In 2022, the world was hit by a series of economic challenges that took a significant toll on the wealth of billionaires.
According to data from the Bloomberg Billionaires Index and Forbes, the 500 richest billionaires lost a staggering US$1.4 trillion, the steepest drop ever recorded.
The loss can be attributed to a number of factors, including the rise in global interest rates, caused by the steep rise in inflation amid macroeconomic volatility, geopolitical tensions caused by Russia’s invasion of Ukraine, and global supply chain difficulties.
These challenges also had a significant impact on African billionaires, and while three managed to defy these challenges and increase their wealth, eleven others were not as fortunate, with their net worth declining significantly due to the macroeconomic volatility, geopolitical issues, and supply chain problems that shaped the year.
Of the eleven billionaires who saw a decline in their net worth, Zimbabwean billionaire Strive Masiyiwa experienced the steepest loss at US$1.5 billion, followed by Ethiopia’s Mohammed Al Amoudi and Nigerian telco billionaire Mike Adenuga.
- Strive Masiyiwa
Wealth loss in 2022: US$1.5 billion
Net worth: US$1.2 billion
Strive Masiyiwa, Zimbabwe’s richest man, saw his net worth plummet by US$1.5 billion in 2022, from US$2.7 billion at the start of the year to US$1.2 billion at the end of the year, owing to a drop in the share prices of his publicly traded businesses on the Zimbabwe Stock Exchange, particularly Econet Zimbabwe and EcoCash Holdings.
Masiyiwa’s fortune includes a 52.85-percent stake in Econet Zimbabwe, the country’s largest telecom services provider, and a 30-percent stake in EcoCash Holdings, a diverse smart technology group that uses digital and financial technologies to create shared economies, drive financial inclusion, and promote economic empowerment.
- Mohammed Al Amoudi
Wealth loss in 2022: US$1.25 billion
Net worth: US$5.46 billion
Mohammed Al Amoudi, Ethiopia’s richest man, saw his net worth plummet by US$1.25 billion in 2022 due to a decline in the market value of his industrial assets in Sweden, Saudi Arabia, and Ethiopia.
The majority of Al-Amoudi’s fortune comes from Preem, Sweden’s largest oil refiner, and Svenska Petroleum Exploration, another Swedish oil and gas exploration and production company.
According to the Bloomberg Billionaires Index, his net worth will fall by US$1.25 billion in 2022, from US$6.71 billion to US$5.46 billion.
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