The American business magazine Forbes reported that the number of African billionaires shrunk to only 20 and that four people lost their billionaire status during 2018.
On the home front, the wealthiest man in South Africa is Nicky Oppenheimer with a net worth of $7.7 billion in 2018 down to $7.3 billion. Oppenheimer’s grandfather found the diamond mining firm DeBeers in 1888. He is also the third richest person in Africa.
The richest person in Africa is Aliko Dangote from Nigeria. He is worth approximately $10.3 billion but lost a chunk of money – about $2 billion – when the stock price of Dangote Cement plummeted.
He is followed closely – if one can use that word when discussing billions – by Nigeria’s Mike Adenuga, the founder of Globacom and Conoil Producing. Adenuga is worth an estimated $9.2 billion. The spike in his net worth is mainly due to inaccurate information used during previous reports.
While Nigeria occupies the two top spots on the list, the rest of it is dominated equally by South Africa and Egypt.
Those who didn’t make the billionaire cut this year include Aspen Pharmacare founder Stephen Saad, Assor Group’s Desmond Sacco and Shoprite investor Christoffel Wiese. From Egypt, Onsi Sawiris Egypt lost a heap of cash when the stock price of their main asset fell.
Other South African billionaires who made it to the list include Johann Rupert, who also had the worst year, in billionaire speak, that is. He dropped from a net worth of $7.1 billion down to $5.3 billion, a staggering 26.4% decline.
The other three are Koos Bekker with a net worth of $2.3 billion. He lost 17.9% of his riches last year, while Patrice Motsepe lost 4.2% when he went from $2.4 billion to $2.3 billion. Newcomer to the Top 20 Billionaires in Africa list is Michiel Le Roux, with a network of $1.1.
Despite their losses, the five wealthiest people in SA – Oppenheimer, Rupert, Bekker, Motsepe and Le Roux – are worth $18.3 billion, or R254 billion. That is, of course, while more than 50% of South Africans live under the breadline and approximately 10% have to survive on R15.85 per day.
The post South Africa down from seven billionaires in 2017 to five billionaires in 2018 appeared first on The South African.