Sudhir Ruparelia

Sudhir Ruparelia

Businessman Sudhir Ruparelia has been ranked at a distant NUMBER 39 on the Africa rich list, according to reputable Ventures Africa Company.

This certainly means the Ugandan businessman is not the richest man in East Africa, as Forbes Magazine claimed a few months ago. When Forbes ranked Sudhir East Africa’s richest man, he threw a mega party to celebrate the ‘achievement’, even inviting the Forbes Africa Editor, something that was seen by some as a form of media bribery.

According to Ventures Africa, the richest man in East Africa is Manilal Premchand Chandaria OBE EBS, a Kenyan businessman of Indian descent who is ranked at #28 in Africa with an estimated net-worth of $1.7 billion. Sudhir is at $1.3 billion.

The combined net worth of Africa’s 55 billionaires increased by 12.4 per cent from $143.88 billion in 2013 to $161.75 billion in 2014, a report has shown.

It also showed that Africa maintained its number of billionaires this year.

Ventures Africa revealed this in its second annual Rich List titled, The Richest People in Africa 2014.

The ranking was based on analysed financial reports and extensive due diligence in tracking the fortunes of the billionaires. In addition, the stakes of billionaires that hold shares in publicly traded companies were calculated using the market capitalisation of the listed companies.



Also, private companies were compared to similar publicly traded companies to determine a reasonable enterprise value. In areas where no suitable publicly listed peer was available, the enterprise value of companies were calculated using global industry standards such as earnings before interest, taxes, depreciation, and amortisation (EBITDA) or revenue multiples.

From the computation, the billionaires employ close to half a million people in Africa.

For instance, it showed that while in Egypt, its billionaires employ about 140,000 people, in Nigeria, they have created a total of 120,000 jobs. In South Africa, its billionaires have also created 60,000 jobs.

Similarly, while the billionaires in Morocco and Kenya have created about 40,000 jobs respectively, they are also responsible for the creation of about 20,000 jobs in Tanzania, Uganda and Algeria.

Also, the jobs created by the African billionaires per industry showed that on the continent, they have created about 120,000 jobs in the construction industry, 90,000 in the oil and gas sector, about 60,000 in the financial services and consumables sectors apiece, and 40,000 jobs in the food and beverages sector in the continent.

Other sectors that have benefited in terms of job creation by the continent’s billionaires included the telecoms and real estate sectors with 40,000 jobs respectively, while automobile, healthcare and technology provided 30,000 jobs.

A breakdown of the wealth by age of

the 55 African billionaires showed that while 10.5 per cent of them were around 40 years, 51.6 per cent are in their 50s, 59.6 per cent of them in their 60s, 19.5 per cent of them in their 70s and 21.2 per cent of them around 80 years.

Nigerians collectively owned $77.7 billion or 48 per cent of the Rich List’s total wealth – almost as much as all the other countries combined. On the other hand, South Africans collectively accounted for $32 billion or 20 per cent of the Rich List’s total wealth.

Almost 40 per cent of Nigeria’s billionaires’ wealth was attributed to the country’s oil and gas industry, while about 41 per cent of South Africa’s billionaires’ wealth was tied to the financial services industry.

The wealth by industry of the billionaires in Nigeria showed that while 39 per cent of their wealth comes from the oil and gas sector, 34 per cent from the construction sector, nine per cent from telecoms, eight per cent from real estate, five per cent from food and beverages, three per cent from financial services and two per cent from automotive.

“Five people joined the ranking this year, while an equal number dropped out. Some had their wealth fall below our $1 billion cut off, while others had financial challenges that necessitated their removal from the list,” it added.





01     Alhaji Aliko Dangote   $25.7 billion

02     Chief Mike Adenuga     $8 billion

03     Johann Rupert   $7.8 billion

04     Folorunsho Alakija     $7.3 billion

05     Nassef Sawiris   $6.9 billion

06     Nicky Oppenheimer       $6.5 billion

07     Allan Gray       $6.2 billion

08     Prince Arthur Eze       $5.8 billion

09     Gilbert Chagoury       $4.3 billion

10     Nathan Kirsh   $3.8 billion

11     Cletus Ibeto     $3.7 billion

12     Christoffel Wiese       $3.6 billion

13     Isabel Dos Santos       $3.5 billion

14     Othman Benjelloun       $3.1 billion

15     Mohammed Mansour       $3 billion

16     Issad Rebrab   $3 billion

17     Benedict Peters $2.7 billion

18     Naguib Sawiris $2.5 billion

19     Patrice Motsepe $2.5 billion

20     Youssef Mansour $2.3 billion

21     Jim Ovia     $2.3 billion

22     Miloud Chaabi   $2.3 billion

23     Yasseen Mansour $2 billion

24     Mohammed Dewji $2 billion

25     Koos Bekker     $1.9 billion

26     Mohamed Al-Fayed       $1.9 billion

27     Theophilus Danjuma     $1.8 billion

28     Manu Chandaria $1.7 billion

29     Desmond Sacco   $1.7 billion

30     Stephen Saad   $1.7 billion

31     Tony Elumelu   $1.6 billion

32     Onsi Sawiris   $1.5 billion

33     Anas Sefrioui   $1.5 billion

34     Amirali Karmali $1.5 billion

35     Aziz Akhannouch $1.5 billion

36     Abdulsamad Rabiu       $1.5 billion

37     Mohammed Ibrahim       $1.4 billion

38     Igho Sanomi     $1.3 billion


40     Rostam Aziz     $1.2 billion

41     Dr. ABC Orjiakor         $1.2 billion

42     Bode Akindele   $1.2 billion

43     Emmanuel Ojei   $1.2 billion

44     Mohammed Indimi $1.1 billion

45     OB Lulu-Briggs $1.1 billion

46     Michael Ibru     $1.1 billion

47     Samih Sawiris   $1.1 billion

48     Nicholas Biwott $1.1 billion

49     Sani Bello     $1 billion

50     Strive Masiyiwa $1 billion

51     Mama Ngina Kenyatta     $1 billion

52     Tunde Folawiyo $1 billion

53     Aminu Dantata   $1 billion

54     Oba Otudeko     $1 billion

55     Akanimo Udofia $1 billion




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