AFRICA’s TOP 10 Richest Men, HH Misses Out

The Forbes 2011 Billionaires List was recently released and Tumfweko takes a look at the top ten richest Africans. Surprisingly missing on the list is Zambia’s ‘richest’, Hakainde Hichilema.

This week Forbes brought out its first-ever list of the 40 Richest People in Africa, justifying it as “testament to the growing global importance of the continent”. The magazine explains that the list was worked out by using stock prices and exchange rates as of 2 November 2011.

For privately-held businesses the methodology is slightly vaguer: it “couple(s) estimates of revenues or profits with prevailing price-to-sales or price-to-earnings ratios for similar public companies”. The criterion for ‘African’ is that the individuals must currently be citizens of African countries, which excludes wealthy African-born people who have subsequently emigrated.

Topping this year’s ranking of 1,210 billionaires is Mexico’s Carlos Slim Helu. The telecom mogul, who earns 62% of his fortune from America Movil, is now worth US$74 billion and way ahead of his two closest rivals. Bill Gates, No. 2, and Warren Buffett, No. 3, both added a more modest $3 billion to their piles and are now worth $56 billion and $50 billion, respectively.

Not even our Zambian own Hakainde Hichilema, GBM made the list. A number of African business people also made this year’s list, here are the top 10 richest africans.

1. Aliko Dangote
Country of citizenship: Nigeria
Net worth: $13.8 billion
Source of wealth: Sugar, flour, cement , inherited and growing
Marital status: Married
Children: 3
Overall position: 51

Aliko Dangote, Africa's Richest Man

2. Nicky Oppenheimer & family
Country of citizenship: South Africa
Net worth: $7 billion
Source of wealth: De Beers, inherited
Marital Status: Married
Children: 1
Overall position: 136

3. Nassef Sawiris
Country of citizenship: Egypt
Net worth: $5.6 billion
Source of wealth: Construction, inherited and growing
Overall position: 182

4. Johann Rupert & family
Country of citizenship: South Africa
Net worth: $4.8 billion
Source of wealth: Luxury goods, inherited and growing
Marital Status: Married
Children: 3
Overall position: 219

5. Naguib Sawiris
Country of citizenship: Egypt
Net worth: $3.5 billion
Source of wealth: Telecom, inherited and growing
Marital Status: Married
Children: 4
Overall position: 310

6. Patrice Motsepe
Country of citizenship: South Africa
Net worth: $3.3 billion
Source of wealth: Mining, self-made
Marital Status: Married
Children: 3
Overall position: 336

7. Onsi Sawiris
Country of citizenship: Egypt
Net worth: $2.9 billion
Source of wealth: Construction, self-made
Marital status: Married
Children: 3
Overall position: 393

8. Mohamed Mansour
Country of citizenship: Egypt
Net worth: $2 billion
Source of wealth: Cotton trading, inherited and growing
Marital status: Married
Children: 2
Overall position: 595

9. Mike Adenuga
Country of citizenship: Nigeria
Net worth: $2 billion
Source of wealth: Banking, self-made
Marital Status: Married
Overall position: 595

10.Yasseen Mansour
Country of citizenship: Egypt
Net worth: $1.8 billion
Source of wealth: Diversified, inherited and growing
Marital status: Married
Children: 4
Overall position: 692