Aliko Dangote and Johann Rupert remained the richest people in Africa in 2023, according to the latest Forbes ranking released recently.
Aliko Dangote: £13.5 billion (Nigeria)
Once again, Nigeria billionaire, Aliko Dangote leads the list of Africa’s richest men. The founder of Dangote Group has held on to the top spot for more than eight years. His cement factory is the largest in Africa with operations in ten countries across Africa.
Dangote has also ventured into oil and gas production with his ambitious oil refinery in Lagos which will be the world’s largest oil refinery in a single production.
Johann Rupert and Family: $10.7 billion (South Africa)
Johann Rupert is the eldest son of business tycoon Anton Rupert. He is the chairman of the Swiss-based luxury goods company Richemont and the South Africa-based company Remgro. His business interest is within Retail and Fashion. Johann was also reported to inherit diamond from his late father.
Nicky Oppenheimer: $8.4 billion (South Africa)
Nicky Oppenheimer was formerly the chairman of De Beers’ diamond mining company. Born in 1945 to a German Jewish father. In 2012, Oppenheimer sold his family’s 40% stake in De Beers, the world’s biggest diamond producer for $5.2 billion in cash. Nonetheless, the billionaire still maintains private equity investments across Africa, Asia, the US and Europe.
Abdul Rasheed Rabiu: $7.6 billion (Nigeria)
Abdulsamad Rabiu is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate. In early January 2020, Rabiu merged his privately-owned Obu Cement company with the listed firm Cement Co. of Northern Nigeria, which he controlled.
The combined firm, called BUA Cement Plc, trades on the Nigerian stock exchange; Rabiu owns 98.2% of it. Just like his kinsman, Aliko Dangote, Abdulsamad Rabiu also have an oil refinery which is under construction in oil-rich Akwa Ibom State.
Nassef Sawiris: $7.2 billion (Nigeria)
Nassef Sawiris is an investor and a scion of Egypt’s wealthiest family. His most valuable asset is a nearly 6% stake in sportswear maker Adidas.
To everyone’s surprise, in December 2020, he acquired a 5% stake in New York-listed firm Madison Square Garden Sports, the mother company of the NBA Knicks and the NHL Rangers teams. Nassef also has a stake in cement giant Lafarge Holcim.
Mike Adenuga: $5.6 billion (Nigeria)
Adenuga who is Nigeria’s third richest man built his fortune in telecom and oil production. He is the founder of Globacom with more than 55 million subscribers. His oil company, Conoil operates 6 oil blocks in Niger Delta.
He was reported to have made his first million at age 26 selling lace cloth and distributing soft drinks.
Issad Rebrab and Family: $4.6 billion (Algeria)
Issad Rebrab founded Cevital, Algeria’s biggest privately-held company, serving as the CEO for more than 50 years. The company owns one of the largest sugar refineries in the world, with the capacity to produce 2 million tons a year.
Cevital also owns European companies, including French home appliances maker Groupe Brandt, an Italian steel mill and a German water purification company. Isaac Rebrab was jailed for 8 months for corruption and released in 2020. He denied any wrongdoing after his release.
Naguib Sawaris: $3.3 billion (Egypt)
Naguib Sawiris is a scion of Egypt’s wealthiest family. His brother Nassef is also a billionaire. He built a fortune in telecom, selling Orascom Telecom in 2011 to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction.
Through his Media Globe Holdings, Sawiris owns 88% of the pan-European pay TV and video news network Euronews.
Patrice Motsepe: $3.1 billion (South Africa)
Patrice Motsepe is the founder and chairman of African Rainbow Minerals. He became a billionaire in 2008. In 2016, he launched a private equity firm, African Rainbow Capital, focused on investing in Africa.
In March 2021, Motsepe was elected president of the Confederation of African Football, the sport’s governing body on the continent.
Mohamed Mansour: $2.8 billion (Egypt)
Mohamed Mansour oversees the family conglomerate Mansour Group, which was founded by his father in 1952. The company has 60,000 employees.
Mansour established General Motors dealerships in Egypt in 1975, later becoming one of GM’s biggest distributors worldwide.
He served as Egypt’s minister of transportation from 2006 to 2009 under the Hosni Mubarak regime.
Jeff Bezos Trails Elon Musk in Top 10 Richest People Ranking with $195 Billion
As of the latest data, the 10 richest people in the world wield extraordinary financial influence, their net worth reflecting the dynamic nature of wealth accumulation and distribution.
Topping the list is Elon Musk, the enigmatic CEO of Tesla and SpaceX, with a total net worth of $200 billion. Despite recent fluctuations, Musk remains a formidable force in technology and innovation, driving advancements in electric vehicles and space exploration.
Following closely behind is Jeff Bezos, the visionary founder of Amazon, whose total net worth stands at $195 billion. Bezos continues to redefine e-commerce and venture into ambitious projects like Blue Origin, aiming to revolutionize space travel.
Bernard Arnault, the French magnate behind LVMH Moët Hennessy Louis Vuitton, occupies the third spot with a net worth of $185 billion. As a titan in the luxury goods industry, Arnault’s empire encompasses iconic brands synonymous with style and opulence.
Mark Zuckerberg, the pioneering mind behind Facebook (now Meta Platforms, Inc.), ranks fourth with a net worth of $165 billion. Despite recent controversies, Zuckerberg remains a central figure in social media and technology, shaping the digital landscape.
Rounding out the top five is Bill Gates, the co-founder of Microsoft, with a net worth of $145 billion. Gates’ philanthropic endeavors through the Bill & Melinda Gates Foundation have made a profound impact on global health and education.
Steve Ballmer, Larry Ellison, Larry Page, Warren Buffett, and Sergey Brin complete the list of the world’s wealthiest individuals, each contributing to diverse industries and sectors with their immense financial resources.
As the global economy continues to evolve, the fortunes of these individuals serve as a testament to the power of innovation, entrepreneurship, and strategic investment in shaping the modern world.
MacKenzie Scott Sells Off $10.4 Billion Worth of Amazon Shares
MacKenzie Scott, the former wife of Amazon founder Jeff Bezos, has sold off $10.4 billion worth of Amazon shares, constituting approximately 25% of her stake in the company.
According to a regulatory filing, Scott disposed of 65.3 million shares in Amazon.com Inc. last year, further diminishing her ownership in the tech giant.
Since her divorce from Jeff Bezos in 2019, Scott has emerged as one of the world’s most prominent philanthropists.
Despite having held around 4% of Amazon’s shares post-divorce, her charitable endeavors have significantly reduced her stake over the past few years.
Notably, Amazon remains the primary contributor to her estimated $37.6 billion net worth as reported by the Bloomberg Billionaires Index.
Scott’s remarkable generosity extends far beyond divesting her Amazon holdings.
Over the past year alone, she has donated more than $16.5 billion to a diverse array of charitable organizations, underscoring her commitment to addressing various social issues.
Through her philanthropic efforts, Scott aims to make a tangible difference in the lives of individuals and communities in need.
In 2019, Scott affirmed her dedication to philanthropy by signing the Giving Pledge, a commitment undertaken by billionaires to donate the majority of their wealth to charitable causes.
Her approach to philanthropy reflects a deliberate and thoughtful strategy aimed at maximizing positive impact while advocating for social change.
While Scott remains steadfast in her philanthropic mission, Amazon founder Jeff Bezos, whose net worth stands at $184.1 billion, has yet to formally commit to the Giving Pledge.
However, he has expressed his intention to give away a significant portion of his wealth in the future, echoing Scott’s altruistic endeavors.
Femi Otedola Invests N6 Billion in Dangote Cement
Billion Femi Otedola has reportedly acquired shares worth N6 billion in Dangote Cement Plc, according to a Premium Times report.
Citing an anonymous source, Otedola purchased the shares in his name.
Dangote Cement Plc is the largest cement manufacturer in Sub-Saharan Africa and toppled Airtel Africa Plc as the most capitalised listed company in Nigeria.
In the last year, Dangote Cement has returned 81.4 percent with 17.04 billion outstanding shares.
Mr Otedola holds the majority stake in the power-generating company Geregu Power Plc, whose market value currently stands at N1.2 trillion.
In 2021, the billionaire purchased a substantial stake in FBN Holdings, the parent company of Nigeria’s oldest commercial bank First Bank.
Presently, the billionaire holds a 5.57 percent stake in FBN Holdings, where he is the chair of the board of directors, according to the lender’s 2022 audited earnings report.
FBN Holdings recently surpassed the N1 trillion price mark in market value before shedding 2.53 percent on Thursday to close at N967.4 billion.
In April 2022, Mr Otedola purchased 2.6 billion or 6.3 percent shares of Transnational Corporation of Nigeria to become the top shareholder of the conglomerate.
However, Tony Elumelu, the biggest shareholder of United Bank for Africa quickly struck a secret deal with the billionaire to reclaim his ownership in the company and has since doubled down on acquisition to avoid a similar thing in the future.
Elumelu’s stake in the company rose from 2.07 percent to 25.9 percent to retain his place on the top spot of Transcorp’s ownership ladder.
Billionaire Watch4 weeks ago
MacKenzie Scott Sells Off $10.4 Billion Worth of Amazon Shares
Naira4 weeks ago
Dollar to Naira Black Market Exchange Rate January 26th, 2024
Fintech4 weeks ago
Opay’s Deadline Looms: Users Urged to Update BVN and NIN to Avoid Transaction Restrictions
Forex4 weeks ago
Dollar to Naira Black Market Exchange Rate January 25th, 2024
Forex3 weeks ago
Dollar to Naira Black Market Exchange Rate February 1st, 2024
Company News3 weeks ago
UAC Posts N12.7 Billion Profit Before Tax in 2023
Forex3 weeks ago
Dollar to Naira Black Market Exchange Rate February 2nd, 2024
Banking Sector3 weeks ago
CBN Accuses Banks of Hoarding $5 Billion in Foreign Currencies