Most Toys Goes To: Nigerian Billionaires Have $77Billion Between Them
Nigeria has more billionaires than any other country in Africa, including the continent’s wealthiest man and the world’s richest black woman, according to a ranking published this week.
The collective wealth of Nigerians on the rich list compiled by Ventures Africa, a business magazine that “champions African capitalism”, stands at $77.7bn (£49bn), more than double that of South Africans and almost as much as the rest of the continent’s billionaires combined.
This year Nigeria overtook South Africa to become the biggest African economy after a sharp rise in its estimated GDP, partly based on new sectors including telecommunications, manufacturing and the Nollywood film industry.
The two African giants are often seen as arch-rivals and there have been a series of diplomatic flashpoints, most recently when an estimated 81 South Africans were killed by the collapse of a church guesthouse in Lagos in September.