Three African Billionaires Increase In Net Worth Despite Global Economic Challenges

8 months ago
Mon, 02 Jan 2023 11:02:38 GMT
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Three African Billionaires Increase In Net Worth Despite Global Economic Challenges

Three African billionaires increased in net worth in 2022 despite global economic challenges which saw the fortunes of the world’s 500 richest individuals take a hit with a total loss of $1.4 trillion.

Nassef Sawiris, Nicky Oppenheimer, and Abdul Samad Rabiu all saw significant increases in their net worth over the course of the year, according to data from Billionaires.Africa.

1). Egyptian billionaire Nassef Sawiris:

Nassef who is the eldest son of the late Egyptian industrialist Onsi Sawiris, saw his wealth increase by more than $500 million in 2022. He sits on the boards of Adidas and OCI N.V. The performance of Sawiris’ 38.8-per cent stake in OCI N.V., helped boost his net worth from $6.5 billion on December 31, 2021, to $7.03 billion on December 31, 2022.

2). Nigerian billionaire Abdul Samad Rabiu:

He also saw his wealth increase significantly in 2022, with a rise of $2.2 billion mainly due to the listing of Rabiu’s food company, BUA Foods Plc, on the Nigerian Exchange on January 5, 2022. It is also attributed to the strong performance of his stake in BUA Cement, one of Africa’s fastest-growing cement companies. Rabiu’s net worth has now increased from $5.6 billion to $7.8 billion.

3). South African billionaire Nicky Oppenheimer:

He saw a more modest increase in his wealth in 2022, with a rise of $75 million. This was enough to put him on the list of African billionaires whose wealth increased in the previous year and to push his net worth above the $8-billion mark. Oppenheimer’s fortune is derived from private equity investments made through Stockdale Street in London and Tana Africa Capital in Johannesburg in Africa, Asia, the United States, and Europe.

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The combination of industrial assets and diverse investment portfolios assisted the billionaires in defying the economic challenges of 2022 and emerging with even greater wealth.

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