New Report Says There Are More African Billionaires Than Previously Thought

Above: Nigerian businessman Aliko Dangote (left) with Femi Otedola in 2007 (Photo Credit: AFP

A pan-African magazine reports that the number of African billionaires has stacked up in comparison to previous estimates, according to the AP. 55 of them are said to be worth $143.88 billion, including a NIgerian said to be the richest black woman in the world.

Previous lists have counted 16 billionaires but Ventures magazine says they were able to cite 55 through research, though the wealthy are hesitant to disclose their riches.

Chi-Chi Okonjo, the founder of Ventures, told AFP, that the figure of 55 is “actually an under-estimate” of Africa’s billionaires. “People are not comfortable disclosing their wealth,” he said.

Nigerian manufacturer Aliko Dangote is reported as the richest African worth an estimated $20.2 billion while oil tycoon Folorunsho Alakija nails the top spot on behalf of the ladies, worth $7.3 billion.

In Forbes’ 2013 list of richest Nigerians, Alakika’s fortune was as listed at $600 million while Oprah Winfrey’s reported worth was $2.9 billion.

See the most comprehensive findings from Ventures list here.