Monday, March 10, 2008

YIPEE.. TWO BLACK AFRICANS ON THE FORBES LIST

For a long time the FORBES Billionaires list had only three Africans on the list. The Openheimer Family-heirs to the De Beers fortune,Johan rupert -BAT and Richemont and the Sawiris owners of the ORASCOM group.The Openheimer's and Rupert's are white Africans and the Egyptians are Arabs.(hope i dont seem racist).

Now we have two black Africans Aliko Dangote of the DANGOTE Group Nigeria and Patrice Motsepe of the ARM mining group( Patrice has a 5.5% stake in SANLAM the parent co. of Pan Africa Holdings -Kenya).

All great wealth tends to attract controversy.Dangote is accused of being too close to the former President Olusegun Obasanjo.Motsepe is accused of using black empowerment laws to enrich himself.

The FORBES list favours those whose wealth is in listed firms.Hence, as more of the developing world's capital markets become advanced, more Third worlders should make the grade.

Here's a link to an interesting BBC article on both.

By the way
The Nairobi Stock Exchange's Market Capitalisation(Value of all the shares listed on the exchange) is approximately Kshs 850 billion. Assuming 1US$ =Kshs 65, then the Market Capitalisation in US$ is 13 Billion.Motsepe's net worth is put at US$ 2.4Billion and Dangote's at US$ 5.5 Billion. do the math.

5 comments:

Anonymous said...

Hey watch out, Egyptians are not arabs!! Egyptians are Egyptians, how can we be arabs if we came 5,000 years before them??

Anonymous said...

egyptian, arab, muslim, whats the difference?!!!!

Ray said...

Egyptians: habitants of Egypt, mix of descendent of Ancient Egyptians, Greeks, Romans, Arabs, Turkish, Frenc h and Englishmen. Mainly descendent of Ancient Egyptians though. Sawiris Family is a Coptic Christian Family so they are from Ancient Egyptian decency for sure.

Arabs: from ethos point of view they are the habitants of the gulf countries, the term is also used for arabic speaking nations which spans north africa and Syria as well

Muslim: Whomever believes in Islam, Most of Muslims live outside the arabic speaking countries (80% of muslims are not arabs), in places like Indonesia, Pakistan. Bangladesh, Turky and Iran

Anonymous said...

Thanks Ray...I had no idea. Thought they were all the same.

Anonymous said...

safaricom... here we go :-)