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Forbes announces Africa top 40 richest people
Published in Bikya Masr on 20 - 11 - 2011

Forbes magazine has released their new Forbes Africa 40 richest people. The list contains several billionaire businessmen, but does not make mention of people who have accumulated wealth through positions of power, such as Equatorial Guinea's President Teodorin Obiang.
The list is “a testament to the growing global importance of the continent” according to Forbes. According to the Forbes list, the 40 richest people in Africa have a combined wealth of 64.9 billion dollars, 16 of the people on the list are billionaires. The list is devoid of women, and the wealth is centered around just 6 of Africa's 47 countries; Kenya, Zimbabwe, South Africa, Nigeria Morocco and Egypt.
Number one on the list is Aliko Dangote, head of the food and cement company Dangote Group, with a network of 10.1 billion. In the past year alone, his wealth increased 557 percent. This huge increase is due to the success of his Lagos based cement company, which is Africa's biggest cement manufacturer. Aside from cement, the company also makes very popular food products such as instant noodles, spaghetti and milk.
Patrice Motsepe, 49, is the youngest in the top ten and runs a mining company in South Africa. His assets are estimated to be worth 2.6 billion.
Egyptian Nassef Sawiris has a net worth of 4.75 billion, making him the third richest man in Africa.
Forbes says they never include rulers in their rich lists because it is hard to determine how much wealth would have been derived from entrepreneurship and how much from their official position.
“Forbes has long separated rulers and dictators from our annual rankings of the World's Billionaires, distinguishing between personal, entrepreneurial wealth and wealth derived largely from positions of power, where lines often blur between what is owned by the country and what is owned by the individual,” says Forbes.
If dictators would be included on the lists, they would most certainly dominate the list. Many sources have estimated Mubarak's amassed wealth through his position of power to be between 20-100 billion dollars.
Forbes' estimates on Mubarak's wealth is 9 or 10 figures, but it is almost impossible to calculate.

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