Africa’s Wealthiest People: A Closer Look at the Richest Personalities on the Continent
The most recent data from the American business publication Forbes has revealed that Nigeria’s own Chief Aliko Dangote has maintained his position as the wealthiest man in Africa, amassing a fortune of $13.9bn. This accomplishment stands as a testament to his success as an industrialist and Chairman of Dangote Industries Limited.
In a noteworthy development, Femi Otedola, the Chairman of Geregu Power, has returned to the list of Africa’s richest individuals after last appearing in 2017. Otedola now holds the 20th position with a wealth of $1.1bn, clearly demonstrating significant advancements in his ranking.
Forbes reported that the 20 billionaires on their 2024 list of Africa’s Richest hold a combined worth of $82.4 billion, marking a notable increase from the previous year’s total of $81.5 billion. This indicates a slight rebound in the fortunes of Africa’s wealthiest individuals, reversing the decline from the prior year.
The resurgence is largely credited to Otedola, who divested from his oil investments to acquire Geregu, a public power generation plant, in response to a government initiative to privatise the country’s energy sector in 2013. This strategic move has undeniably paid off and significantly contributed to his fortune.
Forbes also observed that 13 of the billionaires saw an increase in their fortunes this year, while seven experienced a decline in their net worth. The rise and fall of certain individuals reflect the dynamic nature of wealth across the African continent.
The complete list of the 20 wealthiest individuals in Africa includes prominent figures such as Johann Rupert & family, Nicky Oppenheimer & family, Nassef Sawiris, and Mike Adenuga, among others. Each of these individuals has made noteworthy contributions to the business landscape in their respective industries and has rightfully earned recognition for their accomplishments.
It is important to acknowledge that Forbes monitors the wealth of African billionaires who either reside in Africa or have their primary business operations there, thus excluding certain individuals from the list. Net worth figures were calculated using stock prices and currency exchange rates from January 8, 2024, and the methodology employed ensures the list’s accuracy and representativeness.
The achievements of these individuals are not only commendable but also serve as an inspiration to the next generation of entrepreneurs and business leaders across the African continent. Their success stories illustrate that with hard work, dedication, and vision, significant success is indeed achievable.
In summary, the Forbes list of Africa’s wealthiest individuals serves as a reminder of the wealth and potential that exists on the continent. It highlights the extraordinary success stories of individuals who have made substantial impacts in their respective industries and serves as a wellspring of inspiration for future generations.
