Full List: Dangote, 3 Other Nigerians Added in Forbes Top 20 African Billionaires in 2024
- Over the past 12 months, the richest people in Africa have experienced a minor rise in their wealth
- According to Forbes, Femi Otedola, who previously appeared on the Forbes Africa list in 2017, is responsible for the gain
- Thirteen billionaires had a gain in their fortune this year, while the net worth of seven billionaires decreased
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Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
The wealthiest individuals in Africa have seen a slight increase in their fortunes over the last 12 months, which has reversed the decline they experienced a year earlier.
Source: UGC
The cumulative net worth of the 20 billionaires on Forbes' 2024 Africa's Richest list is $82.4 billion. Compared to $81.5 billion the previous year, that is an increase of $900 million.
Forbes reported that the gain is attributable to Femi Otedola, who last appeared on the Forbes Africa list in 2017 when he was the majority owner of fuel distributor Forte Oil.
In 2013, Otedola used a Forte subsidiary to buy the public power plant Geregu Power and gradually phased out his oil investments during a government attempt to privatize the nation's energy industry.
Top 20 and their net worth
Despite the political unrest that followed the February presidential election and the depreciation of the naira in 2023 that countered the increasing value of Dangote Cement's shares, Nigeria's Aliko Dangote, whose wealth increased by $400 million to $13.9 billion, maintained the top spot on the ranking for the thirteenth consecutive year.
Magnate Johann Rupert of South Africa, a purveyor of luxury goods, maintained his second-place ranking with $10.1 billion, down from $10.7 billion in 2023 as a result of declining shares of his Compagnie Financiere Richemont, which produces Montblanc pens and Cartier watches.
Nicky Oppenheimer, a South African who sold the diamond mining company DeBeers to Anglo American mining company ten years ago, is ranked third with $9.4 billion, up $1 billion from 2023.
This year, thirteen billionaires witnessed an increase in their wealth, while seven saw a decrease in their net worth.
Forbes calculated the net worth using January 8, 2024, stock prices and currency exchange rates.
Below is the list of the top 20 richest billionaires in Africa
1. Aliko Dangote – $13.9 billion
2. Johann Rupert & family – $10.1 billion
3. Nicky Oppenheimer & family – $9.4 billion
4. Nassef Sawiris – $8.7 billion
5. Mike Adenuga – $6.9 billion
6. Abdulsamad Rabiu – $5.9 billion
7. Naguib Sawiris -$3.8 billion
8. Mohammed Mansour – $3.2 billion
9. Roos Bekker – $2.7 billion
10. Patrice Motsepe – $2.7 billion
11. Issad Rebrab & family – $2.5 billion
12. Mohammed Dewji – $1.8 billion
13. Strive Masiyiwa – $1.8 billion
14. Aziz Akhannouch & family – $1.7 billion
15. Othman Benjelloun & family – $1.4 billion
16. Youseff Mansour – $1.3 billion
17. Yassen Mansour – $1.2 billion
18. Christoffel Wiese – $1.2 billion
19. Michiel Le Roux – $1.1 billion
20. Femi Otedola – $1.1 billion
Otedola emerges second Nigerian billionaire with shares in two firms worth over N1trn
Legit.ng reported that billionaire Femi Otedola has been a significant force in the African business landscape and the Nigerian economy.
The Geregu Power Plc boss has become the second Nigerian billionaire to own stakes in two companies worth over N1 trillion or $1,244 555,000.
Otedola's record comes after the Chairman of BUA Group, Abdul Samad Rabiu, who owns BUA Cement and BUA Foods, clinched the second position.
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Source: Legit.ng
