The Rising Fortunes of Africa’s Top Billionaires in 2024
The wealthiest individuals in Africa have experienced a notable increase in their fortunes over the past year, marking a reversal from the decline observed in the previous year. According to Forbes, the collective net worth of the top 20 billionaires on Forbes’ 2024 Africa’s Richest list has reached $82.4 billion, representing a $900 million upturn from the previous year.
A prominent figure contributing to this upturn is Nigerian businessman Femi Otedola, who has reemerged on the Forbes Africa list after his last appearance in 2017. Otedola, who held majority ownership of fuel distributor Forte Oil, has made a substantial impact on the list through his business ventures.
Despite political turmoil and the depreciation of the naira, Aliko Dangote of Nigeria has maintained the top position on the list, with his wealth increasing by $400 million to $13.9 billion. In close pursuit, South African magnate Johann Rupert has retained his second-place ranking with $10.1 billion. Similarly, Nicky Oppenheimer from South Africa, who divested the diamond mining company DeBeers, secured the third spot with $9.4 billion.
The list has also witnessed fluctuations in the fortunes of several billionaires, with thirteen experiencing an increase in their wealth and seven encountering a decrease in their net worth. Forbes has calculated the net worth using January 8, 2024, stock prices and currency exchange rates to ensure an accurate representation of their wealth.
The comprehensive list of the top 20 wealthiest billionaires in Africa features familiar names such as Mike Adenuga, Abdulsamad Rabiu, and Patrice Motsepe, among others. However, a significant addition to the list is Femi Otedola, whose reemergence has made a substantial impact, underscoring his influence in the African business landscape and the Nigerian economy.
Otedola’s remarkable achievement has also resulted in his recognition as the second Nigerian billionaire to possess stakes in two companies worth over N1 trillion or $1,244 555,000. His success contributes to the diversity of industries represented on the list, illustrating the economic prowess of African entrepreneurs across various sectors.
In conclusion, the resurgence in wealth among Africa’s top billionaires reflects the resilience and adaptability of the continent’s business leaders, despite the challenging economic and political landscape. Their accomplishments signify the potential for further growth and prosperity in the African business world, paving the way for a new generation of entrepreneurs and leaders who continue to shape the continent’s economic future.
