The continent of Africa is so often inextricably associated with poverty and disease that one would find it difficult to believe that there are in fact a number of multimillionaires who call the continent their home. According to CNN, there are approximately 163,000 millionaires living in Africa. And while this number pales in comparison to that in some developed nations, let alone continents, it remains impressive when one considers that most African economies are just over 50 years old. These millionaires hail from all corners of the continent and attribute their wealth to a number of sources with a many of them being self-made millionaires. Currently, Johannesburg, South Africa has the highest number of millionaires followed by Cairo, Egypt and Lagos, Nigeria.
Topping this list is 58-year-old Aliko Dangote from Lagos, Nigeria with a whopping net worth of $16.8 Billion, making him 67th in the list of the world’s billionaires, according to Forbes.com. As CEO of Dangote Group, Mr. Dangote is a self-made millionaire whose fortune comes from the cement, sugar and flour industries. The richest woman in Africa is Angolan businesswoman and investor Isabel dos Santos, the oldest daughter of the country’s longtime president. Coming in second for women is Nigeria’s Folorunsho Alakija, Africa’s richest self-made woman, and one of only two females billionaires on the continent, dos Santos being the first. Alakija made part of her fortune in the high-end fashion industry before tapping into the oil industry after acquiring a license to one of the country’s most lucrative oil fields.
And how do these millionaires spend their money? Well, in much the same way as those around the world. With everything from state-of-the-art mansions, to Lamborghinis, Africa is fast becoming an emerging market for luxury brands. For instance, according to CNN, Nigeria is now one of the fastest growing markets for luxury French champagne while designer brands such as Louis Vuitton and Gucci continue to grow in popularity each year. And with the current technological boom underway on the continent, who is to say what the future holds to the next generation of African millionaires?