In an in-depth analysis conducted by Infostride News on the economic landscape of Africa and the Middle East (MEA), Nigeria has emerged as the leading hub for self-made billionaires in 2023, according to the Billionaire Ambitions Report. Despite economic challenges, Nigeria has secured the top position with an impressive 66.6% of self-made billionaires, outpacing South Africa (60%) and Egypt (50%) in the MEA region.
The report zooms in on specific details, spotlighting three influential Nigerian billionaires—Aliko Dangote, AbdulRabiu Samad, and Mike Adenuga—whose combined wealth has seen a substantial increase of nearly 20%, reaching an impressive $28.5 billion. This surge in wealth is attributed to the stellar performance of their consumer retail and oil companies.
A notable figure among them is Mike Adenuga, whose wealth was amassed through ventures in the telecom and oil production sectors. His mobile phone network, Globacom, ranks as Nigeria’s third-largest operator, and his oil exploration entity, Conoil Producing, oversees operations in six oil blocks in the Niger Delta.
Aliko Dangote, recognized as Africa’s wealthiest individual, is the founder and chair of Dangote Cement, the continent’s largest cement producer. Holding an 85% stake in publicly traded Dangote Cement through a holding company, Dangote’s wealth is set to grow further with the impending full-scale operations of the Dangote Refinery, one of the world’s largest oil refineries.
While the majority of Nigeria’s wealthy individuals are self-made billionaires, Mike Adenuga and Aliko Dangote exemplify the nation’s entrepreneurial spirit and remarkable achievements in diverse sectors.
Abdulsamad Rabiu, another key player in Nigeria’s billionaire landscape, embarked on his entrepreneurial journey in 1988, establishing his business by importing iron, steel, and chemicals. Inheriting a foundation of business acumen from his successful businessman father, Rabiu’s ventures have contributed to the economic prosperity of the nation.
Beyond Nigeria, South Africa’s five billionaires experienced a 16.9% increase in net worth, amounting to $25.6 billion. However, Egypt faced a contrasting narrative, with its billionaires witnessing a historic low of -17.7% in net worth, dwindling from $16.4 billion in 2022 to $13.5 billion in 2023. The number of Egyptian billionaires also decreased from six to four within the past 12 months.
Despite global economic fluctuations, the 2022/2023 period witnessed a partial recovery in billionaires’ wealth. Globally, the total number of billionaires increased by 7%, totaling 2,544, with their combined wealth rebounding by 9% to USD 12.0 trillion.
The EMEA region demonstrated exceptional performance in 2022, driven by a post-pandemic surge in luxury goods and cosmetics companies in France. The region’s total wealth escalated by 21% to USD 3.2 trillion, accompanied by a 10% growth in the number of billionaires, from 599 to 658.
It is noteworthy, however, that the billionaire community, while recovering, remains smaller than its 2021 peak when 2,686 individuals were valued at an aggregate USD 13.4 trillion following a post-pandemic asset price rally.
Looking ahead, 50% of billionaires in Europe, the Middle East, and Africa (“EMEA”) are contemplating an increased exposure to developed market bonds, with hedge funds closely following at 46%. While 45% believe North America offers the most lucrative returns in the next 12 months, a substantial 61% express concerns about geopolitical tensions, and 44% worry about the inflation outlook.
In terms of technological trends, artificial intelligence (AI) is identified as the most significant commercial opportunity for operating businesses (65%) and portfolios (60%) over the next year. However, the looming threat of new technologies disrupting or dismantling existing business models is perceived as the most substantial risk by 56% of billionaires surveyed, pointing to a cautious approach in the face of evolving technological landscapes.
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