
Audio By Carbonatix
Africa has two new billionaires on the block, both of whom are black.But Africa's richest men, according to the Forbes rich list, remain two white South Africans who inherited their wealth.They have now been joined by a Nigerian industrialist who seems to be in every industry going and a black South African mine magnate.
But with only four entries on the list Africa remains the continent
with the fewest mega-rich citizens.You need at least $1.3bn to get in, and there are currently 1062 on the list.New entrant Aliko Dangote is Nigerian and has built a $3.3bn fortune from a loan from his uncle.In a little over 25 years, Mr Dangote has built an empire that includes the number one sugar production company in the country, a cement factory and a virtual monopoly on the production of pasta in Nigeria.His company bought two refineries in the last days of the regime of Olusegun Obasanjo, but the sale was cancelled by the new president Umaru Yar'Adua, after allegations that due process was not followed.Last year Mr Dangote told the BBC about his close connections with government."If we don't have the right people there then [all the] money I have is useless. If the country turns into another Zimbabwe, for example, then I will become a poor person," he said.The second newcomer is South African Patrice Motsepe.
The lawyer, who bought several unprofitable gold mines and turned them round, now has a fortune of $2.4bn.Born in the township of Soweto, he moved from being the first black partner at Bowman Gilfillan law firm in Johannesburg to running a mining contract firm after Apartheid collapsed.His African Rainbow Minerals now has annual sales of $875 million.
Forbes says Mr Motsepe took full advantage of the Black Economic Empowerment laws that require mining firms to be over a quarter black-owned.Two white South Africans remain on the list:
Nicky Oppenheimer and family own De Beers and are worth $5.7bn.Johann Rupert and his family head Swiss luxury goods group Richemont.This includes the Cartier label and their fortune has dipped to $3.8bn.Source: BBC
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Uganda confirms 2027 AFCON dates
36 seconds -
40 convicted in Northern Region crime crackdown
45 seconds -
‘We’re days away from parts of the world experiencing actual shortages:’ Eric Nuttall on energy
11 minutes -
‘I’m Obroni in every country’ – Coco Blasian on music, survival and making Accra home
12 minutes -
IMANI wants NIC to probe possible conflicts of interest in reinsurance arrangements
24 minutes -
First Atlantic Bank strengthens balance sheet as net interest income surges 67%
28 minutes -
Choplife Gaming donates to Korle Bu Radiotherapy unit for Women’s Week 2026
29 minutes -
Would President Mahama have reduced cocoa prices if this were an election year ? – Annoh Dompreh asks
32 minutes -
Passion, not survival, should drive career choice – Dr Kofi Annan
32 minutes -
Climate change, pollution and overfishing push White Volta fishermen to the brink
33 minutes -
IMANI demands review of SIGA directive steering SOEs toward SIC placements
38 minutes -
Climate change and pollution threaten livelihoods of White Volta fishermen
46 minutes -
First Atlantic Bank targets regional growth and digital expansion in 2026
49 minutes -
Bond market: Turnover surges 559.42% to GH¢2.49bn
53 minutes -
Dagomba line residents begin rebuilding after Easter Monday inferno
53 minutes