Dangote, Otedola among Forbes 2024 Africa’s richest people

Nigerian industrialist Aliko Dangote has retained his position as Africa’s richest individual for the 14th consecutive year, with his estimated fortune surging to $23.9 billion, according to the Forbes 2024 Africa Billionaires list published on Saturday.

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The latest valuation shows a sharp increase from the $13.9 billion attributed to Mr Dangote in the previous year, largely driven by Forbes’ decision to include the value of his newly operational oil refinery.

Located on the outskirts of Lagos, the facility began refining crude oil in early 2024 and is expected to reach full capacity this month.

“This is a very, very big relief,” Mr Dangote told Forbes, describing the refinery as “a pivotal step in ensuring that Africa has the capacity to refine its own crude oil, thereby creating wealth and prosperity for its vast population.”

Mr Dangote, who heads the Lagos-listed Dangote Group, has now entered the global top 100 richest people, according to the publication.

The cumulative wealth of Africa’s billionaires reached $105 billion as of early March, the highest level ever recorded by Forbes.

The list features 22 billionaires from eight countries, up from 20 last year, with gains underpinned by a global equity market rally and strong performance in key sectors such as cement, luxury goods, power generation and telecommunications.

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Among notable returns to the list is Femi Otedola, chairman of Geregu Power Plc, whose fortune rebounded to $1.5 billion following a 40 per cent increase in the company’s share price over the past year.

South African luxury goods tycoon Johann Rupert ranked second with a net worth of $14 billion, up 39 per cent year-on-year, maintaining his position since 2022.

He is followed by fellow South African Nicky Oppenheimer, whose fortune from the family’s historic diamond interests is now valued at $10.4 billion.

Egypt’s Nassef Sawiris, an investor in construction and chemicals, ranked fourth with $9.6 billion. Nigerian telecom and oil magnate Mike Adenuga placed fifth with a net worth of $6.8 billion.

Nigeria, South Africa and Egypt continue to dominate the list, accounting for the largest shares with four, seven and four billionaires respectively. Morocco has three entrants, while Algeria, Zimbabwe, Tanzania and the Democratic Republic of Congo each have one.

Moroccan real estate developer Anas Sefrioui also rejoined the rankings after a strong rally in shares of his firm, Douja Promotion Groupe Addoha.

However, not all fortunes grew.

Zimbabwean telecoms entrepreneur Strive Masiyiwa saw his wealth fall by a third to $1.2 billion, with Forbes attributing the decline to currency volatility following Zimbabwe’s replacement of the local dollar with a gold-backed currency known as the ZiG.

Methodology

Forbes compiles the annual African billionaires list using a snapshot of net worths taken in early March. The magazine calculates individuals’ wealth based on stock prices, exchange rates, publicly disclosed holdings, and information from analysts, stock exchanges, and financial documents.

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Only individuals residing in Africa or whose primary business operations are based on the continent are eligible for inclusion. Net worths were calculated using stock prices and exchange rates as of 7 March 2025.

Despite ongoing challenges across the continent — including political instability, currency devaluations and uneven consumer demand — the report highlights how Africa’s wealthiest have benefited from strategic investments and resilient asset classes.