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Eight African billionaires make Sunday Times UK Rich List

Among them are Zimbabwean telecom billionaire Strive Masiyiwa and Swazi retail and property mogul Nathan “Natie” Kirsch.

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Natie Kirsh.

Eight African billionaires have made the recently released 2022 Sunday Times Rich List featuring the UK’s 250 wealthiest people.

South African billionaire Nicky Oppenheimer is the richest African on the list, with a fortune that the Sunday Times pegs at £6.456 billion. He ranks 24th on the list, up from the 31st spot last year. The bulk of his fortune stems from the huge windfall that he received in 2012 when his family sold off their 40-percent stake in the diamond mining giant De Beers to Anglo American for $5.1 billion in cash.  

Swazi retail and property mogul Nathan “Natie” Kirsch is the second richest African on the list. His £5.208-billion fortune places him in the 35th spot on the list, up from 42nd a year ago. The 90-year-old billionaire owns a 75-percent stake in Jetro Holdings, a renowned U.S. consumer products company that owns and operates Jetro Cash & Carry and Restaurant Depot locations in more than 30 states across the United States. Kirsch also controls a 54-percent stake in Abacus Property Group, a Sydney-based real estate investment trust. He also owns a real estate portfolio that spans four continents, including London’s first office tower, Tower 42 and the Jandakot Airport in Perth, Australia.

South African-born Clive Calder, a former record executive and the co-founder of Zomba Group, is the third richest African on the list. He ranks 64th on the list with a £2.75-billion fortune. Calder, 75, became a billionaire in 2002 when he sold his music company Zomba Group to Bertlesmann, a German mass media corporation, for $2.7 billion.

South African property and insurance mogul Douw Steyn ranked 84th on the Sunday Times Rich List. His £2.1-billion fortune is derived from BGL Group, a UK-based insurance and financial services company that he founded. BGL Group is the parent of Comparethemarket.com. Steyn, 69, is also the owner of the famous Saxon Hotel in Johannesburg, and Steyn City, a secure 2,000-acre parkland estate located in Johannesburg. He is the fourth wealthiest African on the list.

Zimbabwean telecom billionaire Strive Masiyiwa is the fifth richest African on the list, with a fortune that the Sunday Times Rich List estimates at £2 billion, placing him in the 89th spot on the list. Masiyiwa is the founder of Econet Group, one of Africa’s largest mobile telecom companies. He is also the founder of Liquid Telecom, an independent data, voice and IP provider.

Egyptian-born Mohamed Al Fayed is the sixth African on the list and the 107th richest person in the UK with a fortune that the Sunday Times Rich List places at £1.699 billion. Al Fayed is the former owner of Harrod’s, the globally-famous London department store that he sold to Qatar in 2010. He also owns the Ritz Paris hotel.

Sudanese-born telecom tycoon Mo Ibrahim is the seventh African on the list. The Sunday Times pegged his net worth at £889 million, making him the 194th richest person in the United Kingdom. Mohammed “Mo” Ibrahim founded Celtel International in 1998, one of the earliest mobile phone companies serving Africa and the Middle East. He sold the company to Kuwait’s Mobile Telecommunications Company for more than $3 billion in 2005.

South African businessman Manfred Gorvy takes the 200th position on the list, with an £861-million fortune. He is the founder and chairman of Hanover Acceptances, a holding company that owns large stakes in companies like Dorrington Plc, Refresco Gerber, African Realty Trust and Fresh Capital.

The UK’s Sunday Times Rich List records the country’s 250 wealthiest individuals. The list covers individuals and families in the United Kingdom, and includes many businessmen and women who have dual citizenship through business, investments or residency in the country.

Sri and Gopi Hinduja, who sit at the helm of Hinduja Group of India, topped the list with their £28.472 billion fortune, while businessman and inventor Sir James Dyson and his family came in second in the list with a fortune estimated at £23 billion.

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Africa’s richest man Aliko Dangote gains $100 million in June

The $100-million increase in his net worth in June follows a $300-million decline in May.

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Aliko Dangote.

Africa’s richest man Aliko Dangote saw his net worth rise by $100 million in June despite the mixed performance of his publicly traded companies, as investors reduced their positions in shares that had delivered impressive year-to-date growth due to profit and valuation concerns.

According to data from the Bloomberg Billionaires Index, Dangote’s net worth increased by $100 million between the start of business on June 1 and the end of business on June 30, rising from $20.3 billion to $20.4 billion.

The $100-million increase in his net worth in June follows a $300-million decline in May, when investors sold down shares in his flagship company Dangote Cement as part of a move to preserve wealth after the cement maker’s stock price surged to an all-time high of N300 ($0.72) per share on May 19.

The increase in his net worth brings his year-to-date wealth gains to $1.32 billion, making him one of the few billionaires in the world who have been able to record impressive gains in their fortunes despite recent stock market declines.

Apart from the multimillion-dollar increase in his net worth in June, the Nigerian billionaire, who recently launched the continent’s largest granulated urea fertilizer complex, received a total dividend of $725.2 million this year from his publicly traded businesses, which is significantly more than the $639.5 million he received last year.

Through his manufacturing conglomerate Dangote Industries Limited, Dangote opened an application nearly four days ago to raise up to N300 billion ($723 million) in medium-term debt funding from Nigerian investors to fund the completion of his $19-billion integrated refinery and petrochemical complex, Dangote Oil Refinery.

The refinery’s pipeline infrastructure, when completed in the first half of 2023, will process 540,000 barrels of Nigerian crude per day in the first phase of operation, increasing to 650,000 barrels per day later.

The refinery will also produce 65 million liters of premium motor spirits (petrol), 15 million liters of diesel, and 3 billion standard cubic feet of gas per day.

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Egypt’s richest man Nassef Sawiris loses $600 million in June after gaining $1.25 billion in May

His fortune is derived from a 38.8-percent stake in Netherlands-based OCI N.V. and a six-percent stake in German sportswear behemoth Adidas.

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Egypt's richest man Nassef Sawiris.

After reporting a whopping $1.25-billion increase in his net worth in May, Egypt’s richest man Nassef Sawiris saw his fortune plummet by $600 million in June as the market value of his investment portfolio fell by double digits, mirroring the drop in EU stocks over the month.

Sawiris, a leading Egyptian businessman and one of Africa’s richest billionaires, serves on the boards of Adidas, a leading sportswear manufacturer, and OCI N.V., a global manufacturer and distributor of nitrogen products.

The majority of his fortune is derived from a 38.8-percent stake in Netherlands-based OCI N.V. and a six-percent stake in German sportswear behemoth Adidas, which is valued at $2.11 billion at the time of writing this report.

According to data from the Bloomberg Billionaires Index, Sawiris had a net worth of $7.45 billion at the start of business on June 1, but his net worth dropped to $6.85 billion at the end of business on June 30 due to a decline in the share prices of OCI N.V. and Adidas.

The $600-million decline in his net worth in June follows a drop in EU equities as global markets face immense pressure, with aggressive monetary tightening by the U.S. Federal Reserve and other major central banks fueling fears of an impending economic downturn.

Despite the recent loss, the year-to-date change in Sawiris’ net worth remains positive, with the businessman’s fortune rising by more than $350 million this year, from $6.5 billion at the start of business in January to $6.85 billion at the time of writing.

The increase in his net worth year-to-date can be linked to his stake in OCI N.V., which enjoyed an increase in its valuation after the group reported a 246-percent increase in net income in the first quarter of 2022, from $102 million in the first quarter of 2021 to $354 million, driven by a 108-percent rise in revenue above $2.3 billion due to higher volumes and selling prices.

The group revealed that its outlook remains positive until at least 2024, providing strong support for nitrogen prices to remain above historical averages.

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Ghanaian tycoon Daniel McKorley’s McDan Group to donate land to students for soya bean cultivation

McKorley is a well-known businessman and the founder and CEO of the McDan Group.

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Ghanaian tycoon Daniel McKorley.

Ghanaian tycoon Daniel McKorley has announced plans to donate three to five acres of land to students for soya bean cultivation as part of the efforts to increase food sufficiency in Ghana, as food prices continue to rise due to supply constraints exacerbated by the war in Ukraine.

According to GhanaWeb, the leading business mogul announced the decision at the third edition of the McDanYouthConnect series of events, explaining that the move is part of a concerted effort to improve agriculture and promote food sufficiency in the country. He added that students will be given the opportunity to cultivate one or two products and create value for the nation.

His decision, which was applauded by all dignitaries and persons who attended the event, resulted in the release of 100 acres of land for the block farming project.

McKorley went on to advise students to continue engaging with the “right” people to increase their knowledge base, to network, and to ask for help when trying out something new, as such an attitude in life will allow them to unlock their future potential and grow.

McKorley is a well-known businessman and the founder and CEO of the McDan Group of Companies, an Accra-based transportation and logistics group with three divisions: McDan Shipping, McDan Aviation, and McDan Logistics.

Aside from its core operations in Ghana, the group maintains active operations and an extensive presence in West African countries such as Sierra Leone, Liberia, and Equatorial Guinea through its broad interests in shipping, logistics, and aviation.

McDan Group, led by McKorley, opened its first private jet terminal at an international airport in Accra, Ghana’s capital city, earlier this year, with three planes and one helicopter operating under the McDan Aviation brand.

The jet terminal will serve high-end clients seeking to maximize luxury clients and corporate executives seeking a quick and efficient commute for business purposes.

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