How 5 African billionaires performed after US elections

According to the Bloomberg Billionaires Index, the world’s 10 wealthiest people gained about $64 billion (about £49.5 billion) on Wednesday, the largest daily increase since the index began in 2012.

The billionaire who registered the highest addition to his fortune was Elon Musk with a $26.5 billion addition, bringing his total net worth to $290 billion.

Analysts say the massive gains were a result of the open congratulatory messages that came in from tech business leaders, including Amazon’s Jeff Bezos, Apple’s Tim Cook and Mark Zuckerberg, chief executive of Facebook parent, Meta.

There have been concerns about Trump’s position on African development due to his hard stance on immigration, trade, and other issues. For instance, the African Growth and Opportunity Act, which has allowed eligible African countries to export their produce to the US tax-free since 2000, may be under threat.

The BBC however, reports that Trump may focus on Africa to counter China’s growing influence on the continent. The strategy is to promote U.S. trade and commercial ties with African nations, while the security aspect aims to counter the threat of radical Islamic terrorism and violent conflict.

Another identifier of Trump’s interest in Africa is the Prosper Africa initiative set up in 2018 by the Trump administration. The project aimed to assist US companies wanting to invest in Africa.

The project which has since invested more than $10 billion (£8 billion) in Africa, kept running even after after Trump lost out in 2020. There is a possibility that Trump may still keep the initiative which is a boost to Africa.

The gains recorded by several billionaires after the US elections also trickled down to a few African billionaires who recorded some gains on their fortunes.

The Bloomberg index spotted some African billionaires in its daily ranking of the world’s top 500 richest people as of November 7, 2024 and while some recorded gains after the US elections, others recorded losses.

The list below shows the five African billionaires and how their net worth performed after the US elections results were announced.

Africa’s richest man and industrialist, Aliko Dangote (Nigeria), saw his wealth drop by $35.8 million. South African billionaire, Jiohanna Rupert, also saw his wealth plummet by $36.7 million while Egyptian businessman, Nassef Sawiris’s net worth also dropped by $186 million.

Meanwhile, South African billionaires, Nicky Oppenheimer and Natie Kirsh gained $125M and $9.25 billion respectively.