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The 10 richest people in Africa in 2022

Africa’s billionaires recorded an impressive surge in their net worth in 2021 despite the global pandemic.

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Zimbabwean billionaire Strive Masiyiwa.

Africa’s billionaires saw their wealth increase significantly in 2021, similar to the previous year, despite the long-term effects of the Covid-19 pandemic on business activities and the operations of companies and financial assets controlled by these ultra-wealthy individuals during the year.

According to Forbes, 18 of these individuals had a net worth of $84.9 billion at the end of 2021, which is 15-percent or $4.7 billion more than their combined net worth of $73.8 billion at the end of 2020.

Billionaires such as Aliko Dangote and Abdul Samad Rabiu have seen their wealth increase by more than $1 billion since the beginning of the year, while Natie Kirsh, Johann Rupert, and Mohammed Al Amoudi have seen their wealth decrease by more than $200 million.

This is how they stand at the moment.

#1 Aliko Dangote 

Net worth: $20.4 billion

Nationality: Nigerian

For the eleventh year in a row, Nigerian billionaire Aliko Dangote remains the continent’s richest man, with a net worth of $20.4 billion derived from his stake in Dangote Cement Plc, Africa’s largest cement manufacturer.

So far in 2021, the billionaire’s net worth has increased by more than $1.3 billion due to an increase in the share price of his flagship company, Dangote Cement Plc, as investors react to news of the leading cement maker’s planned share buy back program.

#2 Johann Rupert

Net worth: $11.4 billion

Nationality: South African

Johann Rupert, South Africa’s richest man, ranks as the continent’s second-richest man with a net worth of $11.4 billion. The billionaire saw his wealth rise by $3.88 billion in 2021 as shares in his Luxury goods holding company, Richemont, increased by more than 60-percent during the year.

His net worth has dropped by $565 million since the beginning of the year as investors profit from Richemont shares.

#3 Nicky Oppenheimer

Net worth: $8.18 billion

Nationality: South African

Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo-American a decade ago, has a net worth of $8.18 billion, making him the third-richest man in Africa and the second-richest man in South Africa.

The majority of his fortune is held in private equity investments in Africa, Asia, the United States, and Europe through London-based Stockdale Street and Johannesburg-based Tana Africa Capital.

His net worth has increased by $225 million since the beginning of the year, owing to the revaluation of his private equity investments.

#4 Natie Kirsh

Net worth: $7.68 billion 

Nationality: Emaswati

Nathan “Natie” Kirsh of Swaziland is the fourth-richest man in Africa, with a fortune of $7.68 billion at the time of writing. Kirsh made his fortune through his ownership of Kirsh Group, a closely held conglomerate that owns a majority stake in the food supply company Jetro Holdings.

So far in 2021, Kirsh’s net worth has dropped by more than $595 million, or 7.2 percent, as a result of a drop in the valuation of his private equity investments.

#5 Abdul Samad Rabiu

Net worth: $7.5 billion 

Nationality: Nigerian

With a net worth of $7.5 billion, Abdul Samad Rabiu, the founder of one of Africa’s fastest growing manufacturing conglomerates, BUA Group, ranks as the fifth-richest man in Africa and the second-richest man in Nigeria.

The majority of the billionaire’s wealth comes from his 97 percent stake in his cement company, BUA Cement Plc, while the recent increase in his net worth to $7.5 billion was driven by the recent listing of his consolidated food business, BUA Foods.

#6 Mike Adenuga 

Net worth: $6.7 billion 

Nationality: Nigerian 

Mike Adenuga, the founder of Nigerian telecom company Globacom Limited and majority owner of Nigeria’s pioneer petroleum marketer, Conoil Plc ranks as the third-richest man in Nigeria and the sixth richest on the continent of Africa.

As of press time, January 25, his wealth is valued at $6.7 billion thanks to the valuation of his interest in  Globacom Limited, Nigeria’s third-largest telecom service provider.

#7 Mohammed Al Amoudi

Net worth: $6.45 billion

Nationality: Ethiopian 

Mohammed Al Amoudi is the richest man in Ethiopia and the seventh-richest man in Africa, with a net worth of $6.45 billion.

The majority of the Ethiopian billionaire’s wealth is derived from his industrial assets in Sweden, Saudi Arabia, Ethiopia, and Morocco, as well as his stake in Svenska Petroleum Exploration, Preem, Sweden’s largest oil refiner, and a 67 percent stake in Samir, Morocco’s sole oil refiner.

#8 Nassef Sawiris 

Net worth: $6.29 billion 

Nationality: Egyptian 

Egypt’s richest man and a scion of Egypt’s richest family Nassef Sawiris ranks as the eighth-richest man in Africa with a wealth of $6.29 billion at the time of drafting this report.

The majority of the Sawiris’ $6.29 billion fortune stems from his stake in Dutch fertilizer producer OCI N.V. and his 3.72 percent stake in German sportswear manufacturer Adidas.

#9 Issad Rebrab 

Net worth: $5.1 billion

Nationality: Algerian

Issad Rebrab, the founder and CEO of Cevital and Algeria’s richest man, is the ninth-richest man in Africa, with a fortune of $5.1 billion derived from his business interest in Cevital Group.

Cevital Group is Algeria’s largest privately held company, and it owns one of the world’s largest sugar refineries, capable of producing 2 million tonnes of refined sugar per year.

#10 Naguib Sawiris 

Net worth: $3.4 billion

Nationality: Egyptian

With a fortune of $3.4 billion, Naguib Sawiris, the elder brother of Egypt’s richest man, Nassef Sawiris, is the second-richest man in Egypt and the tenth-richest man in Africa.

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 currently a shareholder in Orascom TMT Investments and Ora Developers, a real estate developer.

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Led by Egypt’s richest family, Orascom Construction sees profit drop 43.1 percent in Q1 2022

Nassef Sawiris owns 28.97 percent of the multinational construction group, or 33,825,323 shares.

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Nassef Sawiris.

Despite reporting a double-digit percent increase in profit in 2021 due to improved collections and liquidity management, Orascom Construction reported a profit of $15.3 million at the end of the first six months of 2021.

Orascom Construction is Egypt’s richest family-founded multinational engineering and construction corporation.

The leading engineering and construction behemoth reported a profit of $15.3 million in the first quarter of 2022, down more than 43.1 percent from the $26.9 million in profit reported in the first quarter of 2021, according to recently published financial results.

Despite a 20-percent increase in revenue from $816.6 million to $979.9 million, the group’s earnings power was hampered by a surge in direct costs above $880 million, combined with an increase in operating expenses during the period under review.

Osama Bishai, CEO of Orascom Construction, commented on the financial performance, saying: “We indicated in the previous quarter that we expected to experience challenges associated with the changing global economic environment.”

“As always, we continue to prioritize project controls, cost optimization, supply chain, and collections. Our new awards strategy is also unchanged as we continue to focus on high-quality projects across our geographies in sectors in which we are competitive,” he said.

The group was able to keep its project backlog at $5.5 billion by awarding $617.5 million in new contracts during the first quarter of 2022.

Despite the depreciation of the Egyptian pound, the backlog is consistent with the level achieved a year ago, as it was supported by high-profile infrastructure projects in Egypt denominated in foreign currency, as well as projects in other markets in the Middle East, Africa and the United States.

As part of its commitment to shareholders, the board proposed a $27-million dividend distribution to be paid in the third quarter of 2022. This is the group’s fifth consecutive year of dividend payments.

Orascom Construction is a leading global engineering and construction contractor, with active operations and investments in the Middle East, Africa, and the United States.

Egypt’s richest man Nassef Sawiris owns 28.97 percent of the group, or 33,825,323 ordinary shares, while OS Private Trust Company owns 51.8 percent of the Egypt-based contractor for the benefit of the Sawiris family.

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South African billionaire Patrice Motsepe, wife join world leaders at 2022 WEF Annual Meeting in Davos, Switzerland

Motsepe is a member of the WEF Board of Trustees.

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South African billionaire Patrice Motsepe. ©Billionaires.Africa

South African billionaire mining mogul Patrice Motsepe and his wife Precious Moloi-Motsepe have been confirmed as two of the 35 South African business representatives who will attend an event at the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, tomorrow, which is partially dedicated to promoting South Africa as an attractive investment destination.

The event, “Preparing for Africa’s Growing Global Role,” was developed in partnership with the South African Broadcasting Corp.

The 2022 WEF Annual Meeting, which runs from May 22 to 26, is convening at the most consequential geopolitical and geo-economic moment in the past three decades against the backdrop of a once-in-a-century pandemic, COVID-19, and the continuing Russia-Ukraine conflict.

Motsepe and his wife, a renowned medical practitioner, join South African Human Settlements, Water and Sanitation Minister Mmamoloko Kubayi, Finance Minister Enoch Godongwana and International Relations and Cooperation Minister Naledi Pandor as top representatives who will offer ideas about how to support the UN Sustainable Development Goals, particularly in Africa.

Other South African business leaders who will attend the WEF Annual Meeting this week include: Leila Fourie, group CEO of the Johannesburg Stock Exchange; Rene Parker, CEO of RLabs; Nicola Galombik, executive director of Yellowwood; and, Bronwyn Nielsen, founder and CEO of Nielsen Media and Associates.

According to a statement issued by the South African government, the event will also provide an opportunity for the government to share an update on South Africa’s economic reconstruction and recovery plan, promote the country’s economic reforms, and advance critical public-private partnerships to support its development goals.

Just last weekend, Motsepe, a member of the WEF Board of Trustees, passed Zimbabwean billionaire Strive Masiyiwa to re-emerge as Southern Africa’s richest Black businessman.

According to Forbes, Motsepe is back on top as Southern Africa’s richest Black billionaire, with a net worth of $3.1 billion as of press time on May 21, while Masiyiwa’s net worth has dropped to $2.7 billion.

Motsepe’s net worth has increased from $2.9 billion at the start of the year to $3.1 billion at the time of writing, owing to a 6.1-percent increase in the share price of African Rainbow Minerals, the South African mining and minerals company that he founded in 1997.

In addition to other assignments at this year’s WEF Annual Meeting, the billionaire will also speak on, “Sport as a Unifying Force,” alongside Emir of Qatar Sheikh Tamim bin Hamad Al Thani, WEF Founder and Executive Chairman Klaus Schwab, and FIFA President Gianni Infantino.

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East Africa

Kenyan businessman John Kimani receives $1.2 million in dividends from agro-allied firm, Kakuzi

Kimani owns a 32.3-percent stake in Kenyan agricultural company.

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Kenyan businessman John Kimani.

Despite a double-digit decline in the profit of Kenya-based agro-allied company Kakuzi in 2021, Kenyan businessman and leading media mogul John Kimani was paid a dividend of Ksh139.3 million ($1.2 million) from his stake in the agricultural firm on Friday.

Kimani, one of the Nairobi Securities Exchange’s wealthiest investors, owns a 32.3-percent stake in Kakuzi, He also controls substantial equity positions in Centum Investments and Nation Media Group.

The $1.2-million dividend, which was paid into Kimani’s bank account on Fri., May 20, following shareholder approval at the group’s annual general meeting, was paid from the Ksh431-million ($3.7-million) payout approved by the company’s board based on its 2021 financial results.

At the end of 2021, Kakuzi’s board of directors proposed paying its shareholders a dividend of Ksh22 ($0.189) per share, a 22-percent increase from the Ksh18 ($0.154) per share paid last year, despite reporting a 48.6-percent drop in earnings from Ksh622.03 million ($5.43 million) in 2020 to Ksh319.74 million ($2.8 million).

The company’s 8.7-percent drop in revenue from Ksh3.61 billion ($31.5 million) to Ksh3.29 billion ($28.7 million) caused the earnings to decline, which did not prevent the company from increasing its dividend payout by 22 percent.

Kakuzi Chairman Nicholas Ng’ang’a assured shareholders that strategic plans had been activated to accelerate and enhance returns by diversifying the variety of produce delivered to domestic and global markets in an effort to reward shareholders with an even higher dividend payout in the coming years.

“We are part of a global marketplace and the products we produce often face stiff competition from producers in other countries. We, therefore, embarked on a very significant diversification program several years ago to ensure that Kakuzi is not dependent on any one crop,” Ng’ang’a said.

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