In 2022, the world was hit by a collection of financial challenges that took a major toll on the wealth of billionaires. In line with knowledge from the Bloomberg Billionaires Index and Forbes, the five hundred richest billionaires misplaced a staggering $1.4 trillion, the steepest drop ever recorded.
The loss could be attributed to a variety of elements, together with the rise in world rates of interest, attributable to the steep rise in inflation amid macroeconomic volatility, geopolitical tensions attributable to Russia’s invasion of Ukraine, and world provide chain difficulties.
These challenges additionally had a major impression on African billionaires, and whereas three managed to defy these challenges and increase their wealth, eleven others weren’t as lucky, with their internet value declining considerably as a result of macroeconomic volatility, geopolitical points, and provide chain issues that formed the 12 months.
Of the eleven billionaires who noticed a decline of their internet value, Zimbabwean billionaire Try Masiyiwa skilled the steepest loss at $1.5 billion, adopted by Ethiopia’s Mohammed Al Amoudi and Nigerian telco billionaire Mike Adenuga.
1. Try Masiyiwa
Wealth loss in 2022: $1.5 billion
Internet value: $1.2 billion
Try Masiyiwa, Zimbabwe’s richest man, noticed his internet value plummet by $1.5 billion in 2022, from $2.7 billion firstly of the 12 months to $1.2 billion on the finish of the 12 months, owing to a drop within the share costs of his publicly traded companies on the Zimbabwe Inventory Alternate, notably Econet Zimbabwe and EcoCash Holdings.
Masiyiwa’s fortune features a 52.85-percent stake in Econet Zimbabwe, the nation’s largest telecom companies supplier, and a 30-percent stake in EcoCash Holdings, a various sensible know-how group that makes use of digital and monetary applied sciences to create shared economies, drive monetary inclusion, and promote financial empowerment.
2. Mohammed Al Amoudi
Wealth loss in 2022: $1.25 billion
Internet value: $5.46 billion
Mohammed Al Amoudi, Ethiopia’s richest man, noticed his internet value plummet by $1.25 billion in 2022 on account of a decline out there worth of his industrial belongings in Sweden, Saudi Arabia, and Ethiopia.
The vast majority of Al-Amoudi’s fortune comes from Preem, Sweden’s largest oil refiner, and Svenska Petroleum Exploration, one other Swedish oil and fuel exploration and manufacturing firm.
In line with the Bloomberg Billionaires Index, his internet value will fall by $1.25 billion in 2022, from $6.71 billion to $5.46 billion.
3. Mike Adenuga
Wealth loss in 2022: $1.1 billion
Internet value: $5.6 billion
Mike Adenuga, a Nigerian telecom billionaire and oil mogul, noticed his internet value plummet by greater than a billion {dollars} in 2022 because the valuation of his privately held companies plummeted.
The billionaire businessman, who derives the vast majority of his fortune from his privately held telecom firm, Globacom Restricted, in addition to his investments within the Nigerian oil business by means of Conoil Producing and Conpetro Restricted, noticed his internet value fall by $1.1 billion in 2022, from $6.7 billion to $5.6 billion firstly of the 12 months.
4. Johann Rupert
Wealth loss in 2022: $1.03 billion
Internet value: $10.9 billion
Johann Rupert, South Africa’s richest man, and Africa’s second-wealthiest businessman noticed his internet value fall by $1.03 billion in 2022, owing to a drop out there capitalization of his Swiss luxurious items holding firm, Compagnie Financiere Richemont (Richemont).
In line with Bloomberg Billionaires Index, Rupert’s internet value fell by $1.03 billion in 2022, from $11.9 billion firstly of 2022 to $10.9 billion.
5. Natie Kirsh
Wealth loss in 2022: $821 million
Internet value: $7.45 billion
Nathaniel “Natie” Kirsh, the richest man in Eswatini (previously Swaziland), noticed his internet value fall by $821 million in 2022, falling from $8.27 billion firstly of 2022 to $7.45 billion.
The decline in his internet value could be attributed to the decline out there worth of his portfolio investments by means of Kirsh Group, a intently held conglomerate that owns a majority stake in Jetro Holdings, a meals provide firm.
6. Aliko Dangote
Wealth loss in 2022: $393 million
Internet value: $18.7 billion
Aliko Dangote, Africa’s richest man, noticed his internet value fall by $393 million in 2022, from $19.1 billion to $18.7 billion.
Dangote, who ranks because the world’s richest black particular person, derives the vast majority of his fortune from an 86 % stake in Dangote Cement, which is at present value $8.64 billion.
The decline out there worth of his flagship firm, Dangote Cement, Africa’s largest cement firm, is accountable for the multimillion-dollar drop in his internet value.
7. Michiel Le Roux
Wealth loss in 2022: $300 million
Internet value: $1.4 billion
Michiel Le Roux, a South African billionaire banker, and main businessman, noticed his internet value fall by $300 million, from $1.7 billion to $1.3 billion, on account of a drop out there worth of his 11.41-percent stake in Capitec Financial institution, a Stellenbosch-based monetary companies supplier and one in every of South Africa’s largest retail banks.
8. Aziz Akhannouch
Wealth loss in 2022: $300 million
Internet value: $1.9 billion
Aziz Akhannouch, Morocco’s prime minister and a number one businessman who derives the vast majority of his fortune from Akwa Group, a Moroccan conglomerate with oil and fuel investments, noticed his internet value fall by $300 million in 2022, from $2.2 billion to $1.9 billion.
9. Othman Benjelloun
Wealth loss in 2022: $300 million
Internet value: $1.2 billion
Othman Benjelloun, Morocco’s second-richest man after Prime Minister Aziz Akhannouch, noticed his internet value fall from $1.5 billion to $1.2 billion in 2022, a complete lack of $300 million.
The vast majority of his fortune stems from his funding within the BMCE Group, a multinational pan-African banking conglomerate with operations in 18 African international locations and consultant places of work in Europe and Asia.
10. Patrice Motsepe
Wealth loss in 2022: $300 million
Internet value: $2.8 billion
Patrice Motsepe, the richest Black South African, noticed his internet value drop by $300 million in 2022 on account of his 40-percent stake in African Rainbow Minerals (ARM), a South African diversified mining and minerals firm.
11. Koos Bekker
Wealth loss in 2022: $200 million
Internet value: $2.5 billion
South African billionaire Jacobus “Koos” Bekker’s internet value fell by $200 million in 2022, from $2.7 billion to $2.5 billion, on account of a decline out there worth of his 0.86-percent stake in Prosus N.V. and one other 0.4-percent stake in Naspers, a worldwide web group and one of many world’s largest know-how traders and holding corporations.
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