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Pan-African Magazine: Africa has 55 billionaires

Tuesday, October 08, 2013 | 3:33 PM    

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LAGOS, Nigeria (AP) — A Pan-African magazine says Africa has many more billionaires than previously reported, 55 of them worth more than US$143 billion including a Nigerian said to be the richest black woman in the world.

"Move over, Oprah!" Ventures Africa says in its latest edition published this week.

Editor-in-chief Uzodinma Iweala said yesterday the magazine's estimates are "on the conservative side."

The report predictably identifies Nigerian manufacturer Aliko Dangote as the richest African worth US$20.2 billion, among 20 Nigerians listed.

Africa Ventures put the average net worth of Africa's billionaires at US$2.6 billion and their average age at 65. The oldest billionaires are Kenyan industrialist Manu Chandaria and Egyptian property tycoon Mohammed Al-Fayed, both aged 84. The youngest billionaires are Mohammed Dewji of Tanzania and Nigerian oil trader Igho Sanomi, both 38 years old.

Nigeria, South Africa and Egypt had the highest numbers of the richest Africans, with nine in South Africa and eight in Egypt. It said Algeria, Angola, Zimbabwe and Swaziland only have one billionaire each. It identified billionaires in only 10 of Africa's 53 countries.

The magazine's survey surprised by identifying oil tycoon Folorunsho Alakija as the richest black woman in the world, saying that she is worth US$7.3 billion.

Forbes magazine in its respected list had estimated Alakija's fortune at $600 million and Oprah Winfrey's worth at $2.9 billion.

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