Africa's Richest 2020: Steady State With Some Volatility On The Margins

Like elsewhere in the world, fortunes in Africa can be volatile, thanks to changes like a new currency.

- Kerry A. Dolan

Africa’s billionaires are as a group richer than a year ago. Altogether, the continent’s 20 billionaires are worth a combined $73.4 billion, up from $68.7 billion a year ago.

For the ninth year in a row, Aliko Dangote of Nigeria is the richest person in Africa, worth an estimated $10.1 billion, down from $10.3 billion a year ago amid a slightly lower stock price for his Dangote Cement, his largest holding. The much-heralded oil refinery that Dangote is building in Nigeria is still at least a year away from completion.

Nassef Sawiris of Egypt is the new number two richest, worth $8 billion—up from $6.3 billion last year. Sawiris’ most valuable asset is a stake in shoemaker Adidas worth a recent $4 billion. The increase in Adidas’ share price alone added nearly $1.5 billion to his fortune since January 2019. He also owns a significant stake in fertilizer producer OCI N.V. In 2019, Sawiris and U.S. investor Wes Edens purchased the remaining stake they didn’t own in the U.K. Premier League team Aston Villa Football Club.

Number three on the list is Nigeria’s Mike Adenuga, worth $7.7 billion. He owns mobile phone network GloMobile as well as oil producer Conoil and extensive real estate holdings.

One member of this elite group is worth 50% less than a year ago. Due primarily to the introduction of a new (weaker) currency in Zimbabwe, Strive Masiyiwa’s fortune fell to $1.1 billion from $2.3 billion in January 2019. Zimbabwe, which has battled with hyperinflation, had been using the U.S. dollar as its currency, but in 2019 it switched to its own currency, initially called the RTGS. When converted into U.S. dollars, the values of Masiyiwa’s stakes in Zimbabwelisted mobile phone network Econet Wireless Zimbabwe and Cassava Smartech fell dramatically in dollar terms.