African richest billionaires lose a combined $3.1 billion in the past 12 months; Forbes
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The African richest billionaires are worth an estimated $81.8 Billion – down from the $84.9 billion that 18 African billionaires had in the last year
The African richest billionaires are worth an estimated $81.8 Billion – down from the $84.9 billion that 18 African billionaires had in the last year.
Africa’s wealthiest people shed a combined $3.1 billion in the past 12 months, following a global decline for markets in 2022. As a group, the continent’s 19 billionaires are worth an estimated $81.8 billion – down from the $84.9 billion that 18 African billionaires had 12 months ago.
The 3.6% dip in the 2023 Forbes ranking follows a jump of 15% last year on the back of soaring stock prices from Nigeria to Zimbabwe.
African billionaire fortunes faded in sync with equity values around the world, with the S&P All Africa index dropping more than 20% in the first nine months of 2022, before starting a late-year rally that left the index down just 3% over the past 12 months.
The fortune of Nigeria’s Alike Dangote, Africa’s richest person for the 12th year in a row, fell $400 million to $13.5 billion.
South African luxury goods magnate Johann Rupert held onto the No. 2 spot with $10.7 billion, down from $11 billion in 2022 as shares of his Compagnie Financiere Richemont – maker of Cartier watches and Montblanc pens – clawed back much – but not all – of last year’s decline.
South African Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo American a decade ago, ranks No. 3, worth an estimated $8.4 billion.
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This year’s list sees the return of South Africa’s Christoffel Wiese, who lands at No. 18 with $1.1 billion.
Wiese, who was worth more than $6 billion after he sold his bargain retailer, Pepkor, to Steinhoff International for $5.7 billion in 2015, lost his billionaire status two years later when an accounting scandal cratered Steinhoff’s stock.
He sued, and in March 2022 collected 7 billion South African rand (about $400 million) from Steinhoff in cash and shares totaling about 5% of publicly traded Pepkor.
South Africa now has five billionaires, the most of any African country, followed by Egypt with four and Nigeria with three.
Altogether billionaires from seven African countries made the list.
Forbes used stock prices and currency exchange rates from January 13, 2023, to measure the net worth.
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