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Richest People in Africa 2013 List

Ventures Africa magazine has released their list of the top 10 Richest People in
Africa 2013.
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.
See the full list after the cut...

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.

4. Folorunsho Alakija
$7.3 billion
Industry: Oil
Country Of Citizenship: Nigeria
Age: 62
Marital Status: Married
Africa's richest woman sits atop Famfa Oil, a Nigerian oil company that owns a 60-
percent stake in OML 127, one of Nigeria's most prolific oil blocks located at
Nigerian offshore Agbami deepwater field. Daily production at OML 127 stands at
over 200,000 barrels per day. Alakija studied fashion design in England in the
eighties, returning to Nigeria to found Supreme Stitches, a Nigerian fashion label
which enjoyed patronage from the more successful women in Nigerian high society.
One of her clients was Maryam Babangida, the wife to former Nigerian military
President, Ibrahim Babangida. Alakija is believed to have ridden on the crest of this
relationship to acquire an oil block in 1993 at a relatively inexpensive price. Famfa
immediately entered into a joint venture agreement with Star Deep Water Petroleum
(a subsidiary of Chevron and Brazil's Petrobas), ceding a 40-percent stake to the
two companies. Famfa owned a 60-percent interest in the block until 2000, when
the incumbent Nigerian president, Olusegun Obasanjo, forcefully acquired a 50-
percent stake in the block, transferring it to the Nigerian National Petroleum
Corporation – a government-owned oil company. Famfa Oil immediately went to
court to challenge the acquisition in a case that dragged on for 12 years. In May
2013, the Nigerian Supreme court reinstated the 50-percent stake to Famfa Oil.
Alakija also owns $200-million of real estate in the United Kingdom.

5. Nicky Oppenheimer
$6.5 billion
Industry: Mining, investments
Country Of Citizenship: South Africa
Age: 68
Marital Status: Married
Diamonds are not forever. In November 2011, Nicky Oppenheimer made the
momentous decision to sell off his family's stake in De Beers, the world's largest
diamond producer, to mining behemoth Anglo American. The landmark $5.1-billion
deal ended the Oppenheimer family's eight-decade control of De Beers, which
began when Nicky's grandfather, Sir Ernest Oppenheimer, took over the firm in 1927
and consolidated the company's global monopoly over the world's diamond
industry. In 2011, E Oppenheimer & Sons, the family-owned investment firm which
Nicky controls, partnered with Temasek, the investment firm of the Government of
Singapore, to form Tana Africa Capital, a $300-million private equity fund that
invests in the fast moving consumer goods (FMCG) and agriculture sectors.

6. Johann Rupert
$6.1 billion
Industry: Luxury goods and retail
Country Of Citizenship: South Africa
Age: 63
Marital Status: Married
Johann Rupert is the chairman of Swiss-based luxury goods company, Compagnie
Financière Richemont SA, which owns premium brands such as Cartier, Dunhill,
IWC Schaffhausen, Piaget and Vacheron Constantin, among many others. It is the
sixth largest company on the Swiss stock exchange and the third largest luxury
goods company in the world. Johann's father, Anton Rupert, founded a small
cigarette manufacturing operation, Rembrandt, in his garage in 1941 with a £10-
investment. Rembrandt became incredibly popular among young South African
smokers and by the 1950s, was already one of the leading tobacco firms in the
continent. Anton, ever the visionary, diversified from tobacco into the industrial and
luxury branded goods sectors, splitting Rembrandt into two divisions: Remgro (an
investment company with financial, mining and industrial interests) and Richemont
(the Swiss-based luxury goods group). Johann is chairman and the largest
individual shareholder in both companies. He also owns two of South Africa's best-
known vineyards, Rupert & Rothschild and L'Ormarins, and founded the
Franschhoek Motor Museum, which houses his personal collection of over 200
antique motor vehicles.

7. Nassef Sawiris
$5.2 billion
Industry: Construction
Country Of Citizenship: Egypt
Age: 53
Marital Status: Married
Nassef Sawiris is the youngest of the three sons of Egyptian billionaire and founder
of the Orascom conglomerate, Onsi Sawiris. He heads Orascom Construction
Industries (OCI), one of the largest companies in the North Africa region. In January
this year, Nassef announced that OCI was exchanging all global depositary receipts
of the company for newly issued shares of OCI NV on the NYSE Euronext in
Amsterdam or in exchange for cash. A consortium of investors, including Microsoft
founder Bill Gates, provided the $1 billion in fresh capital required to pay off
investors. The overwhelming majority of the shareholders accepted the buyout offer,
which subsequently led to the company's delisting on the EGX. Nassef also serves
as a director at Lafarge, the French cement giant, and the Dubai international
Financial Exchange.

8. Gilbert Chagoury & Family
$4.2 billion
Industry: Construction
Country Of Citizenship: Nigeria
Age: 67
Marital Status: Married
The Nigerian-Lebanese industrialist and diplomat is a co-founder of the Chagoury
Group, a large, multi-faceted Nigerian conglomerate with interests in
manufacturing, construction, real estate, hospitality and healthcare. Gilbert was
born in 1946 in Lagos by Lebanese immigrant parents. After studying at the College
des Freres Chretiens in Lebanon, he returned to Nigeria where he kick-started his
business career. In 1971 he started GrandsMoulins du Bénin Flour Mills, a milling
company in Cottonou, Republic of Benin, which formed the foundation of the
Chagoury Group. Today, the Chagoury Group owns five flour-milling companies in
Nigeria and Republic of Benin. Chagoury's milling operations collectively produce
over 3,700 metric tonnes of wheat flour every day. The Chagoury Group also owns
a glass bottle manufacturing plant and a plastic bottle manufacturing operation.
Other assets include Eko Hotel, a five-star Hotel in Lagos, and Hotel Presidential, a
five-star hotel in Port Harcourt. One of the newer companies within the group is
South EnergyX, a real estate development company that is developing Eko Atlantic,
a new $6-billion metropolis on land reclaimed from the Atlantic Ocean. When
completed, Eko Atlantic is expected to provide residential accommodation for up to
250,000 people. Chagoury's property portfolio also includes Ocean Parade, a series
of 14 tower blocks overlooking a lagoon in Banana Island, Nigeria's priciest
residential community. Gilbert Chagoury's career has not been without controversy.
In 2001, in a British court, he admitted to helping the family of deceased Nigerian
dictator, Sani Abacha, transfer $300 million into foreign accounts. He returned the
money and was indemnified of charges.

9. Nathan Kirsh
$3.6 billion
Industry: Real Estate, Distribution
Country Of Citizenship: Swaziland
Age: 82
Marital Status: Married
Nathan Kirsh made his first fortune after he founded a successful corn milling
business in Swaziland. He deftly reinvested his profits in food distribution and real
estate. The bulk of his fortune is held in various property and distribution
companies. His investment company, Kirsh Holding Group, owns a 50-percent
stake in Swazi Plaza Properties – the company that owns the largest shopping
mall in Swaziland. He also owns a 29-percent stake in Minerva, a London-based
property developer, and a 63-percent stake in Jetro Holdings, which operates Jetro
Cash and Carry stores and Restaurant Depots in the New York City area. Jetro
enjoys a near monopoly in supplying wholesale goods to small stores and
restaurants in the New York City area and had revenues of over $6 billion in 2013.
Kirsh is also the largest individual shareholder in Magal Security Systems, a
developer and supplier of control systems and intruder detection systems.

10. Christoffel Wiese
$3.4 billion
Industry: Retail
Country Of Citizenship: South Africa
Age: 72
Marital Status: Married
The South African businessman is the chairman and greatest individual shareholder
of Shoprite, Africa's largest discount retailer. After studying Law at the University
of Stellenbosch, Wiese took up a job as an executive director at Pep Stores, a
discount clothing chain his parents co-founded. In 1979, Pep Stores diversified into
groceries through its acquisition of Shoprite, a small South African retail chain.
When Wiese became chairman of the company in 1981, he changed the company's
name to Pepkor and made a series of acquisitions including Ackermans, a
prominent clothing chain. He went on to list Shoprite on the Johannesburg Stock
Exchange. He owns a 15-percent stake in the $7-billion (market cap) company.
While his Shoprite stake remains his biggest asset, he also owns significant stakes
in other Johannesburg Stock Exchange-listed companies, including Invicta Holdings,
PSG Holdings, Tradehold, and private equity firm, Brait. Other assets include a
private game reserve in the Kalahari and Lourensford Wine Estate.

 
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