African billionaires – the term would almost seem to be an oxymoron. Yet there are far more African billionaires than one might think. According to an AFP report, carried by Yahoo! News Oct. 7, the continent's mega-rich have tripled, in line, regrettably, with those who continue to live in severe destitution.
There at least 55 billionaires “on a continent where the wealthy often fiercely protect details about their fortunes,” says the AFP, suggesting there could be many more.
Out of the 55 billionaires, 20 are from Nigeria, and of those, most have made their fortune in oil. South Africa shows nine billionaires, and Egypt has 8.
The World Bank reported that economic growth in Africa has not kept up with an exploding population. Close to 1 million people live in Africa, second only to Asia.
"There are more than twice as many extremely poor people living in sub-Saharan Africa today (414 million) than there were three decades ago (205 million)," the World Bank said. Africa is “the only region where the number of poor people individuals has risen steadily and dramatically,” the bank said.
Almost one out of every two Africans lives in extreme poverty today.