Tony Elumelu And Orji Uzor Kalu Makes Forbes Billionaires List

(Photo: Tony Elumelu and Orji uzor kalu)

For the first time in the four years that FORBES has been tracking
Africa's richest, Nigeria bests South Africa. At the top yet again is
cement tycoon Aliko Dangote of Nigeria, joined on the list of Africa's
50 Richest by 12 other countrymen. In comparison South Africa claims
11 spots, down from 14 a year ago. Nigeria is showing its strength,
having earned commendations for its efforts to snuff out Ebola in the
country, which Dangote helped fund -- and despite a recent drop in oil
prices.

There are three new billionaires on the list: Orji Uzor Kalu of
Nigeria, Tony Elumelu of Nigeria and King Mohammed VI of Morocco.
Three billionaires on last year's list are no longer members of the
10-figure club: Vimal Shah of Kenya is off the list, replaced by his
father Bhimji Depar Shah at a lower net worth. Abdulsamad Rabiu of
Nigeria dropped below $1 billion due to ceased operations at his
floating cement terminal in Nigeria. And South African mining mogul
Desmond Sacco dropped to a net worth of $680 million, down from $1.4
billion last year, because of a sharp decline in the share price of
his mining firm Assore Group. The net result: the number of
billionaires on the list stayed steady with 2013 at 27.

Africa's 50 richest are, as a whole, wealthier than a year ago. Their
combined net worth of $110.7 billion is 6.7% more than in November
2013. The minimum net worth needed to join this elite group rose to
$510 million, up from $400 million a year ago.

Behind Aliko Dangote at number one with a fortune of $21.6 billion,
comes South African luxury goods magnate Johann Rupert, number two for
the second year in a row, worth an estimated $7.3 billion. His
Compagnie Financiere Richemont has a stable of luxury brands including
Cartier, Montblanc and fashion house Azzedine Alaia.

Six newcomers join the list of richest Africans, including the above
mentioned new billionaires, as well as Ali Wakrim of Morocco and Ahmed
Ezz of Egypt. Mohamed Bensalah of Morocco rejoins the list after
dropping off in 2013. Seven members of the 2013 list fell off: Vimal
Shah of Kenya (as mentioned earlier, his father Bhimji replaced him),
Cyril Ramaphosa of South Africa, Raymond Ackerman of South Africa,
Sani Bello of Nigeria, Adrian Gore of South Africa, Shafik Gabr of
Egypt, and Alami Lazraq of Morocco.
--AIT