Aliko Dangote, President of Dangote Group, has reclaimed his title as Africa’s richest man with a net worth of $13.9 billion, according to the 2024 Forbes list of Africa’s 20 wealthiest billionaires, released yesterday.
South African mogul Johann Rupert briefly displaced Dangote on a previous Forbes ranking. Dangote’s wealth had dropped to $9.7 billion as of January 4, 2024, reflecting a $3.8 billion loss from his 2023 valuation of $13.5 billion. However, Forbes noted a slight rebound in African billionaires’ fortunes over the past year, with their combined net worth reaching $82.4 billion, up from $81.5 billion in 2023.
Forbes explained that billionaire net worths are calculated using stock prices and currency exchange rates as of January 8, 2024. Privately held businesses are valued based on estimated revenues or profits, applying ratios used for similar public companies.
Femi Otedola, Executive Chairman of Geregu Power Plc, rejoined the list for the first time since 2017, ranking 19th with a net worth of $1.1 billion. Otedola’s 73% stake in Geregu Power, valued at over $850 million, constitutes the majority of his fortune. He previously divested his oil investments to focus on energy, with Geregu listed on the Nigerian Exchange in 2022.
Dangote’s closest competitors include Johann Rupert and Family ($10.1 billion), Nicky Oppenheimer and Family ($9.4 billion), Nassef Sawiris ($8.7 billion), Mike Adenuga ($6.9 billion), and Abdulsamad Rabiu ($5.9 billion).
This year, South Africa led the list with six billionaires, followed by Egypt with five and Nigeria with four. Other countries represented include Algeria, Tanzania, Zimbabwe, and Morocco.
Forbes highlighted the challenges of building and maintaining wealth in Africa, including strained economies, poor infrastructure, volatile exchange rates, and political uncertainty. Charles Robertson, Head of Macro Strategy at FIM Partners, noted that rising taxes, currency weakness, and high interest rates have created a challenging investment environment.
Despite these obstacles, Dangote has maintained the top spot for 13 consecutive years, bolstered by a $400 million increase in his fortune due to rising shares of Dangote Cement, despite Nigeria’s political uncertainty and naira devaluation.
Meanwhile, Algerian industrialist Issad Rebrab experienced the steepest decline on the list after being barred from managing his conglomerate, Cevital, by court order in May.
