Fewer Billionaires, Poorer Billionaires On African Continent In 2019

Altogether, the 20 African tycoons are worth $68.7 billion, down from $75.4 billion for last year’s list. However, the average net worth for each list member this year has climbed to $3.4 billion from $3.3 billion in early 2018.

- Kerry A. Dolan

Buffeted by plunging stock prices and weaker currencies, the number of African billionaires has shrunk to just 20, down from 23 a year ago. Four people fell offForbes’ annual list of the continent’s richest since last year while one returned to the ranks after a four-year absence. All but four members of the list have smaller fortunes than a year ago.

For the eighth year in a row, Aliko Dangote of Nigeria is Africa’s richest person. His estimated $10.3 billion net worth, however, is nearly $2 billion less than a year ago, primarily due to a roughly 20% drop in the stock price of Dangote Cement, his most valuable asset.

The continent’s second richest is Mike Adenuga, also of Nigeria, worth an estimated $9.2 billion. Adenuga owns Globacom, which is Nigeria’s third largest mobile phone network, plus oil exploration firm Conoil Producing, extensive real estate holdings in Nigeria, and a network of 12,000 cell phone towers. His net worth has climbed dramatically from $5.3 billion in January 2018 as a result of more detailed information provided by him about his assets.