In 2022, the world was hit by a collection of financial challenges that took a big toll on the wealth of billionaires. In line with information from the Bloomberg Billionaires Index and Forbes, the five hundred richest billionaires misplaced a staggering $1.4 trillion, the steepest drop ever recorded.
This loss could be attributed to a variety of elements, together with the rise in world rates of interest, brought on by the steep rise in inflation amid macroeconomic volatility, geopolitical tensions brought on by Russia’s invasion of Ukraine, and world provide chain difficulties.
These challenges additionally had a big affect on African billionaires, and whereas three managed to defy these challenges and increase their wealth, eleven others weren’t as lucky, with their web price declining considerably because of the macroeconomic volatility, geopolitical points, and provide chain issues that formed the yr.
Of the eleven billionaires who noticed a decline of their web price, Zimbabwean billionaire Attempt Masiyiwa skilled the steepest loss at $1.5 billion, adopted by Ethiopia’s Mohammed Al Amoudi and Nigerian telco billionaire Mike Adenuga.
1. Attempt Masiyiwa
Wealth loss in 2022: $1.5 billion
Web price: $1.2 billion
Attempt Masiyiwa, Zimbabwe’s richest man, noticed his web price plummet by $1.5 billion in 2022, from $2.7 billion in the beginning of the yr to $1.2 billion on the finish of the yr, owing to a drop within the share costs of his publicly traded companies on the Zimbabwe Inventory Trade, significantly Econet Zimbabwe and EcoCash Holdings.
Masiyiwa’s fortune features a 52.85 p.c stake in Econet Zimbabwe, the nation’s largest telecom companies supplier, and a 30 p.c stake in EcoCash Holdings, a various good expertise 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
Web price: $5.46 billion
Mohammed Al Amoudi, Ethiopia’s richest man, noticed his web price plummet by $1.25 billion in 2022 as a result of a decline available in the market 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 gasoline exploration and manufacturing firm.
In line with the Bloomberg Billionaires Index, his web price 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
Web price: $5.6 billion
Mike Adenuga, a Nigerian telecom billionaire and oil mogul, noticed his web price plummet by greater than a billion {dollars} in 2022 because the valuation of his privately held companies plummeted.
The billionaire businessman, who derives nearly all of his fortune from his privately held telecom firm, Globacom Restricted, in addition to his investments within the Nigerian oil trade by Conoil Producing and Conpetro Restricted, noticed his web price fall by $1.1 billion in 2022, from $6.7 billion to $5.6 billion in the beginning of the yr.
4. Johann Rupert
Wealth loss in 2022: $1.03 billion
Web price: $10.9 billion
Johann Rupert, South Africa’s richest man, and Africa’s second-wealthiest businessman noticed his web price fall by $1.03 billion in 2022, owing to a drop available in the market capitalization of his Swiss luxurious items holding firm, Compagnie Financiere Richemont (Richemont).
In line with Bloomberg Billionaires Index information, Rupert’s web price fell by $1.03 billion in 2022, from $11.9 billion in the beginning of 2022 to $10.9 billion.
5. Natie Kirsh
Wealth loss in 2022: $821 million
Web price: $7.45 billion
Nathaniel “Natie” Kirsh, the richest man in Eswatini (previously Swaziland), noticed his web price fall by $821 million in 2022, falling from $8.27 billion in the beginning of 2022 to $7.45 billion.
The decline in his web price could be attributed to the decline available in the market worth of his portfolio investments by Kirsh Group, a carefully held conglomerate that owns a majority stake in Jetro Holdings, a meals provide firm.
6. Aliko Dangote
Wealth loss in 2022: $393 million
Web price: $18.7 billion
Aliko Dangote, Africa’s richest man, noticed his web price fall by $393 million in 2022, from $19.1 billion to $18.7 billion.
Dangote, who ranks because the world’s richest black individual, derives nearly all of his fortune from an 86 p.c stake in Dangote Cement, which is at present price $8.64 billion.
The decline available in the market worth of his flagship firm, Dangote Cement Plc, Africa’s largest cement firm, is accountable for the multimillion-dollar drop in his web price.
7. Michiel Le Roux
Wealth loss in 2022: $300 million
Web price: $1.4 billion
Michiel Le Roux, a South African billionaire banker, and main businessman, noticed his web price fall by $300 million, from $1.7 billion to $1.3 billion, as a result of a drop available in the market worth of his 11.41 p.c stake in Capitec Financial institution, a Stellenbosch-based monetary companies supplier and one among South Africa’s largest retail banks.
8. Aziz Akhannouch
Wealth loss in 2022: $300 million
Web price: $1.9 billion
Aziz Akhannouch, Morocco’s Prime Minister and a number one businessman who derives nearly all of his fortune from Akwa Group, a Moroccan conglomerate with oil and gasoline investments, noticed his web price fall by $300 million in 2022, from $2.2 billion to $1.9 billion.
9. Othman Benjelloun
Wealth loss in 2022: $300 million
Web price: $1.2 billion
Othman Benjelloun, Morocco’s second-richest man after Prime Minister Aziz Akhannouch, noticed his web price 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
Web price: $2.8 billion
Patrice Motsepe, the richest black South African, noticed his web price drop by $300 million in 2022 because of his 40 p.c stake in African Rainbow Minerals (ARM), a South African diversified mining and minerals firm.
11. Koos Bekker
Wealth loss in 2022: $200 million
Web price: $2.5 billion
South African billionaire Jacobus “Koos” Bekker’s web price fell by $200 million in 2022, from $2.7 billion to $2.5 billion, as a result of a decline available in the market worth of his 0.86 p.c stake in Prosus N.V. and one other 0.44 p.c stake in Naspers, a worldwide web group and one of many world’s largest expertise traders and holding corporations.
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