Ventures-Africa: Africa Has 55 Billionaires

A pan-African magazine claims that Africa has over 50 billionaires, who are worth more than $143 billion.

Uzodinma Iweala, Editor-in-chief of Ventures Africa, notes that the claim is a 'conservative one.'

The magazine listed the average worth of the continent's billionaires at $2.6 billion with an average age of 65.

Last month, Forbes Magazine missed the mark with their report on 16 African billionaires.

"I think being more rigorous and being closer to the ground makes it easier to figure out a continent where information is not readily available and things are not as transparent," Iweala told the Associated Press.

Iweala  was excited about discovering wealthy Africans and believes that their success will bring major change to the developing continent.

"As people have more and more money, we're seeing more and more foundations putting money back and in a more structured way," he said.

Ventures Africa is known for its' coverage on African entrepreneurship and success.