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Merali among Africa's 40 richest

21 November 2012, 16:47

Nairobi - Nairobi -  Business mogul Naushad Merali, is the only Kenyan to grace this year’s Forbe’s top 40 Africa rich list list, with an estimated net worth of $410m.

Other notable Africans on the list are two South African tycoons; Naspers CEO Koos Bekker (also known as South Africa’s Rupert Murdoch) and mining mogul Desmond Sacco, who is also the richest newcomer, with a net worth of $1.4bn.

According to Forbes, rising stock prices helped to shake up the ranks of the Africa rich list, with a quarter of the list members this year being newcomers.

For the first time two women - Folorunsho Alakija of Nigeria and Isabel dos Santos of Angola - are also included in the newcomer list.
According to Forbes, Alakija started as a secretary at an investment bank in the 1970s, launched a fashion label for upscale clientele in the 1980s and was awarded an oil prospecting licence for her Famfa Oil company in 1993. Alakija’s fortune is estimated at $600m.

Dos Santos, with a net worth estimated at $500m, is an entrepreneur, investor and daughter of Angola’s President Jose Eduardo dos Santos. Her first business venture was an eatery in Luanda called Miami Beach Club. Current assets include investments in Portuguese banks and Portuguese TV and internet company Zon Multimedia.

South Africa, the continent’s economic giant, is home to 12 of Africa’s 40 richest, followed by Nigeria, with 11. Egypt comes next, with 8 list members, and Morocco with 5.  It is perhaps no surprise that the overwhelming majority of Africa’s 40 Richest come from the countries with the largest stock exchanges.

Making up the top 10 are:

Property baron Sudhir Ruparelia of Uganda with a net worth estimated at $900m;
Salim Bakhresa, the first African from Tanzania to make the Forbes list with an estimated net worth of $520m;
Morocco's Moulay Hafid Elalamy with a net worth of $500m;
Oil magnate OB Lulu-Briggs of Nigeria, with a net worth of $500m;
Sani Bello of Nigeria, who owns a slice of MTN Nigeria, with a fortune estimated at $425m; and
Naushad Merali, with investments in Sameer Group, banking, telecommunications, manufacturing, agriculture and other sectors.

According to Forbes, Africa seems to be getting too small for the continent’s richest man. Nigerian Aliko Dangote, with an estimated net worth of $12bn, is planning to expand his cement operations to Myanmar and Iraq.

His flagship company, Dangote Cement, is Africa's largest cement manufacturer with operations in 14 African countries. Last month he sold his controlling stake in Dangote Flour Mills to consumer goods firm Tiger Brands for $190m.

- Fin24


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