DANGOTE TOPS FORBES’ RICHEST AFRICANS 2022 AS NET WORTH OF BILLIONAIRES SKYROCKETS

The Nigerian cement tycoon tops the rich list for the 11th time as housebuilding and infrastructure projects in Nigeria swell his company's fortunes.

Aliko Dangote topped Forbes’ list of the richest Africans for the 11th year in a row after a year in which the wealth of the continent’s billionaires increased by 15%.

The Dangote Cement entrepreneur, who saw his fortune increase by around $1.8bn to $13.9bn this year, according to Forbes, edged out competition from fellow Richest Africans mainstays Johann Rupert, the South African owner of Swiss luxury goods conglomerate Richemont, ($11bn) and Nicky Oppenheimer ($8.7bn), the South African DeBeers scion who sold his stake to Anglo American in 2012 and now has interests in aviation and conservation.

In a sign of how Africa’s richest are confidently bouncing back from the pandemic as growth rates return, the collective net worth of the 18 African billionaires rose 15% to $84.9bn. That is the highest level since 2014, when 29 billionaires were worth $96.5bn.

Share prices soar

Dangote’s wealth mushroomed after a 30% increase in the share price of Dangote Cement, underpinned by housebuilding and government infrastructure projects in Nigeria, said Forbes.