The Biggest Economy in Africa
The Nigerian dominance of the Ventures Africa rich list should not really come as too much of a surprise. Earlier in 2014, the nation superseded South Africa as the biggest economy on the continent of Africa. This new-found economic strength has been attributed to a number of factors, including strong performances from the nation’s telecommunications and manufacturing industries. Another major contributor to the Nigerian economy is its wildly successful film industry. Nicknamed Nollywood, Nigeria produces an average of fifty films every week, a total only bettered by the Bollywood film industry in India. Nollywood is now one of the biggest employers in Nigeria.
Ventures Africa is an online business magazine which regularly champions the growing economic power of African nations, in addition to exploring the continent’s new lifestyle choices. The 2014 rich list is the perfect example of how many of Africa’s wealthiest nations are now emerging as major players on the global financial stage. As expected, it is Nigeria and South Africa who have contributed the most entries on the rich list, with Egypt also performing well. However, the real story is just how far Nigeria is ahead of its nearest rivals.
Nigeria Dominates the African Rich List
The Ventures Africa rich list notes that there are a total of 55 billionaires in Africa. Of that grand total, an amazing 23 reside in Nigeria. This compares to eight in both South Africa and Egypt. The net worth of the billionaires on the rich list stands at a staggering $162 billion. This total is $19 billion more than that managed by the first Ventures Africa list from 2013. The 2014 addition has seen five new billionaires join the list. Tellingly, of that five, four are from Nigeria.
Topping the rich list is Aliko Dangote, the Nigerian-born owner of the Dangote Group. His net worth is estimated to exceed $25 billion, an increase of $5 billion from the results of the 2013 list. Dangote also ranked in the top 25 of the Forbes global rich list for 2014. The Dangote Group was founded in 1977 and is now the dominant force in the Nigerian sugar industry. The organisation also trades in other commodities such as flour and cement and has become the largest industrial company in Nigeria.
Second on the Ventures Africa list, although still a long way distant of Dangote in terms of total net worth, is Mike Adenuga. With a personal fortune of $8 billion, Nigerian Adenuga is the owner of the telecommunications giant Globacom, the second-largest company of its type in Nigeria. The tycoon also has interests in the Equatorial Trust Bank.
The World’s Wealthiest Female
One of the most interesting entries on the Ventures Africa list is Folorunsho Alakija. Ranked at number four, Alakija is the first female entry. Not only is she the wealthiest woman in Africa, Alakija also usurped American television legend Oprah Winfrey as the richest female on the planet. Born in Nigeria, Folorunsho Alakija began her rise to financial prominence in the fashion industry, founding the Rose of Sharon House of Fashion, a household name in West Africa. In later years, Alakija also gained success in the powerful Nigerian oil industry, founding the company Famfa Limited.
The Ventures Africa list of the continent’s richest people was compiled from various sources such as financial reports, stock market holdings and shareholding structures. Traditionally, wealth and capitalism have not always been openly discussed in most African societies. The fact that such a list now exists is perhaps indicative of the growing financial confidence of African nations such as Nigeria and South Africa. Nigeria in particular has expanded substantially in terms of economic wealth over recent years and is now firmly established as Africa’s most powerful financial nation.
