The Richest People In Africa 2013

Aliko Dangote
Aliko Dangote

AFRICANGLOBE – The combined fortune of Africa’s 55 billionaires is $143.88 billion. The average net worth of the members of this exclusive club is $2.6 billion, while the median age of the richest people in Africa is 65 years.

The oldest billionaires are Kenyan industrialist, Manu Chandaria, and Egyptian property tycoon, Mohammed Al-Fayed, both aged 84. The youngest billionaires are Mohammed Dewji of Tanzania and Igho Sanomi, a Nigerian oil trader. They are both 38 years old.

Nigeria, South Africa and Egypt lead the pack with the highest number of billionaires at 20, nine and eight respectively. Algeria, Angola, Zimbabwe and Swaziland only have one billionaire each.

In all, there are 10 African countries represented on the list. Three women made it into the rankings. The richest of them is Folorunsho Alakija, a Nigerian fashion designer and oil tycoon worth some $7.3 billion by our estimates. Isabel Dos Santos, an Angolan investor and the daughter of Angolan President, Eduardo Dos Santos, together with Mama Ngina Kenyatta, the widow of Kenya’s first President, also made the cut. Africa’s richest people derived their fortunes pursuing a variety of business endeavours including financial services, mining, construction, energy and retail.

1. Aliko Dangote $20.2 billion

Industry: Manufacturing

Country Of Citizenship: Nigeria

Age: 56 Marital

Status: Married

Africa’s richest man started building his fortune three decades ago after taking a business loan from his maternal uncle to begin trading in commodities such as flour, sugar, rice and cement. In the early 2000s, he started producing these items himself. His Dangote Group is now the largest manufacturing conglomerate in West Africa and owns sugar refineries, salt processing facilities, a beverage manufacturer and a string of cement plants across Africa.

In October 2012, Dangote sold a controlling stake in his flour milling company to Tiger Brands, a South African manufacturer of consumer goods. He pocketed $190 million from the sale. Dangote’s biggest asset is Dangote Cement, a $20-billion (market cap) cement manufacturer with operations in 14 countries and an annual production capacity of 30 million metric tonnes.

In June this year, South Africa’s Public Investment Corporation acquired a 1.5-percent stake in the company for $290 million. Dangote is also Africa’s most generous philanthropist. Within the last 12 months, he has given away over $100 million to causes ranging from youth empowerment to flood relief, religious causes and education. His younger brother, Sani Dangote, is Vice Chairman of Dangote Group.

2. Allan Gray $8.5 billion

Industry: Financial services

Country Of Citizenship: South Africa

Age: 75

Marital Status: Married

This media-shy South African moneyman controls two investment companies that collectively manage over $50 billion in assets. After Gray received an MBA from Harvard, he worked for eight years at Fidelity Management and Research in Boston before returning to Cape Town in 1973, when he founded Allan Gray Limited, now the largest privately owned asset manager in South Africa. It is also the most successful with assets under management at approximately $30 billion.

According to inside sources at the company, Allan Gray’s global mandate share portfolio has achieved an average annual return of 28 percent since 1974. Keys to success include rigorous research and the consistent application of Allan Gray’s ages-old and time-tested investment approach of buying heavily into companies whose share price is less than their intrinsic value.

Gray is also the founder of Orbis, an asset manager in Bermuda, which he founded in 1989. Orbis has over $21 billion under management. Gray’s son, William, is President of Orbis and equally serves as portfolio manager of the Orbis Funds. Gray and his family are the controlling shareholders of Allan Gray Limited and Orbis. In 2007, Gray endowed his Allan Gray Orbis Foundation with $130 million, the single largest charity gift in Southern Africa at the time. The foundation funds scholarships for poor but promising South African high school students.

3. Mike Adenuga $8 billion

Industry: Oil, telecoms

Country Of Citizenship: Nigeria

Age: 60

Marital Status: Married

Nigeria’s second richest man made his first fortune in his mid-twenties by distributing lace fabrics and Coca- Cola, and by handling lucrative government contracts during the regime of former Nigerian military President, Ibrahim Babangida. In the early nineties he founded Conoil Producing, an indigenous oil exploration and production outfit that was the first Nigerian company to strike oil in commercial quantities.

Today, Conoil Producing’s assets produce more than 100,000 barrels of crude a day. Adenuga’s other holdings include Globacom, a Nigerian mobile telecommunications network that boasts more than 25 million customers in Nigeria and Republic of Benin. He also owns a 74-percent stake in Conoil PLC, a petroleum marketing outfit listed on the Nigerian Stock Exchange.

Part Two