Kenyan billionaires are missing from the latest report of the wealthiest Africans by Forbes.

According to the 2020 list of the top 20 richest African billionaires, Egypt and South Africa tied with five billionaires each, followed by Nigeria with four and Morocco with two. Forbes found one billionaire each from Algeria, Angola, Tanzania, and Zimbabwe.

Nigeria’s Aliko Dangote was named the richest person on the continent with an estimated Ksh1 trillion in wealth.

Aliko Dangote, chairman and CEO of the Dangote Group, photographed at his office in Lagos, Nigeria in July 2018
Aliko Dangote, chairman, and CEO of the Dangote Group photographed at his office in Lagos, Nigeria in July 2018

Egypt’s Nassef Sawiris came in second with an estimated wealth of Ksh800 billion, his most valuable asset being a stake in Adidas valued at Ksh400 billion.

Only 2 women were featured in the top 20 list; Isabel dos Santos (Ksh200 billion), the eldest daughter of Angola’s former president, Jose Eduardo dos Santos; and Folorunsho Alakija of Nigeria (Ksh100 billion).

Forbes arrived at the figures by calculating net worths using stock prices and currency exchange rates from the close of business on January 10, 2020.

According to the annual global wealth report released by real estate and investment firm Knight Frank in 2020, ultra-high net worth individuals (UNHWIs) living in Kenya reduced from 48 in 2019 to 42 in 2020.

Despite missing out on the Forbes list of top 20 richest Africans, Knight Frank ranked countries in Africa based on UNHWI population, with Kenya falling behind South Africa, Nigeria and Morocco.

To be considered an Ultra High Net Worth Individual (UNWHI), one’s known assets must be worth at least $30 million (Ksh3 billion).

In contrast to other countries in Africa, most of Kenya’s wealthiest citizens are politicians with a few investors joining them.

Despite the advent of devolution which was supposed to make resources available across the country, Nairobi is still Kenya’s financial capital.

Below is the list of the top 20 richest Africans

  1. Aliko Dangote – Ksh1 trillion
  2. Nassef Sawiris – Ksh800 billion
  3. Mike Adenuga – Ksh770 billion
  4. Nicky Oppenheimer – Ksh770 billion
  5. Johann Rupert & family – Ksh650 billion
  6. Issad Rebrab & family – Ksh440 billion
  7. Mohamed Mansour – Ksh330 billion
  8. Abdulsamad Rabiu – Ksh310 billion
  9. Naguib Sawiris – Ksh300 billion
  10. Patrice Motsepe – Ksh260 billion
  11. Koos Bekker – Ksh250 billion
  12. Yasseen Mansour – Ksh230 billion
  13. Isabel dos Santos – Ksh220 billion
  14. Youssef Mansour – Ksh190 billion
  15. Mohammed Dewji – Ksh160 billion
  16. Aziz Akhannouch – Ksh170 billion
  17. Othman Benjelloun – Ksh140 billion
  18. Michiel Le Roux – Ksh130 billion
  19. Strive Masiyiwa – Ksh110 billion
  20. Folorunso Alakija – Ksh100 billion.