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


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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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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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