Aliko Dangote, the President of Dangote Group, has reclaimed his position as Africa’s richest person in the 2024 Forbes list of 20 billionaires, with a net worth of $13.9 billion. Johann Rupert, a South African business mogul, had previously displaced Dangote, pushing him to the second position as per an earlier Forbes record.
Real-time data revealed that Dangote slipped to second place after his wealth decreased from $13.5 billion in 2023 to $9.7 billion as of January 4, 2024, marking a $3.8 billion loss. Forbes reported a slight rebound in the fortunes of Africa’s wealthiest individuals over the past 12 months, totaling a combined net worth of $82.4 billion for the 20 billionaires on the 2024 list.
Forbes used a methodology involving stock prices and currency exchange rates as of January 8, 2024, to calculate net worths. Femi Otedola, the Executive Chairman of Geregu Power Plc, was listed as the 19th richest person in Africa, with a net worth of $1.1 billion. Otedola’s wealth primarily stems from his ownership stake in Geregu Power.
Despite a challenging economic environment in Africa, marked by currency depreciation, tax increases, and political uncertainties, Dangote retained the top spot for the 13th consecutive year. South Africa dominated the ranking with six spots, followed by Egypt with five and Nigeria with four billionaires. Forbes emphasized the difficulty of building and maintaining billion-dollar fortunes in Africa due to factors such as strained economies, poor infrastructure, and volatile exchange rates.
