Large African economies dominate dollar billionaire list but not a single Kenyan

Dollar billionaire list, large African economies dominate the list but not a single Kenyan, despite Kenya considered among the biggest economies in Africa.

African countries with big economies, such as South Africa had (five), Nigeria had three), Morocco had two), and Zimbabwe had one.

The majority of Africa’s billionaires derive their wealth from commodities and natural resources, which Kenya lacks in plenty.

According to the Oxfam research, 19 Africans made dollar billionaire list with a collective net worth of $73.4 billion (Sh8.3 trillion), up $8 billion (Sh904 billion) since the COVID epidemic began in March 2020.

Nigerian Aliko Dangote is Africa’s wealthiest individual, with $13.5 billion (Sh1.5 trillion) in assets derived from cement production, sugar and salt mills, mining, logistics, and energy.

Egypt’s Nassef Sawiris, owner of Orascom Construction and other interests in the fertiliser, sportswear, and cement sectors, comes in second with $8.2 billion.

Nicky Oppenheimer, a South African, is the third wealthiest African, having amassed $7.9 billion via the sale of his family’s interest in the De Beers diamond mining corporation in 2012.

Globally, Elon Musk, the CEO of Tesla, was worth $292 billion, Jeff Bezos, the chairman of Amazon, was worth $193 billion, and Bernard Arnault, a French businessman, was worth $180 billion. 

With net worths of $138 billion, $128 billion, and $126 billion, Bill Gates, Larry Page, and Mark Zuckerberg are ranked fourth, fifth, and sixth, respectively.

In the Oxfam International report, Sameer Naushad Merali and Bhimji Depar Shah are Kenya’s top tycoons, with fortunes of $790 million (Sh89.6 billion) and $750 million (Sh85 billion), respectively.

In the list is alsoJaswinder Singh Bedi ($680 million/Sh77.1 billion), the Kenyatta family, $530 million (Sh60 billion), and Mahendra Rambhai Patel ($430 million/Sh48.7 billion).

Kenya has 1,755 people with a net worth of more than $5 million (Sh567 million), with a total wealth of $37.1 billion (Sh4.2 trillion), accounting for 41% of the country’s GDP.

Kenya’s status as one of the world’s most unequal nations is highlighted by this concentration of wealth among a few individuals, with a 2020 Kenya National Bureau of Statistics study revealing that more than 24 million Kenyans live in poverty.

As a result, the country’s wealth barrier for being considered among the top one percent is significantly lower.

Also read,

Top five richest Kenyans, Uhuru Kenyatta listed number 4, Oxfam Report 2021

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