Africa’s billionaires wealth increases to US$60.7B

Despite the devastating Covid-19 pandemic, the combined wealth of African billionaires continued to rise.

According economists, African billionaires have not known the crisis, while global economies have been strongly affected by the Covid-19 pandemic, officially declared by the WHO on March 11, 2020.

The cumulative fortune of the top ten African billionaires amounted to U$ 60.7 billion in August 2021 according to the American magazine Forbes.

Meanwhile, before the crisis, the cumulative total of Africa’s top ten fortunes was U$ 51.9 billion at the end of 2019.

For the tenth year in a row, Aliko Dangote is the continent’s richest man according to Forbes with an estimated fortune of U$12.3 billion on August 16, 2021, an increase of U$ 4 billion from April 2020.

One of the factors behind this increase is the increase in the share price of Dangote Cement, whose price jumped from 130 naira (0.26 euros) in August 2020 to nearly 250 naira (0.50 euros) in August 2021.

Meanwhile, the Nigerian entrepreneur’s oil refinery megaproject received a boost from the government. The latter approved in August the acquisition of a stake by the national oil company NNPC in this project, to the tune of 20% of the capital with an investment of 3 billion dollars.

Source: FurtherAfrica

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