The recent victory of Donald Trump in the US elections has had a notable impact on the fortunes of several African billionaires, reflecting broader economic trends triggered by his administration's policies.
Following his election, the Bloomberg Billionaires Index indicated that many individuals worldwide, including some from Africa, experienced fluctuations in their net worths.
In the aftermath of the elections, the financial landscape for African billionaires was mixed. While some recorded gains, others faced declines in their fortunes. The overall trend among the world's wealthiest individuals saw a significant increase, with the top ten billionaires collectively gaining approximately $64 billion on a single day, marking the largest daily increase since the index's inception in 2012. Notably, Elon Musk led this surge with an addition of $26.5 billion to his wealth, bringing his total net worth to $290 billion.
Trump's return to power raises questions about his administration's approach to Africa. Historically, his policies have focused on promoting US trade interests while countering China's influence on the continent. His administration's "Prosper Africa" initiative aimed to bolster US investments in Africa, supporting American businesses looking to engage with African markets. This initiative has reportedly facilitated over $10 billion in investments since its inception.
Despite these economic initiatives, there are concerns regarding Trump's stance on immigration and trade policies that could adversely affect African nations. The potential threat to the African Growth and Opportunity Act (AGOA), which allows eligible African countries to export goods to the US duty-free, looms large. Analysts suggest that Trump's protectionist tendencies undermine this beneficial framework, making it harder for African exports to compete in the US market.
Following Trump's election victory, various African leaders have expressed optimism about strengthening ties with the US. For instance, Kenya's President William Ruto and Nigeria's Bola Tinubu articulated hopes for enhanced cooperation and mutual benefits under Trump's leadership. However, there remains scepticism about whether Trump's administration will prioritise Africa amidst other global challenges.
According to the Bloomberg Billionaires Index, here are the top 5 richest men in Africa, country and industry as of Nov. 015 2024.
1. Aliko Dangote $27.7 bn - Nigeria, Diversified
2. Johann Rupert $12.8 bn - South Africa, Luxury goods
3. Nicky Oppenheimer $11.7 bn - Diamonds, South Africa
4. Natie Kirsh $9.31 bn - South Africa, Food and Beverage
5. Nassef Sawiris $8.66 bn - Egypt, Industrial
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