Rabiu of BUA Group, Dangote Make List of World Billionaires – FORBES
Forbes has released its list of world’s billionaires for 2023. The list, which came out Tuesday has a couple of surprises. This is more so since the last year has been full of falling stocks, wounded unicorns and rising interest rates which translated into a down year for many of the world’s richest people.
One of the surprises however is the rise of BUA Group chairman Abdul Samad Rabiu. From 7.6Billion Dollars a few months ago, the Billionaire businessman and philanthropist’s rating in Forbes billionaires list has again shot up towering many to become the 249th richest person in the world and closing in on overtaking the third richest man in Africa, Nicky Oppenheimer who stands at 8.4billion Dollars. Rabiu’s latest worth is put at 8.2billion dollars.
From 1.6billion Dollars in 2019, Forbes recorded that by 2022 his net worth was 6.9billion dollars and from there has jumped to 8.2billion Dollars in April 2023.
62-year old Abdul Samad Rabiu is essentially into cement and sugar as well as real estate.
Meanwhile, Aliko Dangote has retained his position as the wealthiest African. After climbing to 14billion Dollars in 2022, his wealth is estimated to be around 14.2billion Dollars according to the reports released on Tuesday April 4, 2023.
He is presently the 125th richest man in the world and he is easily the largest cement producer in Africa. He also has his hands in other businesses including pastries, sugar and other areas of manufacturing.
For Mike Adenuga, the third Nigerian on the African billionaire’s list, business has not been rosy. He dropped from 7.3billion Dollars in 2022 to 6.1billion dollars. The last couple of years have seen him move up and down the richest’s scale. He’s now the 418th richest in the world at 58.
These are the only three Nigerians that made the list.
One other surprise name on the list however is 90-yr old Nathan Kirsh from tiny African Country of Swaziland. He is said to worth 6.5billion dollars, thus becoming the 6th ranked African billionaire, now above Mike Adenuga. He is believed to be into real estate, retail and fashion.
It was the first time he would be featured as an African billionaire.
According to Forbes, their ‘World’s Billionaires list is a snapshot of wealth using stock prices and exchange rates from March 10, 2023. Some people become richer or poorer within days of publication. We list individuals rather than multigenerational families who share fortunes, though we include wealth belonging to a billionaire’s spouse and children if that person is the founder of the fortune’.
‘For non-founders, we previously listed couples and family members together in certain cases; this year, we separated these shared fortunes into individual list members, marked “split family fortune.” For Russian billionaires, fortunes were calculated using ownership structures from February 2022, prior to Russia’s invasion of Ukraine and before many made transfers of assets to managers, friends and others in an effort to protect their holdings from sanctions’.
‘We value a variety of assets, including private companies, real estate, art and more. We don’t pretend to know each billionaire’s private balance sheet (though some provide it). When documentation isn’t supplied or available, we discount fortunes’.