recent years, thanks to the valuation of his well-diversified manufacturing conglomerate Cevital, which has improved significantly due to increased capacity and robust earnings growth.
Rebrab, who retired from Cevital, Algeria’s largest private conglomerate, on June 30, derives the majority of his $5.1-billion fortune to Cevital.
His net worth has increased from $4.2 billion in 2020 to $5.1 billion at the time of writing this report, representing a total net worth gain of $900 million for the Algerian billionaire.
Net worth: $3.4 billion
Nationality: Egyptian
Naguib Sawiris, the elder brother of Egypt’s richest man Nassef Sawiris, is the second-wealthiest man in Egypt and the tenth-richest man in Africa, with a fortune of $3.4 billion.
The billionaire amassed his fortune after selling Orascom Telecom to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction in 2011.
He is presently a shareholder in Orascom TMT Investments and Ora Developers, a real estate developer.
