Not on The FORBES Africa list in 2012: Uhuru Kenyatta
A quarter of the tycoons who were featured on last year’s inaugural FORBES list of the 40 Richest Africans failed to make it back this year.
The reasons vary. For one, we’ve had access to new information, as in the case of Uhuru Kenyatta, the son of Kenya’s first president. Kenyatta is an heir to one of Kenya’s largest land holdings. Between him and his family, they own over 500,000 acres of Kenyan land easily worth hundreds of millions of dollars. But here’s the problem: The Kenyatta family is a very large one and it’s not certain at the moment that Uhuru, who aims to become president during the country’s elections next year, is the principal custodian of these assets. Hence, he’s been dropped off the list.
Mohamed Al Fayed, an Egyptian billionaire, failed to make it primarily because he doesn’t live in Africa. Al Fayed’s assets are mostly in the UK, and he lives there. We narrowed the criteria to make the FORBES list this year: it is restricted to Africans who live in Africa.
For the 2012 list of Africa’s 40 Richest, clickhere.
As for the other eight, they were simply not rich enough this year. Last year, the minimum net worth neeede to make the list was $250 million. This year, that minimum jumped to $400 million, leaving off many at who were at the bottom of the 2011 list.
These are the 10 who dropped off the 2012 list:
Uhuru Kenyatta, Kenya
Source of wealth: Land
The son of Kenya’s first president, Mzee Jomo Kenyatta is a heir to some of the largest land holdings in Kenya. The Kenyatta family of which he is a key member, owns over 500,000 acres of prime Kenyan land, along with other assets such as a stake in the Commercial Bank of Africa, a dairy company and a television station. He dropped off due to uncertainty over who in his family is the chief custodian of the vast land holdings.
Mohammed Al-Fayed, Egypt
Source of wealth: Retail
Mohamed Al Fayed sold the famed Harrod’s department store in London to Qatar Holding in 2010 for a reported $2.4 billion. He’s a billionaire, but he lives in the UK and most of his assets are outside Africa. FORBES narrowed the criteria for making the Africa List this year to citizens of African countries who live in Africa.
Chris Kirubi, Kenya
Source of wealth: Real Estate, Manufacturing
The flamboyant Kenyan tycoon owns a significant stake in the landmarkInternational House Limited building in Nairobi. He owns a 49% stake in Tiger Haco Industries, a leading manufacturer of cosmetics in Kenya. He’s also the largest individual shareholder in Centum Limited, a Nairobi Stock Exchange-listed investment firm. His net worth last year was $300 million –not enough to make the 2012 list.
Paul Harris, South Africa
Source of wealth: Banking
Paul Harris is a former CEO of Rand Merchant Bank, one of South Africa’s largest financial institutions. He was listed as the 40th richest African last year with a net worth of $250 million. This year, the minimum net worth to get on the list is $400 million. Harris misses the cut.
Markus Jooste, South Africa
Source of wealth: Furniture
Jooste is the CEO and main shareholder of South African furniture manufacturer and retailer Steinhoff International. The Johannesburg-listed firm sells furniture in Europe, the Pacific Rim and Southern Africa. He was number 39 on last year’s list with a net worth of $260 million. His stockholdings put him closer to $300 million this year, but that wasn’t enough to make the list.
Mohammed Bensalah, Morocca
Source of wealth: Banking, transportation, aviation
Bensalah inherited Moroccan conglomerateHolmarcom upon his father’s death in 1993. He expanded the group into banking and transportation. He also owns a stake in discount airline Air Arabia Maroc. He ranked number 28 in 2011 with a net worth of $270 million. That wasn’t enough to make the cut this year.
Strive Masiyiwa, Zimbabwe
Source of wealth: Telecom
The Zimbabwean tycoon is the founder of Econet Wireless, Zimbabwe’s dominant mobile telecom company. In 2011 he was ranked number 34 with a fortune of $280 million. His net worth has since climbed to around $350 million, but that still wasn’t enough to make the 2012 list.
Giovanni Ravazzotti, South Africa
Source of wealth: Ceramic tiles
Italian immigrant founded Italtile, a manufacturer and retailer of ceramic tiles. He was ranked 36 in 2011 with a net worth of $275 million. His net worth has since jumped to around $360 million, not enough to make the cut.
Adrian Gore, South Africa
Source of wealth: Medical Insurance
South African actuary is the founder of the Johannesburg-listed medical insurer, Discovery Health. He was number 34 on last year’s list with an estimated fortune of $280 million. His shares have jumped in value to roughly $350 million.
Michiel Le Roux, South Africa
Source of wealth: Banking
Le Roux is the founder of Capitec Bank, with over 470 branches across South Africa and over 3 million customers. He founded the bank in 2001 and still serves as chairman. He was number 33 on last year’s list with a fortune pegged at $290 million. His net worth has since jumped to a recent $320 million.
Source:Forbes