Dangote Made $1.8b Profit In 1yr, + How 17 Other African Billionaires' Worths Increased By 15% In 2021

Africa’s billionaires became richer in 2021 despite the devastating impacts of the global pandemic on businesses around the world, a new report by Forbes has revealed. The continent’s 18 billionaires are now worth an estimated $84.9 billion, which implies a 15 per cent increase within a year and the most since 2014 when a larger number of billionaires (28 billionaires ) were worth $96.5 billion when combined.

“On average, the continent’s billionaires are worth $4.7 billion now vs. $3.4 billion in 2014,” Forbes, a global media company, said in its latest report.

The report published yesterday is a product of a study that tracked the wealth of African billionaires who reside in Africa or have their primary business within the continent.

The billionaires’ net worths were calculated using stock prices and currency exchange rates from the close of business on Wednesday, January 19.

For the 11th year in a row, Aliko Dangote of Nigeria remained the continent’s richest person, worth an estimated $13.9 billion, up from $12.1 billion last year following a 30 per cent increase in the stock price of Dangote Cement, his most valuable asset.

According to the report, analysts found that a surge in housing developments in Nigeria and growth in government infrastructure spending drove higher demand in the first nine months of 2021.