How Africa’s Richest Billionaires Make Their Money | Forbes - video Dailymotion

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The fortunes of Africa’s wealthiest people have rebounded slightly in the past 12 months, reversing the decline in their fortunes from a year ago, though they are still off their all-time highs. The 20 billionaires on the 2024 Forbes list of Africa’s Richest are worth a combined $82.4 billion. That’s up $900 million from last year’s $81.5 billion.  The continent remains one of the world’s toughest places to build – and hold onto – a billion-dollar fortune, as global investors remain leery of its stock exchanges, businesses struggle against strained economies, poor infrastructure and volatile exchange rates, while changing political winds can make, boost or bust private fortunes.   Read the full story on Forbes: https://www.forbes.com/lists/africa-billionaires/?sh=74fdcc6424d5  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

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00:00 The fortunes of Africa's wealthiest people have rebounded slightly in the past 12 months,

00:07 reversing the decline in their fortunes from a year ago, though they are still off their

00:11 all-time highs from 2022.

00:14 The 20 billionaires on the 2024 Forbes list of Africa's richest are worth a combined

00:19 $82.4 billion.

00:20 That's up $900 million from last year's $81.5 billion.

00:26 However, all of that gain can be attributed to the return of Nigeria's Femi Otadola,

00:31 who last appeared on the Africa list in 2017.

00:35 This year, South Africa claims six spots on the ranking, followed by Egypt with five and

00:41 Nigeria with four.

00:42 Algeria, Tanzania and Zimbabwe each have one billionaire on the list, while Morocco has

00:47 two.

00:48 Here are Africa's top five billionaires for 2024.

00:55 Number five, Mike Adenuga.

00:58 Adenuga is Nigeria's second richest man, and he built his fortune in telecommunications

01:03 and oil production.

01:05 His mobile phone network, Globacom, is the second largest operator in Nigeria, with more

01:11 than 60 million subscribers.

01:14 Globacom also built Glo1, a 6,100-mile-long submarine internet cable that runs to the

01:22 UK via Ghana and Portugal.

01:25 His oil exploration outfit, Con Oil Producing, operates six oil blocks in the Niger Delta.

01:32 Number four, Nasef Sawiris.

01:35 Nasef Sawiris is an investor and a scion of Egypt's wealthiest family, with a net worth

01:40 of $8.7 billion.

01:43 In December 2020, he acquired a 5% stake in New York-listed firm Madison Square Garden

01:49 Sports, owner of the NBA's Knicks and the NHL's Rangers.

01:53 His holdings include a nearly 6% stake in German sportswear firm Adidas.

01:59 He also runs OCI, one of the world's largest nitrogen fertilizer producers, which has plants

02:04 in Texas and Iowa.

02:07 Number three, Nicky Oppenheimer and family.

02:11 Nicky Oppenheimer, heir to the De Beers diamond fortune, was the third generation of his family

02:17 to run De Beers, and he took the company private in 2001.

02:22 For 85 years, the Oppenheimer family occupied a controlling spot in the world's diamond

02:27 trade.

02:28 Then, in 2012, Nicky Oppenheimer sold his 40% of the firm to mining group Anglo American

02:35 for $5.1 billion in cash.

02:39 In 2014, Oppenheimer started Fireblade Aviation in Johannesburg, which operates chartered

02:45 flights, and he owns at least 720 square miles of conservation land across South Africa,

02:52 Botswana, Zimbabwe, and Mozambique.

02:57 Number two, Johan Rupert and family.

03:02 This South African luxury goods owner held onto the number two spot this year with $10.1

03:07 billion, down from $10.7 billion in 2023 as shares of his company financier Richemont

03:13 slid.

03:15 The company is best known for its brands Cartier and Montblanc, and it was formed in 1998 through

03:22 a spin-off of assets owned by Remgro Limited, a company which his father, Anton, formed

03:28 in the 1940s.

03:30 Rupert owns 7% of diversified investment firm Remgro, which he chairs, as well as 26% of

03:37 Reynet, an investment holding company based in Luxembourg.

03:42 He has been a vocal opponent of plans to allow fracking in the Karoo, a region of South Africa

03:47 where he owns land.

03:49 Number one, Aliko Dangote.

03:52 Dangote is Africa's richest person and the founder of Dangote Cement, the continent's

03:57 largest cement producer.

03:59 He owns 85% of publicly traded Dangote Cement through a holding company.

04:06 After many years in development, Dangote's fertilizer plant in Nigeria began operations

04:11 in March 2022, and his Dangote refinery is expected to begin refining operations in 2024.

04:19 His fortune rose by $400 million this year to $13.9 billion, and he claimed the ranking's

04:26 number one spot for the 13th year in a row.

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How Africa’s Richest Billionaires Make Their Money | Forbes

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