2022 : Amid economic troubles, wealth of Nigerian billionaires grows

Nigerian billionaires improved their ranking in the latest Forbes World’s Billionaire List, which compiles the fortunes of the richest people in the world.

The feat was achieved despite rising prices across the world which have been ignited by the aftershocks of the Covid pandemic and the Russia-Ukraine war.

Africa’s richest man Aliko Dangote saw his wealth increase from $11.5 billion in 2021 to $14 billion in 2022.

Mike Adenuga, Nigeria’s second richest man, grew his wealth from $6.1 billion to $7.3 billion.

Abdulsamad Rabiu, the third Nigerian on the list, also saw his fortunes improve from $4.9 billion to $6.9 billion.

Forbes, in its summary, said “war, pandemic and sluggish markets hit the world’s billionaires this year.

“There are 2,668 of them on Forbes’ 36th-annual ranking of the planet’s richest people—87 fewer than a year ago.

“They’re worth a collective $12.7 trillion—$400 billion less than in 2021.

“The most dramatic drops have occurred in Russia, where there are 34 fewer billionaires than last year following Vladimir Putin’s invasion of Ukraine, and China, where a government crackdown on tech companies has led to 87 fewer Chinese billionaires on the list.

“Still, Forbes found more than 1,000 billionaires who are richer than they were a year ago. And 236 newcomers have become billionaires over the past year—including the first ever from Barbados, Bulgaria, Estonia and Uruguay.”

In its estimation, America still leads the world with 735 billionaires worth a collective $4.7 trillion, including Elon Musk, who tops the World’s Billionaires list for the first time.

China (including Macau and Hong Kong) remains number two, with 607 billionaires worth a collective $2.3 trillion.

“We used stock prices and exchange rates from March 11, 2022 to calculate net worths,” Forbes said of its methodology.