Black Wealth Is Increasing: Africa Now Has 55 Billionaires

Ventures Africa, a pan-African magazine, reports that the continent of Africa has 55 billionaires with a combined worth of more than $143 billion. Amongst them is Nigerian manufacturer Aliko Dangote, who is the richest African in the world - worth more than $20 billion.

The average net worth of each of the African billionaires is reportedly $2.6 billion, and their average age at 65. The oldest ones are Kenyan industrialist Manu Chandaria and Egyptian property tycoon Mohammed Al-Fayed, who are both 84-years old. The youngest billionaires are Mohammed Dewji of Tanzania and Nigerian oil trader Igho Sanomi, who are both 38-years old.

Uzodinma Iweala, Editor-in-chief of the magazine, said that during his research, he found that each of the billionaires strongly believe that Africa is the best environment to make fortunes and to make changes. He also found that they are not becoming more transparent about their wealth, but are more formally returning wealth to the community. He comments, "As people have more and more money we’re seeing more and more foundations putting money back, and in a more structured way."