Nigerian industrialist Aliko Dangote has retained his position as Africa’s richest person for the 14th consecutive year, with his fortune surging to $23.9 billion, according to Forbes’ 2024 Africa Billionaires list published on Saturday.
Fellow Nigerian billionaire Femi Otedola also rejoined the rankings with a net worth of $1.5 billion, while Mike Adenuga secured the fifth spot with $6.1 billion.
Body: The latest valuation marks a sharp rise from the $13.9 billion attributed to Dangote last year, driven by Forbes’ inclusion of his newly-operational oil refinery. His wealth has now placed him among the top 100 richest individuals globally.
Africa’s billionaires collectively amassed $105 billion as of early March, the highest ever recorded by Forbes.
The continent’s wealthiest individuals benefited from a global equity market rally and strong performances in cement, luxury goods, power, and telecommunications.
This year’s list features 22 billionaires from eight countries, up from 20 last year. South African luxury goods tycoon Johann Rupert retained second place with $14 billion, while Egypt’s Nassef Sawiris ranked fourth at $9.6 billion.
The list also includes another Nigerian billionaire, Abdulsamad Rabiu, founder of BUA Group, with an estimated net worth of $8.1 billion.
Adenuga, owner of Globacom and Conoil, ranked fifth overall and second among Nigerian billionaires, while Rabiu placed sixth in Africa and third in Nigeria. Otedola ranked 16th on the African list and fourth among Nigerian billionaires.
Among notable comebacks, Otedola, chairman of Geregu Power Plc, returned to the list after his fortune rebounded to $1.5 billion, following a 40% surge in his company’s share price. Moroccan real estate mogul Anas Sefrioui also rejoined after a stock rally.
Nigeria, South Africa, and Egypt dominated the rankings, with four, seven, and four billionaires respectively.
Morocco had three, while Algeria, Zimbabwe, Tanzania, and the Democratic Republic of Congo each had one.
However, not all fortunes climbed. Zimbabwean telecoms tycoon Strive Masiyiwa’s wealth fell by a third to $1.2 billion, with Forbes citing currency volatility after Zimbabwe’s adoption of a gold-backed currency.
