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African billionaires more numerous than previously thought, according to new report

African billionaires: Editors of the report said Tuesday their estimates are 'on the conservative side.'

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Akintunde Akinleye/Reuters
Founder and Chief Executive of the Dangote Group Aliko Dangote gestures during an interview with Reuters in his office in Lagos, last year. According to a new report, Dangote is the richest African, worth $20.2 billion.
  • By Associated Press

| LAGOS, Nigeria

A pan-African magazine says Africa has many more billionaires than previously reported, 55 of them worth $143.88 billion including a Nigerian said to be the richest black woman in the world.

"Move over, Oprah!" Ventures Africa says in its latest edition published this week.

Editor-in-chief Uzodinma Iweala said Tuesday their estimates are "on the conservative side."

The report predictably identifies Nigerian manufacturer Aliko Dangote as the richest African worth $20.2 billion, among 20 Nigerians listed.

It surprises by identifying oil tycoon Folorunsho Alakija as the richest black woman in the world, worth $7.3 billion.

Forbes magazine in its respected list had estimated Alakija's fortune at $600 million and Oprah Winfrey's worth at $2.9 billion. Iweala said his researchers are "closer to the ground" and expect to unearth moreAfrican billionaires.

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