It is that time of the year, the American business magazine Forbes, has published its annual list of the richest people on planet Earth and we look in our part of the world, Africa, where we are considered to be the poorest.
Let�s find out who and which countries on the Africa continent controls the market.
2008 was although a tough year all round, the Credit Crunch unleashed havoc across the globe, commodity prices crashed, export markets shrunk, stock markets have headed downwards and foreign investors have fled riskier markets as they rushed for safety.
The culmination of these factors has seen some big changes in the league table of African wealth with many fortunes decimated and a new man at the top.
We come to the top of the list and the honour of the �Richest Man in Africa� goes to Ethiopian born Mohammed Al Amoudi.
Saudi based Al Amoudi has successfully preserved his $9 billion fortune through these troubled times and that act of financial stewardship alone has seen him rise from No.4 to the top of the rich list and No.43 in the world.
Nicky Oppenheimer and Family in South Africa follow
with a whooping Wealth of $5 billion and ranked number 98 in the world.
They were aided by having sold a significant part of their Anglo American empire at the peak of the market.
Two descendents of the famous King Pharaoh who are also brothers, Nassef Sawiris and Naguib Sawiris from Egypt follow taking the third and fourth positions respectively.
Nassef Sawiris Africa�s No.3 and world no. 196 has $3.1 billion
Nassef may have only dropped one position in the list but losing that one place was accompanied by a loss of $7.9 billion. His wealth has been hit by twin blows of falling valuation of his construction interest, Orascom Constructions which has dropped over 80% from its peak, and falling oil prices which have affected many of the firm�s Middle Eastern clients.
Naguib Sawiris as well owns $3.0 billion ranking him No.205 in the world.
Last year there were three Sawiris brothers in the list Naguib, Nassef and Samih.Only two brothers are left in the billionaires club with Samih ejected. Naguib who last year was richest man in Africa has lost an eye-watering $9.7 billion over the year as the value of his telecommunications empire, Orascom Telecom Holdings crashed by close to 90%.
Aliko Dangote from Nigeria is one of the only two West Africans in the top ten taking the 5th position as well as No.261 in the world ranking with accumulated wealth of $2.5 billion
Despite losing over $800 million he still moves up two places as others have suffered even more painful losses.
Mo Ibrahim a Sudanese most famous for his $5 million African
leadership prize is ranked 6th with a wealth of $2 billion and occupying the 334th position in the world. Mo Ibrahim made his fortune building up the CelTel mobile phone empire and selling it on to Kuwaiti investors.
Onsi Sawiris a member of the Sawiris family in Egypt is ranked no.7 with $1.7 billon ranking him 430th in the world.
In 2008, the Sawiris family was easily the richest family in Africa with father Onil and sons Naguib, Nassef and Samih boasting a combined wealth of $35.7 billion. The global crisis has seen this wealth decimated. The patriarch of the Sawiris family, Onil saw his personal wealth plunge from $9.1 billion to $1.7 billion on the back of collapse in the value of the Sawiris�s construction group, telecommunication group and leisure interests.
Patrice Motsepe from South Africa can boast of $1.3 billion to take the 8th position and 559th in the world.
Femi Otedola follows from Nigeria with $1.2 billon making him take the 601st position in the world.
Occupying the last of the first ten wealthy men in Africa is South Africa�s Johann Rupert & Family with $1.2 billion, sharing the 9th position with fellow country man Patrice Motsepe.
These billionaires from only five countries on the continent are listed by the Forbes magazine as the wealthy men in Africa.
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