Masiyiwa among the 14 African billionaires too poor to make Forbes 400 rich list

Masiyiwa among the 14 African billionaires too poor to make Forbes 400 rich list

Fourteen of Africa’s 18 billionaires, including Zimbabwe’s richest man Strive Masiyiwa, have failed to make it to the Forbes top 400 rich list for 2022. 

It  takes at least US$6 billion to make the list.

According to data tracked by Billionaires.Africa, these 14 billionaires are presently ranked in this order.

#1 Mike Adenuga

Net worth: US$5.7 billion

Nationality: Nigerian

Mike Adenuga, the founder of Nigerian telecom company Globacom Limited and the majority owner of Nigeria’s pioneer petroleum marketer, Conoil Plc, is now the third-richest man in Nigeria, the seventh richest on the African continent, and the 426th richest person in the world.

His net worth has dropped by US$1 billion since the beginning of the year, from US$6.7 billion in January to US$5.7 billion at the time of writing this report, due to a decline in the value of his stake in Globacom Limited, Nigeria’s third-largest telecom service provider.

#2 Issad Rebrab

Net worth: US$5.1 billion

Nationality: Algerian

Issad Rebrab, the founder and CEO of Cevital and Algeria’s richest man, ranks 483rd in the world. The Algerian billionaire’s net worth has increased from US$4.2 billion in 2020 to US$5.1 billion at the time of writing this report, representing a net worth gain of US$900 million.

His US$5.1-billion fortune stems from the valuation of Cevital, his well-diversified manufacturing conglomerate, which has increased significantly due to increased capacity and robust earnings growth.

#3 Naguib Sawiris

Net worth: US$3.4 billion

Nationality: Egyptian

According to Forbes, Naguib Sawiris, the elder brother of Egypt’s richest man Nassef Sawiris, is the second-wealthiest man in Egypt and the 815th richest man in the world, with a fortune of US$3.4 billion.

The billionaire amassed his fortune after selling Orascom Telecom to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction in 2011. He is presently a shareholder in Orascom TMT Investments and Ora Developers, a real estate developer.

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