2014 Africa's 50 Richest: 13 Nigerian Makes Forbes Magazine List

Nigeria's business mogul Aliko Dangote topped the list of 2014 Africa’s 50 Richest people published by Forbes magazine recently - with 12 other countrymen also making the list.

Other Nigerians who made the Forbes magazine annual ranking of Africa's 50 richest people include: Tony O. Elumelu, Jim Ovia, Orji Uzor Kalu, Femi Otedola, Theophilus Danjuma, Folorunsho Alakija, and six others.

In comparison South Africa claims 11 spots, down from 14 a year ago. Nigeria is showing its strength, having earned commendations for its efforts to snuff out Ebola in the country, which Dangote helped fund — and despite a recent drop in oil prices.

This year, six newcomers join the ranks of Forbes’ fourth annual ranking of the richest people in Africa, down from nine last year.

Nigeria and Morocco produced the highest number of newcomers, with two each, while Kenya and Egypt produced one new member each.

The wealthiest newcomer to this year’s list of Africa’s 50 Richest is His Majesty, King Mohammed VI of Morocco, who debuts with a fortune estimated at $2.1 billion. King Mohammed VI owns an estimated 40% stake in Société Nationale d’Investissement (SNI), a Moroccan investment holding company which owns almost half of Attijariwafa, Morocco’s largest bank, and significant stakes in mining company Managem Group and sugar producer Cosumar.

There were only two women on the list of 50 people Isabel Dos Santos and Folorunsho Alakija

In 2013  the minimum net worth needed to make the Forbes list of Africa’s 50 Richest was $400 million. This year it took at least $510 million to make the list.