As global markets recover from a lackluster 2022, the world’s wealthiest billionaires have had a strong start to the new year with sustained increases in share prices, resulting in significant gains in their net worth.
Similarly, the top five African billionaires have experienced a remarkable increase in their net worth, although it is still lower than the year-to-date wealth gains of their counterparts in developed economies.
Within the first 45 days of this year, the collective net worth of the world’s top five wealthiest individuals, namely Bernard Arnault, Elon Musk, Jeff Bezos, Bill Gates, and Warren Buffett, has surged by an impressive $93.89 billion. This amount surpasses the combined net worth of the top five African billionaires by a staggering 70 percent.
According to data tracked by Billionaires.Africa, the top five African billionaires have collectively gained $3.052 billion in net worth since the start of the year, increasing from $52.12 billion to $55.18 billion. This rise can be linked to the performance of their stakes in publicly listed companies.
Notably, South African luxury magnate, Johann Rupert owes his year-to-date gains of $1.52 billion—pushing his net worth from $10.9 billion to $12.4 billion — to his stake in Richemont. While, Nicky Oppenheimer’s diversified private equity investments have caused his net worth to increase from $8.03 billion to $8.63 billion — a $600-million bump.
Nigerian billionaires Aliko Dangote and Abdul Samad Rabiu have experienced a significant increase in their net worth since the beginning of the year. Dangote’s net worth has risen by $504 million to $19.2 billion, while Rabiu’s net worth has increased by $100 million to $7.6 billion.
The growth in their wealth can be attributed to their cement businesses, Dangote Cement and BUA Cement Plc. In addition to his stake in BUA Cement Plc, Rabiu has also benefited from his 98 percent stake in his food conglomerate, BUA Foods Plc.
Additionally, Egyptian billionaire Nassef Sawiris has seen his net worth rise by $328 million to $7.35 billion, thanks to the 8.6-percent increase in Adidas shares since the beginning of the year, which boosted the market value of his 6 percent stake in the German sportswear company.