There are far more African billionaires than previously thought, Ventures magazine said Monday in a report on the continent’s mega-rich, but the number of Africans living in extreme poverty has also shot up.

Previous Africa-rich-lists named as few as 16 billionaires, but Ventures said its exhaustive research had identified at least 55 on a continent where the wealthy often fiercely protect
details about their fortunes.

The pan-African business magazine said it was able to uncover dozens of new billionaires by using “on-the-ground knowledge” to overcome hurdles that may have “hampered” other researchers.

Of the 55,
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