The Biggest Winners: 5 African Billionaires Who Didn’t Lose Money In 2015
Of Africa’s 21 billionaires tracked by Forbes, most saw their net worth go down rather than up in 2015.
Excluding King Mohammed VI of Morocco, only five of got richer between Dec. 31, 2014 and Dec. 31, 2015, according to Forbes estimates.
One of the notable losers was Africa’s richest man, Nigerian Aliko Dangote. Despite losing $5 billion when the prices dropped on Dangote Cement shares, he’s still Africa’s richest man for the fifth year in a row, according to Vanguard.
The No. 1 African billionaire winner on this list by percentages is Nigeria’s Femi Otedola. He saw his net worth increase 75 percent in 2015. He made his money from oil.
The sharp drop in international oil prices since mid-2014 has had varying effects on African economies. It isn’t all bad, according to Amsterdam-based KPMG, one of the Big Four auditors. About nine countries are severely negatively affected. Many others benefited from the drop in oil prices, which boosted consumer purchasing power and reduced fuel subsidy costs for governments that still provide subsidies.
Check out Forbes’ list of the biggest dollar gainers in Africa, measured from Dec. 31, 2014 to Dec. 30, 2015.