Pan-African magazine: Africa has 55 billionaires
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I love seeing Africans get their hustle on, I need to start doing business in Africa as soon as possible.
LAGOS, Nigeria (AP) — A pan-African magazine says Africa has many more billionaires than previously reported, 55 of them worth more than $143 billion including a Nigerian said to be the richest black woman in the world.
"Move over, Oprah!" Ventures Africa says in its latest edition published this week.
Editor-in-chief Uzodinma Iweala said Tuesday the magazine's estimates are "on the conservative side."
The report predictably identifies Nigerian manufacturer Aliko Dangote as the richest African worth $20.2 billion, among 20 Nigerians listed.
Africa Ventures put the average net worth of Africa's billionaires at $2.6 billion and their average age at 65. 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 Nigerian oil trader Igho Sanomi, both 38 years old.
Nigeria, South Africa and Egypt had the highest numbers of the richest Africans, with nine in South Africa and eight in Egypt. It said Algeria, Angola, Zimbabwe and Swaziland only have one billionaire each. It identified billionaires in only 10 of Africa's 53 countries.
The magazine's survey surprised by identifying oil tycoon Folorunsho Alakija as the richest black woman in the world, saying that she is worth $7.3 billion.
Forbes magazine in its respected list had estimated Alakija's fortune at $600 million and Oprah Winfrey's worth at $2.9 billion.
The Forbes list of Africa's 40 Richest has only 16 billionaires including two Nigerians.
Last month, Forbes published a story describing Angolan President Jose Eduardo dos Santos' daughter, Isabel, as Africa's only female billionaire worth about $3 billion.
"I think being more rigorous and being closer to the ground makes it easier to figure out on a continent where information is not as readily available and things are not as transparent," Iweala explained in a telephone interview.
View gallery."
In this photo taken,Thursday, Feb. 21, 2013, Aliko …
In this photo taken,Thursday, Feb. 21, 2013, Aliko Dangote,said to be Africa's richest man attends a …
He said the Lagos-based magazine, which boasts it "champions African capitalism by celebrating African success, free enterprise and the entrepreneurial spirit," regularly collects information about rich Africans and dedicated three months to research spread across the continent.
Iweala said he was excited to find several Africans who have become wealthy through manufacturing and financial services showing "we're moving away from a continent that is just resource-based."
LAGOS, Nigeria (AP) — A pan-African magazine says Africa has many more billionaires than previously reported, 55 of them worth more than $143 billion including a Nigerian said to be the richest black woman in the world.
"Move over, Oprah!" Ventures Africa says in its latest edition published this week.
Editor-in-chief Uzodinma Iweala said Tuesday the magazine's estimates are "on the conservative side."
The report predictably identifies Nigerian manufacturer Aliko Dangote as the richest African worth $20.2 billion, among 20 Nigerians listed.
Africa Ventures put the average net worth of Africa's billionaires at $2.6 billion and their average age at 65. 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 Nigerian oil trader Igho Sanomi, both 38 years old.
Nigeria, South Africa and Egypt had the highest numbers of the richest Africans, with nine in South Africa and eight in Egypt. It said Algeria, Angola, Zimbabwe and Swaziland only have one billionaire each. It identified billionaires in only 10 of Africa's 53 countries.
The magazine's survey surprised by identifying oil tycoon Folorunsho Alakija as the richest black woman in the world, saying that she is worth $7.3 billion.
Forbes magazine in its respected list had estimated Alakija's fortune at $600 million and Oprah Winfrey's worth at $2.9 billion.
The Forbes list of Africa's 40 Richest has only 16 billionaires including two Nigerians.
Last month, Forbes published a story describing Angolan President Jose Eduardo dos Santos' daughter, Isabel, as Africa's only female billionaire worth about $3 billion.
"I think being more rigorous and being closer to the ground makes it easier to figure out on a continent where information is not as readily available and things are not as transparent," Iweala explained in a telephone interview.
View gallery."
In this photo taken,Thursday, Feb. 21, 2013, Aliko …
In this photo taken,Thursday, Feb. 21, 2013, Aliko Dangote,said to be Africa's richest man attends a …
He said the Lagos-based magazine, which boasts it "champions African capitalism by celebrating African success, free enterprise and the entrepreneurial spirit," regularly collects information about rich Africans and dedicated three months to research spread across the continent.
Iweala said he was excited to find several Africans who have become wealthy through manufacturing and financial services showing "we're moving away from a continent that is just resource-based."
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He found Africa's billionaires "very bullish on Africa: They believe this is the environment to make fortunes and to make changes ... they are not taking their money and running" abroad.
And he found Africa's richest people are becoming more transparent about their wealth and more formal in returning wealth to the community: "As people have more and more money we're seeing more and more foundations putting money back, and in a more structured way."
Alakija's Rose of Sharon Foundation helps support widows and orphans all over Nigeria, for instance.
According to Ventures Africa, the 61-year-old Alakija studied fashion design in London in the 1980s and returned home to set up Supreme Stitches, which became an exclusive label catering to a wealthy clientele including Mariam Babangida, wife of former Nigerian military dictator Ibrahim Babangida. In 1993, the Babangida regime gave Alakija a license to explore for oil in a block that has become one of the most prolific in the oil-rich country, producing some 200,000 barrels a day, according to the magazine.
It credited Alakija for holding on to her license and entering into a joint venture with an international oil exploration company at a time when many Nigerians given licenses, mainly military generals, sold them off to international oil firms.
Alakija fought a court case for more than a decade when a civilian government forcefully awarded itself a 50 percent interest in her company, after the field was confirmed in 2000 to hold reserves in excess of 1 billion barrels. A court last year voided the government's acquisition and returned the stake to Alakija's Famfa Oil, which she runs as a family business with her husband and four sons.
Ventures Africa said the value of Alakija's 60 percent stake in the block, based on recent sales in Nigeria, is between $6.44 billion and $8.3 billion.
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If country don't have running water, healthcare facilities, schools and electricity I don't give a ? .
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If country don't have running water, healthcare facilities, schools and electricity I don't give a ? .
African NATIONS are working on all that and when they do get it you'll still have something negative to about africa. But the future will be bright for africa no matter what. -
All the countries named are some of the most modern...Of course there's still rural/village states...But they all have bustling cities with modern infrastructures...I'd be more concerned about what's going on in the other 43...
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If country don't have running water, healthcare facilities, schools and electricity I don't give a ? .
A positive story and you bring nothing but angst bruh chill. Every nation take time to develop and it's food to hear Africans making power moves despite the mishaps that come with being a young developing nation. For the record though, Africa has schools and Africans are much smarter and learn faster than Americans(so do almost every other nation aswell), they do have some electricity depending on what cities in sub-Africa you go to.
Anyway I got a feeling that African nation will do nothing but grow, I need to get my ass over there I got some plans to make them even more closer to first world.
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Upon further observation, at least 6 of these billionaires is a cracka and one is an (non-Black) Arab *scust*..
For example..
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.
http://www.ventures-africa.com/2013/10/richest-people-africa-2013/
I can't front though, I got happy as ? thinking all of the 55 billionaires were Black.. but at least the richest African is a Black Nigerian.. -
Great news for the motherland. Very happy to hear all this, as I'm planning on making a trip to Africa sometime next year. I want to see the progress Africa is making first hand, although of course, there is still a lot more work to be done
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If country don't have running water, healthcare facilities, schools and electricity I don't give a ? .
Too many parts of Africa are still not doing good obviously, and I wonder how the average African is doing. But if there are that many Black African billionaires in Africa now (most of the people on the Forbes list were Black), then things HOPEFULLY will continue to improve. My real concern about there though is the hyper growth in the birth rate, my fear is that too many people there are having kids they cannot afford. But it's a start for sure -
going to be honest: stuff like this makes me wonder how accurate the figures areGreenCapitalist90 wrote: »The magazine's survey surprised by identifying oil tycoon Folorunsho Alakija as the richest black woman in the world, saying that she is worth $7.3 billion.
Forbes magazine in its respected list had estimated Alakija's fortune at $600 million and Oprah Winfrey's worth at $2.9 billion.
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DMTxCannabis wrote: »Upon further observation, at least 6 of these billionaires is a cracka and one is an (non-Black) Arab *scust*..
For example..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.
http://www.ventures-africa.com/2013/10/richest-people-africa-2013/
I can't front though, I got happy as ? thinking all of the 55 billionaires were Black.. but at least the richest African is a Black Nigerian..
That's 6 out of 55 bruh! Cheer up!!!!
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Infamous.H_G_C wrote: »DMTxCannabis wrote: »Upon further observation, at least 6 of these billionaires is a cracka and one is an (non-Black) Arab *scust*..
For example..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.
http://www.ventures-africa.com/2013/10/richest-people-africa-2013/
I can't front though, I got happy as ? thinking all of the 55 billionaires were Black.. but at least the richest African is a Black Nigerian..
That's 6 out of 55 bruh! Cheer up!!!!
Exactly and contrast that with only having one black billionaire in the states and people go crazy over Oprah, black american ? will always find ways to be negative about something.
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Africa still has a ways to go, but at least we have more resources, potential, and billionaires than some Eastern European countries or Australia. There are many more opportunities in Africa then those countries, native Africans just need to capitalize on it.
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Markus Garvey wrote: »Africa still has a ways to go, but at least we have more resources, potential, and billionaires than some Eastern European countries or Australia. There are many more opportunities in Africa then those countries, native Africans just need to capitalize on it.
So we comparing a continent to a few countries? That's like how the entire south is always compared to one city.. -
I didn't mean to sound negative, but something about White African Billionaires ? me off..Infamous.H_G_C wrote: »DMTxCannabis wrote: »Upon further observation, at least 6 of these billionaires is a cracka and one is an (non-Black) Arab *scust*..
For example..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.
http://www.ventures-africa.com/2013/10/richest-people-africa-2013/
I can't front though, I got happy as ? thinking all of the 55 billionaires were Black.. but at least the richest African is a Black Nigerian..
That's 6 out of 55 bruh! Cheer up!!!! -
I'm working on being the next one
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Ironically, the vast majority of Africa's billionaires are non-black Arabs situated in the northern tier near the Middle East region, which doesn't exactly make me swell with pride. Good for the Arabs, though. With that being said, Africa's single richest man is a Black African - Aliko Dangote - I am not familiar with his surface involvements ( either investments or manufacturing ). Good for him.
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For anyone truly interested in enterprising and opportunities abroad - South America, Southeast Asia, and East Africa are ripe for investments from real estate to mining to manufacturing. I say, strike while the iron is hot. The exchange rates are highly favorable to Western investors looking for the next big market.
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The fact that Africa is automatically associated with "black" is actually funny...It's half way conditioning...We're not taught to think of it as a widely diverse continent...Just a jungle where all the ? came from...
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"I think I'm Big Meech, Mansa Musa"
I'm trying to be ? rich out here
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Came in feeling it would be some trickery and the billionaires wouldn't be the type of Africans I would imagine. Especially with South Africa.
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A1000MILES wrote: »The fact that Africa is automatically associated with "black" is actually funny...It's half way conditioning...We're not taught to think of it as a widely diverse continent...Just a jungle where all the ? came from...
Not necessarily...calling it "black" doesnt have to undermine its diversity...its blackness is very broad and very diverse within itself. And its evident -
55 Billionaires and 200 million poor. smdh
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55 Billionaires and 200 million poor. smdh
America was there at one point more or less. Dont let the glossed over story of usa's history let u think otherwise. ? up to nonexistant infrastructure in a lot of locations, famine , lack of adequate schools. Deadly child labor...? health care...wars ...extreme inequality..slums...we can go on and on. America was a third world country before that term was even coined...but america's image is handled more delicately than other nations, for obvious reasons...so that will not be allowed to sink in as the predominant image of this nation's history
Say all that to say america got past all that, so can and so will africa. Most african nations arent even 100 years old yet. How was life for the average white, let along black or any other person in america after usa aged 100 years?
Keep reality and history in perspective....this ? takes time -
Africans should be richer than them saudi arabia ? diamonds and gold ? it.
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I Self Lord & Master wrote: »55 Billionaires and 200 million poor. smdh
America was there at one point more or less. Dont let the glossed over story of usa's history let u think otherwise. ? up to nonexistant infrastructure in a lot of locations, famine , lack of adequate schools. Deadly child labor...? health care...wars ...extreme inequality..slums...we can go on and on. America was a third world country before that term was even coined...but america's image is handled more delicately than other nations, for obvious reasons...so that will not be allowed to sink in as the predominant image of this nation's history
Say all that to say america got past all that, so can and so will africa. Most african nations arent even 100 years old yet. How was life for the average white, let along black or any other person in america after usa aged 100 years?
Keep reality and history in perspective....this ? takes time
I agree bro although the birth rate is still too high to sustain the growth. Not long ago Europeans were stealing trillions from Africa, so hopefully within a few generations, Africa can grow the way we all want it to
