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Forbes’ 2024 Ranking: The 20 Wealthiest Africans

Last updated on January 29th, 2024 at 11:47 am

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The Chairman of Dangote Group Alhaji Aliko Dangote has again been rated as the wealthiest man in Africa, according to Forbes 2024 list.

This can be attributed to the growth in Aliko Dangote’s wealth to the sterling performance of Dangote Cement on the Nigerian Exchange. And lately, the company’s had over N11 trillion market capitalization January 26, 2024.

South African Fashion and retail business mogul Johann Rupert maintains his second spot on the continent with a $10.1 billion net worth.

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In 2021, his fortune was $7.2 Billion, but now $10.1 billion, thanks to a surge in the share price of his Compagnie Financiere Richemont–maker of Cartier watches and Montblanc pens–pushed.

Another South African who maintained his third place is Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo American a decade ago, worth an estimated $9.4 billion.

Mike Adenuga, now the second richest man in Nigeria, has ascended to the fifth position on the continent, boasting a net worth of $6.9 billion

Also Read:  Biography of Hakeem Belo-Osagie and How He Conquered The Investment World

Meanwhile, at the time of publication, Abdul Samad Rabiu is ranked as the 6th richest African billionaire, with a net worth of $5.9 billion.

Forbes said:

“To value privately-held businesses, we start with estimates of revenues or profits and apply prevailing price-to-sale or price-to-earnings ratios for similar public companies”.

Here list of the top 20 billionaires on the African continent:

Aliko Dangote

  • Worth: $13.9 billion
  • Sector: Manufacturing

Nothing significant has changed regarding the net worth of the founder of the Dangote Group. In 2022, it was $13.9 billion, and that’s the figure reflected in the latest Africa’s billionaire ranking.

However, there are indications that his net worth may triple by the next ranking following the official commencement of production at his Dangote Refinery on January 12, 2024.

Johann Rupert South African Billionaire
The chairman of Richemont and the richest South African, Johann Peter Rupert. Photo Credit: WWD

Johann Rupert & family

  • Net worth: $10.1 billion
  • Business Interest: Fashion and retail

Two years ago, Johann’s net worth amounted to $11 billion. However, it has since decreased by $900 million. Despite this decrease, he continues to hold the second position in the latest Forbes ranking.

At a point, Johann momentarily surpassed Alhaji Dangote, as reported by Bloomberg. Unfortunately, he was unable to maintain this temporary lead for more than a year.

Nicky Oppenheimer & family

  • Net worth: $9.4 billion
  • Interest: Metals and Mining

On top of billionaires who increased their wealth by at least $700 million USD is Nicky family. Their net worth was $8.7 Billion in 2022.

Nassef Sawiris

  • Worth: $8.7 billion
  • Sector: Construction
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Nassef’s net worth was $8.6Billion two years ago before the latest ranking.

Mike Adenuga

  • Net worth: $6.9 billion
  • Sector: Telecommunication/Diversified

In 2022, Adenuga’s net worth was $6.7 billion, securing his position as Nigeria’s second-richest man. Two years ago, the second spot was held by Alhaji Rabiu.

Abdulsamad Rabiu

  • Worth: $5.9 billion
  • Sector: Manufacturing/Diversified

Rabiu’s wealth took a nosedive of $1.1 billion in two years, which is precisely why the Globacom Chairman overtook him in the latest ranking. His wealth totaled $7 billion in 2022, contrasting with $5.9 billion in 2024.

Naguib Sawiris

  • Worth: $3.8 billion. It was $3.4Billion in 2022
  • Sector: Telecommunication

Mohammed Mansour

  • Net worth: $3.2 billion. It was $2.5Billion
  • Sector: Diversified

Jacobus Petrus “Koos” Bekker

  • Net worth: $2.7 billion, the same as it was in 2022
  • Sector: Media and entertainment

Patrice Motsepe

  • $2.7 billion. It was $3.1 billion in 2022.
  • Sector: Metals and Mining

Issad Rebrab & family

  • Net worth: $2.5 billion as against $5.1Billion in 2022
  • Sector: Food and beverage

Mohammed Dewji

  • Worth: $1.8 billion. It was $1.5Billion in 2022
  • Sector: Diversified

Strive Masiyiwa

  • Worth: $1.8 billion as against $2.7Billion in 2022
  • Sector: Telecom

Aziz Akhannouch & family

  • Worth: $1.7 billion
  • Sector: Diversified

The family net worth was $2.2Billion in 2022

Othman Benjelloun & family

  • Worth: $1.4 billion
  • Sector: Finance and investment

There is also a slight drop in Benjelloun’s family wealth. Their net worth was $1.5 Billion in 2022.

Youseff Mansour

  • Worth: $1.3 billion
  • Sector: Diversified

With approximately $1.5Billion net worth in 2022, his worth dropped by $200 million, according to the Forbes 2024.

Yasseen Mansour

  • Worth: $1.2 billion
  • Sector: Diversified
Also Read:  Biography of Emeka Offor and How He Became a Billionaire

Yasseen Mansour’s net worth increased by $100 million in two years.

Christoffel Wiese

  • Worth: $1.2 billion

Michiel Le Roux

  • $1.1 billion

Femi Otedola

  • Net worth: $1.1 billion
  • Sector: Diversified

For the first time since 2017, Otedola has reappeared on Africa’s wealthiest list. He held a controlling stake in Forte Oil before selling it to AbdulWasiu Sowami, the owner of Prudent Energy.

net worth of femi otedola and controversies
Femi Otedola and his two daughters. Photo credit: Clacified.com

Sowami reportedly acquired the controlling stake through his investment portfolio company, Ignite Investments and Commercial Limited.

Interestingly, Femi utilized a Forte subsidiary to acquire Geregu, a public power generation plant, where he held approximately 90 percent ownership.

His 73 percent stake in Geregu is valued at more than $850 million, constituting about three-quarters of his $1.1 billion fortune, placing him at No. 20 on the list.

Forbes asserts

On October 5, 2022, Power Plc was listed on the Nigerian Stock Exchange Main Board.

However, he has also been divesting his shares to institutional investors. As of November 2, 2023, he had sold 14.8 million units of his shares, amounting to over N5 billion.

Author

  • Opeyemi Quadri

    Ope is a finance writer and researcher with 10+ years of experience in content creation. His interests cut across decentralized finance, investment, foreign exchange, government policies and politics.

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