African Billionaires, 55 of Them, Named in Larger-Than-Expected List

There are 55 African billionaires whose combined fortunes exceed $140 billion, Ventures magazine reported Monday.

The number of the continent's mega-rich far surpasses the previously reported number of billionaires in Africa, which was as few as 16.

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"The pan-African business magazine said it was able to uncover dozens of new billionaires by using 'on-the-ground knowledge' to overcome hurdles that may have 'hampered' other researchers," according to Agence France-Presse.

The new, exhaustive list is impressive because Africans are known for being fiercely protective over their financial information.

"There is this culture of you don't necessarily want to show your wealth, considering the gap between rich and poor," Uzo Iweala, Ventures' editor-in-chief, told the BBC's Focus on Africa radio program. "If you have a lot of money, there are a lot of people that you have to support so we think people may be a little reluctant to be all splashy about what they have and what their assets are."

Among the African billionaires are oil tycoons, fashion designers, politicians' children, and those who made their billions in the construction, retail, and diamond mining businesses.

Coming in at No. 1 is Aliko Dangote, a 56-year-old Nigerian man whose $20.2 billion fortune comes from his manufacturing conglomerate.

Folorunsho Alakija is Africa's richest woman with $7.3 billion she amassed by leading one of Nigeria's most profitable oil companies. Alakija, 62, is No. 4 overall on Ventures' list thanks to the additional income from her popular fashion label, Supreme Stitches.

Of all 55 billionaires, 20 are Nigerian, nine are South African, and eight are Egyptian, according to Ventures.

The full list is published in the October issue of Ventures.

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