In a seismic shift, Johann Rupert and family have dethroned Africa’s richest from Aliko Dangote, as economic challenges, including Tinubu’s policy changes, crush Dangote’s fortunes, claiming the coveted top spot in Forbes Magazine’s 2024 rankings.
Rupert’s ascent marks a notable turn of events, emphasizing the dynamic nature of Africa’s wealth landscape, with influential figures like Dangote facing setbacks. As 2024 unfolds, the ripple effects of these changes will be closely monitored, showcasing the impact of economic policies on the fortunes of the continent’s billionaire elite.
This seismic development underscores dynamic changes in the financial landscape among the continent’s affluent elite.
Forbes’ Daily Billionaires ranking, which meticulously tracks the daily fluctuations in the net worth of the world’s wealthiest, reveals a substantial decline in Dangote’s fortune, plummeting from $13.5 billion in 2023 to $9.5 billion at the onset of 2024. This downturn is attributed to various economic challenges, including the devaluation of the Naira.
Despite a marginal decrease in Rupert’s wealth from $10.7 billion to $10.3 billion, he ascended to the summit due to the more pronounced dip in Dangote’s wealth. Similarly, South Africa’s Nicky Oppenheimer & Family maintained a steady wealth of $8.4 billion.
The list also underscores noteworthy shifts, with Nigerian billionaires Rabiu Abdulsamad and Mike Adenuga experiencing a decline in rankings, with Adenuga now occupying the tenth spot, witnessing a decrease from $6.3 billion to $3.1 billion. Meanwhile, Egypt’s Nassif Sawiris climbed to the fourth position with an augmented net worth of $7.4 billion, surpassing Abdulsamad, whose wealth diminished to $5.9 billion.
A newcomer to the list is Eswatini’s Nathan Kirsh, securing the sixth position with a net worth of $5.8 billion. Algerian Issad Rebrab & Family maintained their seventh rank, while Mohamed Mansour ascended to eighth. Naguib Sawiris secured the ninth position with a stable net worth of $3.3 billion. Notably absent from the top ten this year is Patrice Motsepe, whose wealth dipped to $2.5 billion.
These undulating fortunes among Africa’s billionaires epitomize the diverse economic landscapes across the continent. The influential role these individuals play in their respective economies is substantial, with their businesses contributing significantly to regional economic growth.
As 2024 unfolds, the global business community will keenly observe these billionaires, not only for their financial accomplishments but also for their profound impact on Africa’s economic and social development. This list serves as a crucial benchmark for monitoring the progress and influence of these titans throughout the year. For in-depth information on the wealth and rankings of Africa’s wealthiest individuals, readers are encouraged to consult the Forbes Daily Billionaires ranking platform and other financial publications covering these updates.
