What's in the $2.2 trillion US coronavirus rescue package    Central Bank of Egypt imposed cash withdrawal limits after EGP 3 bln withdrawn unnecessarily: Governor    At the roots of the GERD    Freed from detention    Virtual parliament    Government obstacles in Iraq    An exam-free year    Stay at Home: Culture in Your Hands    Captain Khan    Sculptor Ahmed Osman… Founder of Alexandria Faculty of Fine Arts    Tourism records highest revenues ever during 2019: CBE    Huawei to explore the ultimate potential on its Huawei P40 series    World virus infections top 800,000    Egypt's stock exchange gains EGP 6 billion on Tuesday    EU launches new naval mission to police Libya arms embargo    Tottenham cut pay of non-playing staff by 20% due to coronavirus    How dire projections, grim images dashed Trump's Easter plan    Europe's trade system with Iran finally makes first deal    Euro zone inflation slows sharply amid oil price war, coronavirus pandemic    Tennis: US Open site to house temporary hospital    Ajax cancel contract of player stricken after heart attack    Barcelona's football first team agree to impose 70% pay cut    Egypt's 2020/21 draft budget based on oil of $61 per barrel – ministry    Egypt unveils first death of doctor due to coronavirus    Facebook commits $100mn to support news media hurt by coronavirus    Egypt's defender Elmohamady proud of 10-year milestone in England    Facebook users add ‘Stay At Home' frame to profile photos    Prosecution warns of EGP 300k fine or 2-year jail for spreading fake coronavirus news    Egypt, MENA growth forecast at 2.7%, -0.3% respectively: IIF    Al-Sisi discusses joint coronavirus efforts with Abu Dhabi Crown Prince    Saudi Arabia intercepts missiles over Riyadh    CBE temporarily regulates cash deposits, withdrawals    Lagging COVID-19 response to shield frail economy: Rouhani    California's houisng market unclear after new restrictions amid coronavirus    Farwell to Egyptian comedian George Sidhom    Weekend's virtual concerts, plays, and festivals people can stream at home    Brazilian football stadiums transformed into hospitals to treat coronavirus patients    Amid coronavirus outbreak, Egyptian Premier League cancellation seems inevitable    Stay At Home: Ministry of Culture to publish free books online for public browsing    IOC postpones Tokyo Olympics due to coronavirus pandemic    What to watch to kill time in quarantine?    Japan PM Abe agree on delaying the Tokyo Olympics for one year    Ethiopia has not sent Egypt latest designs for GERD: Minister of Irrigation    Al-Sisi appreciates Kenya's support to Egypt's stance on GERD    Nigerien President hails Egypt's diplomatic attempts to reach agreement over GERD    Tom Hanks and wife Rita Wilson announced both test positive for coronavirus    Cairo court acquits Mubarak's sons of stock market manipulation    Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





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.
BM


Clic here to read the story from its source.