17 November 2011 Last updated at 04:39 ET

Forbes African rich list topped by Nigerian mogul

Aliko Dangote was named the richest man in Africa by Forbes magazine

A Nigerian construction mogul has topped a list of Africa's richest people.

Aliko Dangote, with a stake in Dangote Cement and interests in flour milling and sugar refining, has a fortune of $10.1bn (£6.4bn).

Forbes magazine's inaugural list of the 40 richest people in Africa put South Africa's Nicky Oppenheimer at number two with $6.5bn.

The total wealth of the list is $64.9bn.

By comparison, the wealthiest 40 people in Taiwan are worth $92.7bn.

The average age of those on the African list - which contains no women - is 61.

Mr Dangote and Mr Oppenheimer, of diamond miners De Beers, are two of 16 billionaires on the list.

De Beers recently agreed a $5.1bn deal to sell the Oppenheimer family's 40% stake to Anglo American.

Egypt has the most billionaires, with seven coming from two families, the Sawiris and Mansours, according to Forbes.

Forbes said it had reached the values using stock prices for publicly-traded companies and estimates of revenues or profits for the many privately-held businesses.

The magazine ignored dispersed family fortunes, such as the Chandaria family of Kenya.