Report: Algeria Has 4,700 Millionaires In Dollars

Algeria is the seventh African country in the number of millionaires in dollars. Algeria counts at least 4,700 Millionaires with a fortune of more than $ 1 million, says a report of the New World Wealth, a South African Organization that regularly studies the world evolution of the map of the fortunes.

Comprehensive reports of this organization are relayed by the most influential international media outlets. Based in Johannesburg, this Organization explains that Algeria, on the African continent, is ranked seventh behind South Africa, Egypt, Nigeria, Kenya, Angola and Morocco, concerning the number of Millionaires.

In the Maghreb, Morocco counts more wealthy people than Algeria.

On the other hand, the growth of wealth per capita in Algeria, is much larger, since it has reached 264% since the year 2000, while in Morocco, this increase is set only at 11.8%.

All in all, Algeria is widely distanced in number of millionaires by South Africa, Nigeria and Egypt, where economies are markedly more liberal and where private companies are much more developed.

Concerning cities, Johannesburg and Lagos, the ex-capital of Nigeria, are the two cities which are home to the wealthiest people in Africa.

There’s no doubt about it: Africa’s richest are getting richer. In this, FORBES’ third annual list of Africa’s Richest, they rank 50 tycoons from 10 countries, including, for the first time, Algeria. The number of 10-figure fortunes in Africa has surged to 27, up from 16 a year ago.  

Aliko Dangote of Nigeria tops the list for the third year in a row, with a fortune of $20.8 billion – $8.8 billion more than in November 2012, making him the biggest gainer in dollar terms. About 90% of his net worth lies in his shares of publicly traded Dangote Cement, which has operations in a host of African countries and plans to expand.

Nine newcomers join the list of Richest Africans billionaires, including Issad Rebrab of Algeria–the first Algerian in the ranks and the country’s first billionaire. Rebrab’s private Cevital Group, which had $3.5 billion in revenues, last year, produces sugar, oil, and margarine. Three newcomers also join from Tanzania, two from Nigeria and one each from Kenya, Morocco and South Africa.