African Billionaires’ Wealth Shrinks Amid Global Economic Turmoil

In a recent publication, the platform that tracks the evolution of the fortunes of 23 African billionaires, explained that large companies are strongly affected by macroeconomic volatility, geopolitical tensions and supply chain disruptions.

As a result, the net worth of many African billionaires has declined considerably, leading to a drop in the valuations of these companies.

In this regard, four billionaires could lose up to a billion dollars over the new year or before the end of the year. Among them, Othman Benjelloun, one of the richest men in Africa, according to Forbes. The Moroccan billionaire is best known for co-founding BMCE Bank of Africa, of which he is currently the Chairman and CEO.

The businessman’s fortune has fallen by $300 million since the beginning of the year, from $1.5 billion at the beginning of the year to $1.2 billion, due to a decline in the market value of his holdings in multinational companies.