Dangote Maintains Top Spot on Forbes’ 2024 List of Africa’s Richest Billionaires

Aliko Dangote, the prominent Nigerian businessman and president of Dangote Group, has retained his position as the richest person in Africa, leading Forbes’ recently released 2024 list of the continent’s 20 wealthiest billionaires.

Dangote’s net worth is reported to stand at an impressive $13.9 billion.

Femi Otedola, Chairman of Geregu Power Plc and a key associate of Dangote, also made a notable return to the list after last appearing in 2017 when he held a controlling stake in Forte Oil. Forbes highlights Otedola’s strategic shift from oil investments in 2013 during a government-led initiative to privatize Nigeria’s energy sector. His current fortune of $1.1 billion includes a 73% stake in Geregu valued at over $850 million.

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Forbes underlines that Africa’s wealthiest individuals experienced a modest rebound in the past year, reversing the decline observed in the previous year. Despite facing a slight dip in fortunes, African billionaires demonstrated resilience, outperforming the 4% decline recorded in 2023. The late-year global rally and a 10% rise in the S&P All Africa index during the final two months of 2023 contributed to this improved performance.

Here is the breakdown of the top 20 richest billionaires in Africa, according to Forbes:

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