Nigeria’s Aliko Dangote Named Africa’s Wealthiest

Forbes magazine list names Africa’s 40 richest people.

Posted: 11/19/2011 11:26 AM EST
Filed Under Africa, Economy

Forbes magazine’s inaugural ranking of Africa’s 40 richest revealed Nigeria’s cement king, Aliko Dangote, as the top earner. Dangote’s net worth was ranked at $10.1 billion.


Dangote’s publicly-traded cement empire, Dangote Cement, is the largest company on the Nigerian Stock Exchange. With operations across Africa, Dangote, 54, recently announced the construction of a $4 billion cement facility in the Ivory Coast. He is also a manufacturer of commodities such as sugar and flour and is one of 16 billionaires named on the list.


Coming in second was South African diamond trader Nicky Oppenheimer ($6.5 billion), 66, followed by Egypt’s construction magnate Nassef Sawiris, 50, ($4.75 billion); South African luxury goods titan Johann Rupert, 61, ($4.7 billion); and Nigerian oil tycoon Mike Adenuga, 58, ($4.3 billion). Rounding out the top 10: Morocco’s real estate leader Miloud Chaabi, 82, ($3 billion) at sixth on the list, followed by Egypt’s telecom giant Naguib Sawiris, 57, ($2.9 billion); South African retailer Christoffel Wiese, 70, ($2.7 billion); Egypt’s telecom and construction leader Onsi Sawiris, 81, ($2.6 billion); and finally South Africa's mining goliath Patrice Motsepe, 49, ($2.5 billion).


Intentionally excluded from the rankings were Africa’s dictators, including former Egyptian President Hosni Mubarak, whose net worth was estimated in the 9 to 10 figure range, according to the magazine. “Forbes has long separated rulers and dictators from our annual rankings of the World’s Billionaires, distinguishing between personal, entrepreneurial wealth and wealth derived largely from positions of power, where lines often blur between what is owned by the country and what is owned by the individual,” the magazine reported. In addition, not a single woman was featured on the list.

(Photo: MIKE HUTCHINGS/Reuters /Landov)