It’s August, that time of the year when the year’s Africa’s Billionaires list is made public. This year list saw new names gracing the list. South African billionaires who have a combined net worth of $15.71 billion have dominated the list, just $1.31 billion above the net worth of Nigerian billionaire, Aliko Dangote.
Dangote continues to soar high according to The African Billionaires 2017 list released by Forbes, though his net worth took a $1.3 billion compared to the end of 2015.
While this is a positive outlook for Dangote and other wealthy men and women in the list, there were only 24 African billionaires this year, which is a drop by five, compared to 29 the previous year.
This year’s list includes a South Sudanese businessman known for his extravagant lifestyle of private jets, luxury 5-stars-hotels and first class travel around the world. At 31-year-old, Lawrence Lual Malong who calls himself ‘Young Tycoon’ is the youngest South Sudan’s billionaire to make it to the top ten African Billionaires list.
Self-styled Young Tycoon has been accused numerous times of corruption in the war devasted country. He flaunts his wealth on social media despite being publicly named and criticised of corruption and profiting from the war in the country by Sentry Report. He publically shows off money, giving the impression of having immense ‘blood’ wealth from South Sudan corrupt mining sector.
Mr. Lual has been scouting and attracting investors to mine the country’s bountiful and until now largely untapped gold, diamond and oil supplies. Through Investors, Lual has made billions by partnering with the investors.
An anonymous source in the Ministry of Mining in Juba disclosed to Hot in Juba that Lual is mining precious stones in the country illegally.
“Lawrence Lual is having big connections in the government so he has access to gold, diamonds mines in the country and with his close friends and investors Lual is making a hell of money which is not being taxed,” the source said.
The Top Ten African billionaires list