Saturday, March 7, 2015

Uganda's Sudhir Ruparelia named richest East African


Uganda’s Sudhir Ruparelia has been named the wealthiest person in East Africa in a new ranking that highlights the continent’s rising income inequality. His wealth, estimated to be Sh100.1 billion, is largely generated from real estate investments. Tanzania’s Rostam Azizi is listed as second with his telecommunications and financial investments estimated to be worth $1 billion (Sh91 billion). Last year, Bidco Chief Executive Officer Vimal Shah was listed in a report by the London-based research firm, New World Wealth as the richest man in East Africa with a net worth of $1.6 billion (Sh145 billion). Vimal latter questioned the data used to compile the list, saying the wealth was from a family business, not only his. The new study from Oxfam which was compiled with data from Credit Suisse Global Wealth Databook 2014 and the Forbes billionaires list features no Kenyan in Africa’s top 30 wealthiest individuals. However, in an indication of growing income inequality in the continent, the new study states that the continent’s top dollar billionaires grew their wealth by more than $28.1 billion (Sh2.56 trillion) in 2014, a 40 per cent increase compared to a similar period in the previous year. Diverse investment Africa’s richest man Aliko Dangote, whose fortune in 2013 stood at $16.1 billion (Sh1.4 trillion) saw his fortune grow by an extra $8.8 billion (Sh810 billion) largely on the back of his diverse investment in the cement, sugar and flour industry. Mr Dangote has since made inroads into the country’s cement industry with an ongoing $400 million (Sh36.4 billion) cement plant in Kitui County, together with reports of the magnate’s holding’s company the Dangote Group setting up a milk processing plant in Kenya. The new study by Oxfam further indicates that the global one per cent wealthiest individuals will by next year own more wealth than the rest of the world combined, sparking worries of social unrest and resentment. Africa saw 29 individuals named in this year’s top 500 billionaires with Nigerian Aliko Dangote emerging tops for the fourth consecutive year. His wealth is valued at $25 billion (Sh2.27 trillion). Dangote’s wealth almost quadrupled his closest competitor, Egypty’s Nassef Sawiris, whose construction and real estate empire stands at $6.7 billion (Sh610 million). Nigeria, Morocco, Egypt and South Africa dominated the list with South Africa and Egypt each having eight dollar billionaires and Morocco and Nigeria tying in second place each having four dollar billionaires. Data on the number of high net worth individuals in Kenya is scattered and keeps changing since not all wealth is registered. Conservative figures state that Kenya has about 5,000 dollar millionaires and another 65 people with wealth exceeding more than $30 million (Sh2.7 billion). Early last year, Nairobi was named among the top five cities in Africa by New World Wealth, with the most number of dollar millionaires playing host to some 5,000 dollar millionaires. Nairobi’s population of dollar millionaires is growing at the fastest rate in sub-Saharan Africa and only second to Ghana’s Accra. The report stated that the population of Nairobi’s super rich will grow by 6.3 per cent annually to reach 8,100 by 2020.

Uganda’s Sudhir Ruparelia has been named the wealthiest person in East Africa in a new ranking that highlights the continent’s rising income inequality. His wealth, estimated to be Sh100.1 billion, is largely generated from real estate investments. Tanzania’s Rostam Azizi is listed as second with his telecommunications and financial investments estimated to be worth $1 billion (Sh91 billion). Last year, Bidco Chief Executive Officer Vimal Shah was listed in a report by the London-based research firm, New World Wealth as the richest man in East Africa with a net worth of $1.6 billion (Sh145 billion). Vimal latter questioned the data used to compile the list, saying the wealth was from a family business, not only his. The new study from Oxfam which was compiled with data from Credit Suisse Global Wealth Databook 2014 and the Forbes billionaires list features no Kenyan in Africa’s top 30 wealthiest individuals. However, in an indication of growing income inequality in the continent, the new study states that the continent’s top dollar billionaires grew their wealth by more than $28.1 billion (Sh2.56 trillion) in 2014, a 40 per cent increase compared to a similar period in the previous year. Diverse investment Africa’s richest man Aliko Dangote, whose fortune in 2013 stood at $16.1 billion (Sh1.4 trillion) saw his fortune grow by an extra $8.8 billion (Sh810 billion) largely on the back of his diverse investment in the cement, sugar and flour industry. Mr Dangote has since made inroads into the country’s cement industry with an ongoing $400 million (Sh36.4 billion) cement plant in Kitui County, together with reports of the magnate’s holding’s company the Dangote Group setting up a milk processing plant in Kenya. The new study by Oxfam further indicates that the global one per cent wealthiest individuals will by next year own more wealth than the rest of the world combined, sparking worries of social unrest and resentment. Africa saw 29 individuals named in this year’s top 500 billionaires with Nigerian Aliko Dangote emerging tops for the fourth consecutive year. His wealth is valued at $25 billion (Sh2.27 trillion). Dangote’s wealth almost quadrupled his closest competitor, Egypty’s Nassef Sawiris, whose construction and real estate empire stands at $6.7 billion (Sh610 million). Nigeria, Morocco, Egypt and South Africa dominated the list with South Africa and Egypt each having eight dollar billionaires and Morocco and Nigeria tying in second place each having four dollar billionaires. Data on the number of high net worth individuals in Kenya is scattered and keeps changing since not all wealth is registered. Conservative figures state that Kenya has about 5,000 dollar millionaires and another 65 people with wealth exceeding more than $30 million (Sh2.7 billion). Early last year, Nairobi was named among the top five cities in Africa by New World Wealth, with the most number of dollar millionaires playing host to some 5,000 dollar millionaires. Nairobi’s population of dollar millionaires is growing at the fastest rate in sub-Saharan Africa and only second to Ghana’s Accra. The report stated that the population of Nairobi’s super rich will grow by 6.3 per cent annually to reach 8,100 by 2020.
Read more at: http://www.standardmedia.co.ke/business/article/2000148532/uganda-s-sudhir-named-richest-east-african
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