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The Hits and Misses of Forbes Richest in Africa List

Africa’s wealthiest people shed a combined $3.1 billion in the past 12 months, this follows a global decline for markets in 2022. As a group, the continent’s 19 billionaires are worth an estimated $81.8 billion – down from the $84.9 billion that 18 African billionaires had 12 months ago. The 3.6% dip on the 2023 Forbes ranking follows a jump of 15% last year on the back of soaring stock prices from Nigeria to Zimbabwe. Their fortunes faded in sync with equity values around the world, with the S&P All Africa index dropping more than 20% in the first nine months of 2022, before starting a late-year rally that left the index down just 3% over the past 12 months. The fortune of Nigeria’s Alike Dangote, Africa’s richest person for the 12th year in a row, fell $400 million to $13.5 billion. South African luxury goods magnate Johann Rupert held onto the No. 2 spot with $10.7 billion, down from $11 billion in 2022 as shares of his Compagnie Financiere Richemont – maker of Cartier watches and Montblanc pens – clawed back much – but not all – of last year’s decline. South African Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo American a decade ago, ranks No. 3, worth an estimated $8.4 billion.