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 ofthe 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.
AFRICA’S RICH LIST
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
39 SUDHIR RUPARELIA $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