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Nigeria Is The Country With Highest Number Of Self-Made Billionaires In Africa – 2023 Report



According to the Billionaire Ambitions Report, Nigeria has become the primary hub for self-made billionaires in Africa in 2023 despite its economic difficulties.

Nigeria, home to over 200 million people, topped the list of countries in the Middle East and Africa (MEA) with an astounding 66.6% of self-made millionaires, more than double that of South Africa (60%) and Egypt (50%) in the same survey.

Aliko Dangote, Africa’s wealthiest man

Delving into the specifics, the report highlighted three prominent Nigerian billionaires—Aliko Dangote, In an extensive analysis encompassing Middle East and Africa (MEA) nations, Nigeria, boasting a staggering population of approximately 200 million people, has claimed the top position with an impressive 66.6% of self-made billionaires, outpacing South Africa (60%) and Egypt (50%).

The report delves into specific details, highlighting three prominent Nigerian billionaires—Aliko Dangote, AbdulRabiu Samad, and Mike Adenuga—whose combined wealth has surged by nearly 20%, reaching a substantial $28.5 billion.

This is attributed to the market performance of their consumer retail and oil company performance.

The bulk of the wealthy people on Nigeria’s list are self-made billionaires who’ve earned their status through remarkable achievements.

AbdulRabiu Samad

For instance, Mike Adenuga made his fortune in telecom and oil production. His mobile phone network, Globacom, stands as Nigeria’s third-largest operator, and his oil exploration entity, Conoil Producing, manages six oil blocks in the Niger Delta.

Aliko Dangote, Africa’s wealthiest individual, founded and chairs Dangote Cement, the continent’s largest cement producer, holding an 85% stake in publicly traded Dangote Cement through a holding company.

Notably, Dangote Refinery, one of the world’s largest oil refineries, is currently gearing up for full-scale operations.

Except for Abdulsamad Rabiu, whose entrepreneurial journey began in 1988 when he established his business, initially importing iron, steel, and chemicals, inheriting a foundation of business acumen from his father, a successful businessman.

Mike Adenuga

Nigeria is not the only one to get a boost of wealth, South Africa’s five billionaires experienced a 16.9% increase in net worth, aggregating to $25.6 billion.

However, the narrative in Egypt painted a different picture, as the net worth of its billionaires plummeted to a historic low of -17.7%, dwindling to $13.5 billion from the $16.4 billion recorded in 2022. Additionally, the number of Egyptian billionaires diminished from six to just four within the past 12 months.

Despite global economic fluctuations, the 2022/2023 period witnessed a partial recovery in billionaires’ wealth, driven in part by the resilience of Europe’s Consumer and Retail billionaires.

The total number of billionaires globally rose by 7%, totalling 2,544, while their combined wealth rebounded by 9% to USD 12.0 trillion.

The EMEA region demonstrated exceptional performance in 2022, driven by a post-pandemic surge in luxury goods and cosmetics companies in France. The region’s total wealth escalated by 21% to USD 3.2 trillion, accompanied by a 10% growth in the number of billionaires, from 599 to 658.

What you should know

It is noteworthy, however, that the billionaire community, while recovering, remains smaller than its 2021 peak when 2,686 individuals were valued at an aggregate USD 13.4 trillion following a post-pandemic asset price rally.

Looking ahead, 50% of billionaires in Europe, the Middle East, and Africa (“EMEA”) are contemplating an increased exposure to developed market bonds, with hedge funds closely following at 46%.

While 45% believe North America offers the most lucrative returns in the next 12 months, a substantial 61% express concerns about geopolitical tensions, and 44% worry about the inflation outlook.

In terms of technological trends, artificial intelligence (AI) is identified as the most significant commercial opportunity for operating businesses (65%) and portfolios (60%) over the next year.

However, the looming threat of new technologies disrupting or dismantling existing business models is perceived as the most substantial risk by 56% of billionaires’ survey.


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