Rabiu Overtakes South African Billionaire, Becomes 2nd Richest Man in Africa
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- Abdulsamad Rabiu has moved up to become the second richest man in Africa, surpassing South Africa's Johann Rupert & family
- Aliko Dangote continues to hold his position as Africa's richest man with $32.3 billion, even with a slight decrease in his daily net worth
- Rabiu has also outperformed other African billionaires, including Nicky Oppenheimer and Nassef Sawiris
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigerian billionaire, Abdulsamad Rabiu, has now surpassed Johann Rupert & family of South Africa to claim the position of the second richest person on the African continent, according to the latest ranking of the world's richest people released by Forbes.
Source: Getty Images
Rabiu, who owns cement and sugar manufacturing companies under BUA Group, is now estimated to have a net worth of $16.1 billion as of Tuesday, May 19
The latest net worth followed a daily increase of $15.4 million, making him one of Africa's fastest-growing billionaires.
Nigerian billionaires net worth
Rabiu is now only second to Africa's richest man, Aliko Dangote, who maintained his position with $32.3 billion despite having a $519.1 million daily decrease in his assets on Monday, May 18, but continues to maintain a considerable lead above other African businessmen.
South African billionaire, Johann Rupert & family, whose worth is tied to investment in luxury goods, is ranked 188th globally with a total of $15.6 billion and has lost his ranking as the second richest man in Africa, a position he has held for nearly a decade.
Nevertheless, Rupert enjoyed a daily increase of $19.6 million.
Nicky Oppenheimer & family, whose net worth is connected to the diamond industry, is valued at $10.6 billion, while Egyptian tycoon, Nassef Sawiris, with a diversified investment portfolio, is valued at $9.5 billion after an increment of $36 million on his daily net worth.
Other notable billionaires that make the list are Naguib Sawiris with $5.6 billion from telecoms, Mohamed Mansour with a diversified investment portfolio worth $4 billion and Nigeria's Mike Adenuga, whose fortune is linked to telecom and oil, with a net worth of $6.6 billion.
Source: Getty Images
Africa's richest men
Here is a list of African billionaires and their net worth, ranking
- Aliko Dangote: $32.3 billion — Nigeria
- Abdulsamad Rabiu: $16.1 billion — Nigeria
- Johann Rupert & family: $15.6 billion — South Africa
- Nicky Oppenheimer & family: $10.6 billion — South Africa
- Nassef Sawiris: $9.5 billion — Egypt
- Mike Adenuga: $6.6 billion — Nigeria
- Naguib Sawiris: $5.6 billion — Egypt
- Mohamed Mansour: $4 billion — Egypt
Elon Musk's net worth hit $500 billion
Legit.ng earlier reported that Elon Musk, the world’s richest person, has become the first individual to amass a net worth of $500 billion.
Musk’s fortune hit a record level following a strong rally in Tesla shares and gains in SpaceX and xAI valuations.
Oracle’s Larry Ellison, who briefly overtook Elon Musk's net worth recently, is now $150 billion behind.
Source: Legit.ng
