The billionaire and Africa’s richest man ever Aliko Dangote dropped a little less than $2 billion of his wealth in the year 2018. This drop may be as a result of his expansive project in Lagos, Nigeria the Dangote Refinery – expected to be Africa’s biggest refinery ever.
Business Insider of Sub-Saharan Africa diged deep at the finances of African billionaires and how much they lost in 2018.
Below is an overview from the report:
1. Aliko Dangote
A man who owns the biggest business brand on the African Continent and indisputable Africa’s pride especially Nigeria – Dangote Group. The Nigerian-born billionaire, developed deep interest in commodities in Nigeria and other African countries.
In 2018, his net worth dropped about $2 billion from his wealth yet he is still Africa’s richest man and currently stand at $10.3 billion on the Bloomberg Billionaire Index page.
His Newest and Largest Investment of 2018 – Building Africa’s biggest refinery
Aliko Dangote is presently building his refinery project in Lekki, Lagos. Which is going to be African largest refinery ever.
Country: Federal Republic of Nigeria
Net worth: $10.3 Billion (According to Bloomberg Billionaire Index page)
Year-to-date drop: $1.91 Billion
2. Nicky Oppenheimer
A well known South African billionaire businessman and philanthropist. He is presently the richest man in South Africa. Not long ago, he was the chairman of De Beers diamond mining company and its subsidiary, the Diamond Trading Company, and also former deputy chairman of Anglo American.
The Diamond industry
De Beers is presently investing $94 million for a period of four years to build a United States factory targeting five hundred thousand (500,000) carats of lab-grown gems a year. This Diamond industry has faced a lot of price slide in 2018 as millennial are attracted to man-made gem-quality diamonds to the natural gems.
Country: South Africa
Net worth: $5.98 billion
Year-to-date drop: $2.12 billion
3. Johann Rupert
This is a South African-born entrepreneur the very eldest son of business tycoon Anton Rupert and his wife Huberte.
The owner of a Swiss-based luxury-goods company Richemont and the South Africa-based company Remgro.
Market Watch industry has dropped drastically over the year due to global economic challenges. Last year, He lost about €287 million ($327.25 million) due to a dismal sales and profit for 2017.
Country: South Africa
Net worth: $5.92 billion
Year-to-date drop $2.17 billion
4. Natie Kirsh
Nathan Kirsh a South African-born Swazi billionaire businessman who has properties across Australia, Swaziland, and the UK and Swazi citizenship.
Majority of Kirsh’s fortune is derived from a 75% stake in Jetro Holdings, a New York-based business organisation that manages two United States wholesale grocery businesses: Also known as Jetro Cash & Carry and Restaurant Depot.
The US sanctions, the crash in Forex markets and the double tariffs
His net worth dropped over $600 million as a result of the crash in the world Forex market in mid-2018 as a result of the sactions and doubled tariffs on steel and aluminium imports by US president Donald Trump.
Country: South Africa
Net worth: $5.76 billion
Year-to-date drop: $632 million
5. Nassef Sawiris
This is the most richest person in Egypt. Owns 30% of OCI, a Geleen, Netherlands-based construction contractor, and 27% of Dubai-based Orascom Construction, an infrastructure and engineering group of companies.
He also owns stakes in the sportswear company Adidas and LafargeHolcim, the very world’s biggest cement maker.
Investing in Aston Villa
His net worth dropped with over $300 million after investing in Aston Villa with his American business counterpart, Wesley Eden. The two was reported to have a seal joint 55% stake in Aston Villa secured from the Chinese co-owner Tony Xia.
Net worth: $6.8 billion
Year-to-date drop: $383 million
6. Naguib Sawiris
Also an Egyptian billionaire businessman and the chairman of Weather Investments Company and chairman of Orascom Telecom Media and Technology Holding S.A.E.
This company: Orascom Group of Companies was established by his father. He manned the family business in 1979. This contributed to the growth and diversification of the company known as largest and most diversified conglomerates and the country’s very largest private sector employer in Egypt.
His Gold Investment
In early 2018, his company Orascom Telecom grew to a net loss of $6.77 million. I May, Sawiris made known to Bloomberg News that he has put half of his billion dollars into gold.
Net worth: $3.8 billion
Year-to-date drop: $538 million
7. Issad Rebrab
An Algerian billionaire businessman and the owner of CEVITAL industrial group, the largest private company in the Algeria.
His Investments in France and across Europe
Last month in a Reuters report, Algerian company Cevital decided to set up a plant making water treatment machines at part of an eastern France site managed by carmaker PSA.
The deal will see Cevital buy up some parts of the site at Charleville-Mezieres freed up by PSA so to make machines for the water treatment business.
Net worth: $4 billion
Year-to-date drop: $310 million
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