Following the plunge in the price of oil and commodities, the size of the fortunes of some billionaires in Africa has continued to drop.
Forbes has published its annual list of richest men in Africa. This year, only 21 billionaires are on the list, worth a combined $70 billion. This is down from the 2015 list which featured 23 African billionaires worth a combined $79.8 billion.
The 21 billionaires hail from 7 countries: South Africa, Egypt, Nigeria, Morocco, Algeria, Angola and Tanzania.
Two Nigerians dropped off the list this year. They are Femi Otedola, whose net worth dropped from $1.6 billion in November 2015 to just $330 million today, and sugar billionaire Abdulsamad Rabiu, whose net worth dropped below $1 billion in the wake of a weakened Nigerian currency.
Below is the new list of African billionaires.
1. Aliko Dangote (Nigeria)
Despite a nearly $5 billion drop in his net worth for the second year in a row, the Nigerian cement tycoon remains the richest person in Africa for the sixth year running. He has an estimated net worth of $12.1 billion.
2. Nicky Oppenheimer & family (South Africa)
The richest South African billionaire and the continent’s second richest person is diamond magnate Nicky Oppenheimer with an estimated net worth of $7 billion.
3. Mike Adenuga (Nigeria)
Nigeria’s telecom tycoon is number three on the list with an estimated $5.8 billion fortune.
4. Johann Rupert (South Africa)
The luxury goods tycoon is South Africa’s second richest and Africa’s fourth richest billionaire with a $5.5 billion fortune. Rupert’s net worth is down $800 million since the November 2015 Africa list.
4. Christoffel Wiese
The retail magnate is tied as South Africa’s second richest and Africa’s fourth richest billionaire with Rupert. Wiese’s fortune has dropped $1 billion since the November 2015 Africa list.
6. Nassef Sawiris (Egypt)
The richest billionaire in Egypt has an estimated net worth of $5.3 billion. He runs OCI, one of the world’s largest nitrogen fertilizers. His fortune is up $400 million since November 2015.
7. Naguib Sawiris
Egypt’s next richest man is Nassef’s brother with a $3.7 billion fortune. The telecom tycoon’s net worth increased to $700 million.
8. Isabel dos Santos (Angola)
She is Africa’s richest woman with a $3.2 billion fortune. She is the daughter of Angola’s president, who appointed her as head of Angola’s state oil firm Sonangol in June 2016.
9. Issad Rebrab & family (Algeria)
He has an estimated $3.1 billion fortune.
10. Mohamed Mansour (Egypt)
He has an estimated $2.7 billion fortune.
11. Koos Bekker (South Africa)
He has an estimated net worth of $2 billion.
12. Othman Benjelloun (Morocco)
The Moroccan businessman is worth $1.9 billion.
13. Yasseen Mansour (Egypt)
Egyptian billionaire businessman and part owner of the Mansour Group has an estimated net worth of $1.8 billion.
14. Folorunsho Alakija (Nigeria)
Alakija who is the vice chairman of Nigerian oil exploration company, Famfa Oil has an estimated net worth of $1.6 billion. She is the second richest woman in Africa.
14. Patrice Motsepe (South Africa)
The South African mining magnate has an estimated $1.6 billion fortune.
16. Aziz Akhannouch & family (Morocco)
Aziz Akhannouch is the majority owner of Akwa Group, a multibillion-dollar Moroccan conglomerate with interests in petroleum, gas and chemicals. They family also has businesses operating in media, real estate development and hotels. He has an estimated $1.4 billion fortune.
16. Mohammed Dewji (Tanzania)
The Tanzanian businessman is Africa’s youngest billionaire with an estimated net worth of $1.4 billion. He is CEO of conglomerate METL, which his father founded in the 1970s.
READ ALSO: Forbes: World's highest paid celeb of 2016
18. Youssef Mansour (Egypt)
He is also part owner of the Mansour Group and maintains a lower profile than his billionaire brothers Mohamed and Yasseen. He has an estimated $1.1 billion fortune.
18. Onsi Sawiris (Egypt)
At 86, Onsi is the oldest billionaire in Africa. He is the father of two other African billionaires, Nassef and Naguib Sawiris. He has an estimated $1.1 billion fortune.
18. Anas Sefrioui (Morocco)
The real estate businessman is worth $1.1 billion.
18. Stephen Saad (South Africa)
The South African businessman who serves as the chief executive of Aspen Pharmacare is worth $1.1 billion.
Below is a video of top 10 richest people in Africa 2016.