Home » This Week In Review: A Snapshot of African Wealth Dynamics — Gains for the Khamis Family and Dangote, Setbacks for the Ghabbour Family and Michiel Le Roux (Jan. 29 to Feb. 2)

This Week In Review: A Snapshot of African Wealth Dynamics — Gains for the Khamis Family and Dangote, Setbacks for the Ghabbour Family and Michiel Le Roux (Jan. 29 to Feb. 2)

This week's financial landscape in Africa highlights the dynamic shifts in wealth, from the rising fortunes of the Khamis family and Aliko Dangote to the setbacks faced by the Ghabbour family and Michiel Le Roux.

by Marshall Comins

The past week has been a rollercoaster in African financial markets, marked by significant gains for some and losses for others, reflecting the dynamic and volatile nature of wealth on the continent.

Major Gains

  • The Khamis Family’s Windfall: The Khamis family, Egypt’s notable contributors to the carpet industry, enjoyed a substantial increase in their wealth, gaining nearly $55 million from their stake in Oriental Weavers. This surge, attributed to a 25.04-percent increase in the company’s shares, boosted the family’s controlling interest significantly, setting a positive tone for the year.
  • Aliko Dangote’s Remarkable Surge: Africa’s richest man Aliko Dangote witnessed a phenomenal increase in his net worth, adding $7.11 billion in January alone. This gain, driven by a bullish Nigerian Exchange and strategic investments in Dangote Cement and other ventures, underscores Dangote’s dominance in the African financial landscape.

Notable Losses

  • The Ghabbour Family’s Setback: On the flip side, the Ghabbour family faced a significant reduction in their wealth, losing over $32 million due to a downturn in the shares of GB Corp. This loss reflects the challenges within the automotive sector and the impact of market sentiment on investment values.
  • Michiel Le Roux’s Financial Dip: South African billionaire Michiel Le Roux also encountered a downturn, with a $64.5-million decrease in the value of his stake in Capitec Bank. This loss, resulting from a 4.39-percent drop in the bank’s shares, highlights the susceptibility of financial sector investments to market fluctuations.

Strategic Moves and Expansion

  • Femi Otedola’s Leadership Role: Nigerian billionaire Femi Otedola’s appointment as chairman of First Bank of Nigeria Holdings Plc marks a significant chapter in his career, symbolizing his commitment to leadership and philanthropy. This move, coupled with his strategic investment in Dangote Cement, positions him as a key player in Nigeria’s financial and industrial sectors.
  • Expansion and Investments: The announcements of significant investments, such as MTN Group’s $215-million commitment to telecom infrastructure in Benin and Dangote Oil Refinery’s decision to import U.S. crude, indicate strategic moves aimed at enhancing operational efficiency and market reach.


The past week’s events highlight the fluid nature of wealth and investment in Africa, where strategic decisions, market dynamics, and external factors can significantly impact financial outcomes. While some have reaped the rewards of their investments, others have faced challenges, underscoring the need for diversification and strategic planning in navigating the continent’s economic landscape. These developments not only reflect individual fortunes but also signal broader economic trends and opportunities within Africa, offering insights into the continent’s evolving financial landscape.

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