African billionaires are much more prevalent that previously thought according to Ventures Africa magazine. 55 billionaires were identified, including the world's richest black woman. And in this reports from the Associated Press on Oct. 8, it isn't Oprah.
'Move over, Oprah!' Ventures Africa says in its latest edition published this week.
African billionaires had a total net worth of $144 billion and average $2.6 billion each. Folorunsho Alakija, a Nigerian oil tycoon, is worth $7.6 billion. Oprah Winfrey is only worth a reported $2.9 billion according to the latest Forbes report on the worlds richest. The two reports disagree on the net worth of Alakija, with Forbes claiming that she is only has a paltry $600 million. Alakija was also one of the few who was able to hold on to her families valuable license in a joint venture with an international oil company. Normally such licenses go to government and military officials in African countries.
In accounting for African billionaires, Forbes magazine may need to be more rigorous and take a closer look at the continent in the future. part of the problem may be a lack of transparency in the way Africans report their wealth. The Forbes list only includes 16 African billionaires.
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