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Nigerian Billionaires Most Prominent on African Rich List

Diamond-Collection-By-Fol-010Nigeria has more billionaires than any other country in Africa, including the continent’s wealthiest man and the world’s richest black woman, according to a ranking published this week.

The collective wealth of Nigerians on the rich list compiled by Ventures Africa, a business magazine that “champions African capitalism,” stands at $77.7bn (£49bn), more than double that of South Africans and almost as much as the rest of the continent’s billionaires combined.

This year Nigeria overtook South Africa to become the biggest African economy after a sharp rise in its estimated GDP, partly based on new sectors including telecommunications, manufacturing and the Nollywood film industry.

The two African giants are often seen as arch-rivals and there have been a series of diplomatic flashpoints, most recently when an estimated 81 South Africans were killed by the collapse of a church guesthouse in Lagos in September.

Nigerians’ dominance of the Ventures Africa rich list will do nothing to quell South African anxieties that the country is losing its long-assumed pre-eminence on the continent and missing out on the “Africa rising” phenomenon that has seen spectacular economic growth in many nations over the past decade.

Of 55 billionaires in Africa, Nigeria boasts 23 while South Africa and Egypt each have eight. Their net worth totals $161.7bn, up 12.4 percent from $143.8bn on Ventures Africa’s first list in 2013. Of five new billionaires added this year, four are Nigerian.

Aliko Dangote, founder of Africa’s biggest industrial conglomerate, Dangote Group, remains the continent’s richest man. His net worth has grown to $25.7bn in 2014, a 21% rise from his $20.2bn valuation in 2013.

Second is his compatriot Mike Adenuga, worth $8bn, owner of the Globacom telecommunications company, which has about 30 million subscribers across West Africa. The highest ranking South African, and third overall, is Johann Rupert, chairman and biggest shareholder of the Swiss-based luxury goods company Compagnie Financière Richemont SA.

Read more at: theguardian.com

What people are saying

6 thoughts on “Nigerian Billionaires Most Prominent on African Rich List

  1. There is money in this country Nigeria.

  2. This should be a wake up call to all of the anti-American, anti-Capitalism members of Congress and our president. Nigeria is a prime example that Capitalism, not Socialism or Communism build individual wealth. The reason South Africa doesn't have any billionaires is because they have a Socialist economy and a Communist Run Government. The AFA is as communists as the old Soviets were. The other big economy killers are Dictatorships like Zimbabwe. Until Robert Mugabe came along Zimbabwe (Rhodesia) was the bread basket of Africa. Once strongman Mugabe took control and started governing as a Dictator, persecuting White Farmers, taking their land and murdering their families, the farm production died off and poverty took over. Now the Country is in abject disarray and has to import most of its food. Black Americans should embrace Capitalism, encourage Obama to rescind the thousands of anti-capitalist regulations erected the past six years and make it easier for all people to be able to open new businesses. Obama has passed so many regulations it's nearly impossible to start a small business and make a profit. This doesn't just hurt Whites, it hurts everybody. It's a shame that the first Black President has hurt the Black Family most of all with increased unemployment, lower wages and higher healthcare costs. Now Obama wants to give amnesty to 30 million illegal immigrants while leaving the borders wide open for millions more to come in. These people are mostly low-skilled, uneducated workers who will depress wages even more and take jobs away from Black Men and teenagers. Amnesty will be a travesty for Blacks and for the entire Country by stealing jobs and putting a strain on Social Services so many poor families depend on to survive.

  3. I reserve my comment…

  4. Donny Scott Breal says:

    @robert marcus. Is this at the expense of the people? Individual wealth? Africans are not gaining if a few are profiting and the masses suffering. That's the same old story just a new take on it.

  5. Donny Scott Breal says:

    @robert Marcus. Concerning what you said about Obama and the USA I agree.

  6. Baba Dele says:

    There is wealth every where as long as no restrictions by the powerful over the weak. Leave the plain field open and everybody will find his or her level. The billionaires in Nigeria are agents of foreign colonialists and financiers to help propagate their wares in the large population. Leave the room open and let free commerce reign as long as one person is NOT the only person allowed to import certain goods and banning others. And again giving minerals extraction rights to foreigners and killing indigenes for certain percentage does not help in developing technological knowhow of the locals. We are paper engineers, doctors and professionals that does not have practical manufacturing skills only importing everything from China and other western countries. Implement participation of locals in the infrastructure development and industries so we can develop our own technologies for export at least to other African countries – Then you will see how fast Nigeria will be GREAT.

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