Forbes Magazine’s most recent release of its annual billionaires’ rankings has seen a significant shift in the landscape of Africa’s wealthiest individuals. South African tycoon Johann Rupert has secured the top spot, surpassing the long-standing holder, Aliko Dangote of Nigeria, marking a turning point in the continent’s billionaire hierarchy.
In the latest Forbes Daily billionaires ranking platform update, tracking the day-to-day fluctuations in net worth among high-profile individuals worldwide, Aliko Dangote’s wealth dipped from $13.5 billion in 2023 to $9.5 billion at the onset of 2024, causing him to slip to the second position. This downturn highlights the volatility in the financial standings of even the most established figures within Africa’s economic landscape.
The analysis of the Forbes list reveals a trend of considerable wealth decline among several billionaires. Notably, Nigerian entrepreneurs Rabiu Abdulsamad and Mike Adenuga have also experienced a decrease in their rankings within the billionaire spectrum, with Mike Adenuga dropping to the tenth position. Moreover, Patrice Motsepe, previously a member of the top ten in 2023, failed to retain his position among the wealthiest individuals in 2024.
One notable shift in the Forbes list is the absence of any women within the top ten richest individuals at the start of this year, indicating a gender gap within the highest echelons of wealth in Africa.
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The decrease in the fortunes of these individuals can be attributed, at least in part, to the prevailing economic challenges spanning the continent. Factors such as the devaluation of the Naira and broader economic issues have directly impacted the wealth standings of prominent figures like Dangote, reflecting the intricate relationship between economic fluctuations and personal net worth.
Here is an updated list of Africa’s top ten wealthiest individuals for 2024 according to Forbes:
- Johann Rupert & Family – $10.3 billion
- Aliko Dangote – $9.5 billion
- Nicky Oppenheimer & Family – $8.3 billion
- Nassef Sawiris – $7.4 billion
- Abdulsamad Rabiu – $5.9 billion
- Nathan Kirsh – $5.8 billion
- Issad Rebrab & Family – $4.6 billion
- Mohamed Mansour – $3.6 billion
- Naguib Sawiris – $3.3 billion
- Mike Adenuga – $3.1 billion
This latest shift in wealth rankings serves as a testament to the dynamic nature of wealth accumulation and the impact of economic circumstances on the fortunes of Africa’s richest individuals.
