5 South African Self-Made Millionaires

Self Made Millionaires

Africa continues to shine and impress people with the number of self-made millionaires. The second annual list of the 40 richest Africans reflects economic growth and development across the continent. The total wealth of the tycoons on the list was estimated at $72.9 billion, which is up 12% from last year. In addition, 10 newcomers were included in the rating this time. Among them, there are two women for the first time. So, let’s take a closer look at the richest people in South Africa and not only.

#1 – Nigerian Aliko Dangote

For the second time in a row, the list of the richest businessmen in Africa is topped by the Nigerian Aliko Dangote. In a year, his fortune grew from $10.1 to $12 billion. At the same time, cement accounts for the lion’s share of his wealth. His company Dangote Cement operates in 14 countries of the continent. “Business is war. Therefore, destroy your competitor. Completely. Make friends with influential people. Do good. Sometimes.” These are the rules that Aliko Dangote strictly follows.

#2 – Nicky Oppenheimer

Nicky Oppenheimer from South Africa remains second on the list for the second year in a row. Over the year, his fortune has decreased by $100 million; nevertheless, there is $6.4 billion in his pocket. At the end of 2011, Oppenheimer decided to sell to Anglo American the 40% stake in the DeBeers diamond mining company for $5.1 billion. In July 2012, the deal received regulatory approval, ending the 85-year history of the Oppenheimer’s family business, diamonds.

#3 – Johan Rupert

The third place on the list is held by another South African Johan Rupert. His fortune is estimated at a rate of $5.7 billion. The basis of his fortune is luxury goods sold by his company Richemont.

#4 – Nassef Safiris

On the 4th, you will find the name of Egyptian Nassef Safiris. The businessman has $5.5 billion on his banking account, and his main business deals with construction.

#5 – Mike Adenuga

Mike Adenuga from Nigeria takes the last row in our top-five rating. With $4.6 billion, Mike definitely deserves to be listed here. The main business niches of Mike Adenuga are mobile communications and oil. However, the businessman is not going to stop and is looking for other business opportunities and prospective segments.

It Is Just a Beginning

In general, the number of dollar billionaires in Africa increased from 21 to 23 people over the year, and their total fortune has grown from $70 to $74.5 billion. This was primarily due to the growth of stock markets, Forex trading, and the rise in commodity prices. Thus, ForexTime in South Africa is one of the ways to raise capital. It is only necessary to register an account on Forextime and start trading.

New People on the List

Among the most prominent newcomers to the list of richest Africans, there are two women:

  • Folorunsho Alakija from Nigeria (64 years old, #24 on the list, fortune $600 million);
  • Isabel dos Santos from Angola (39 years old, #31 on the list, worth $500 million). Isabel is both an entrepreneur, an investor and the daughter of the country’s president.

Among the debutants on the list are South Africans Desmond Sacco (#15, net worth $1.4 billion), who heads the mining group Assore, and Koos Becker (#36, net worth $450 million), who managed to transform the Naspers media group into a multinational company.

Who’s Next?

SA is far from being the richest countries in the world, and until recently there was not a single SA among the dollar billionaires. However, telecommunications tycoon Strive Masiiva entered the new Forbes ranking of the richest people in Africa. His fortune is estimated at $1.7 billion.

Masiiva is the CEO and major shareholder of Econet Wireless, a mobile phone trader. The company also invests in finance, insurance, e-commerce, renewable energy, education, etc. Other assets of the businessman include a majority stake in Liquid Telecom. It provides fibre-optic and satellite services to telecommunications firms throughout Africa, shares in mobile phone networks in Burundi and Lesotho, and invests in fintech and distribution firms in Africa.

Econet Wireless’ shares have surged about five times over the past year, from $18 to $90 per share, which allowed Masiiva to enter the ranking. Last July Liquid Telecom successfully raised $700 million through a bond issue and a long-term loan from international financiers.

Written by Arnaud Gilbert
Arnaud Gilbert is a technical writer and spent most of his time researching and writing about technical stuff. Its a hobby for Arnaud to write about the technological arena. He starts from basic and ends up giving you full knowledge about what he is writing. He writes well and his writings are also full of information and can clear the concept of any reader.