Dangote Leads as Forbes Unveils Africa’s 10 Wealthiest People in 2024

Dangote Leads as Forbes Unveils Africa’s 10 Wealthiest People in 2024

  • Nigeria’s richest man, Aliko Dangote, continues to hold the ace as Africa’s wealthiest man with a combined wealth of $13.4 billion
  • Dangote ranks 144th globally, following the rise in the shares of one of his companies, Dangote Cement
  • Other Nigerians in the list of Africa’s wealthiest are Mike Adenuga of Globacom and Abdul Samad Rabiu of BUA Group

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Nigerian industrialist Aliko Dangote has continued to hold the crown as Africa’s wealthiest individual with a net worth of $13.4 billion, ranking 144th globally on the Forbes list.

Dangote’s wealth comes primarily from his conglomerate, the Dangote Industries, comprising cement manufacturing, food, and others.

African billionaires rise
Nigeria and Africa's richest man, Aliko Dangote, Johann Rupert of South Africa and Nicky Oppenheimer Credit: Per-Anders Pettersson / Contributor
Source: Getty Images

Dangote leads Africa's wealthiest people

According to information from Forbes, the Nigerian billionaire derives his wealth from his 86% stake in Dangote Cement, Africa’s largest cement manufacturer, with over N10 trillion market capitalisation. The cement company is the only Nigerian firm to have achieved this feat.

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Forbes said it compiled its list of billionaires using the prevailing stock market prices and exchange rates as of March 8, 2024.

Forbes reportedly discovered 2,781 billionaires globally for the year’s ranking. The list has 141 billionaires, more than the 2023 figure and 26 higher than the 2021 record.

The report said the over 2,000 billionaires have a combined wealth of $14.2 trillion, about $2 trillion higher than the one recorded in 2023 and $1.1 trillion more than recorded in 2021.

Top 10 Billionaires in Africa

Africa has recorded significant activity in raising new billionaires, with some rising in rank and others falling off the rack. The continent also welcomed new billionaires in 2024.

Reports say at the beginning of 2024, Johann Rupert and Family became Africa’s wealthiest with a net worth of $10.3 billion, while Nigeria’s richest man, Dangote, trailed behind with a net worth of $9.5 billion.

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After a few weeks, Dangote toppled Rupert with a staggering wealth of $13.4 billion, while Rupert held a fortune worth $12.2 billion.

Nicky Oppenheimer & Family has a net worth of $9.5 billion from their investment in South Africa’s diamond sector, ranking 249th on the list.

Adenuga and Rabiu make Forbes' list

Egypt’s Nassef Sawiris ranks 287th with $8.8 billion, while Nathan Kirsh from Eswatini ranks 373 globally with a net worth of $2.72 billion.

Nigeria’s oil and telecom magnate, Mike Adenuga, ranks 409th with $6.7 billion.

Another Nigerian billionaire, Abdulsamad Rabiu, follows Adenuga, ranking 581st globally with a net worth of $5.2 billion.

Egypt’s Naguib Sawiris is ranked 835th with a net worth of $3.8 billion, and Mohamed Mansour has a combined wealth of $3.3 billion and is ranked 991st in the world.

Koos Bekker made a remarkable entry among Africa’s top 10 richest with a combined wealth of $2.6 billion and is ranked 1,256th globally.

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Billionaire Femi Otedola rejoins Dangote, Rabiu on Forbes

Legit.ng previously reported that Nigerian business magnate Femi Otedola had returned to the Forbes billionaires list in the first quarter after a six-year absence.

As of April 2, 2024, Otedola was ranked 1906th with a net worth of $1.7 billion.

Otedola accumulated a fortune in commodities before selling his stakes in Forte Oil and turning his attention to energy.

Source: Legit.ng

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