Nigerian industrialist Aliko Dangote has once again claimed the title of Africa’s richest person for the 14th consecutive year, according to Forbes’ 2024 Africa Billionaires list released on Saturday. Dangote’s fortune surged to an impressive $23.9 billion, marking a significant rise from last year’s $13.9 billion. The boost in his net worth is largely attributed to the successful launch of his state-of-the-art oil refinery, now operational.
The collective wealth of Africa’s billionaires reached a record $105 billion as of early March, driven by a global equity market rally and strong performances in key sectors like cement, luxury goods, power, and telecommunications. This year’s list features 22 billionaires from eight countries, up from 20 in the previous year.
Dangote’s remarkable rise cements his status among the world’s top 100 richest individuals. Following him on the African list is South African luxury goods magnate Johann Rupert, whose fortune stands at $14 billion. Egypt’s Nassef Sawiris follows in fourth place with $9.6 billion.
Nigerian billionaire Mike Adenuga, owner of Globacom and Conoil, secured the fifth spot with a net worth of $6.1 billion, making him the second-richest Nigerian on the list. Abdulsamad Rabiu, founder of BUA Group, ranked sixth in Africa and third among Nigerian billionaires with a fortune of $8.1 billion.
Notably, Femi Otedola, chairman of Geregu Power Plc, made a comeback to the rankings, placing 16th in Africa and fourth among Nigerian billionaires with a net worth of $1.5 billion. His re-entry follows a remarkable 40% increase in Geregu Power’s share price, boosting his wealth.
Moroccan real estate mogul Anas Sefrioui also returned to the list, propelled by a stock market rally.
Nigeria, South Africa, and Egypt dominate the billionaire rankings, with four, seven, and four representatives, respectively. Morocco follows with three billionaires, while Algeria, Zimbabwe, Tanzania, and the Democratic Republic of Congo each have one.
Despite the overall rise in fortunes, not every billionaire saw gains. Zimbabwean telecom tycoon Strive Masiyiwa’s wealth fell by a third to $1.2 billion due to currency volatility linked to Zimbabwe’s adoption of a gold-backed currency.
With Africa’s richest individuals amassing unprecedented wealth, the 2024 Forbes list highlights the growing economic influence of the continent’s top business moguls.
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