Billionaires List: Africa’s Richest People in 2024 by Forbes

Africa’s 20 billionaires now possess a collective wealth of $82.4 billion, marking a $900 million increase from last year’s total of $81.5 billion. This upturn signifies a modest rebound for the continent’s wealthiest individuals, although they have yet to reach their previous peak levels of prosperity. 

Femi Otedola’s return to the list has been instrumental in this growth. Having last appeared in 2017, Otedola divested from his oil ventures following a government initiative to privatize the energy sector in Nigeria. He transitioned his investments to Geregu, a public power generation plant, ultimately retaining a 73% stake worth over $850 million. 

This sizable asset constitutes the majority of his $1.1 billion fortune, securing his position as the 19th wealthiest individual on the list. Even with Otedola’s resurgence factored in, Africa’s billionaires experienced a slight dip, albeit an improvement from last year’s 4% decline when African markets mirrored the global equity downturn. 

In the current year, African equities participated in a late-year global upsurge, with the S&P All Africa index climbing 10% in the final two months of 2023. Nonetheless, the index still concluded the 12-month period through January 8, 2024, down by over 9%.

Africa remains a challenging landscape for amassing and preserving billion-dollar fortunes, plagued by wary global investors, struggling businesses grappling with economic strains, inadequate infrastructure, and volatile exchange rates. Additionally, fluctuating political climates can either bolster or undermine private fortunes. 

Charles Robertson, FIM Partners’ head of macro strategy, notes the limited access to capital for entrepreneurs and populations with scant disposable income for investment.

The turbulence of 2023 rendered African equities less appealing to foreign investors due to weakening domestic currencies, leading to inflation spikes, tax hikes impacting invested companies, and significant central bank interest rate increases. 

The occurrence of multiple coups further exacerbated the situation, deterring foreign investment. In such an environment, entrenched family dynasties or individuals with close government ties continue to dominate Africa’s wealthiest ranks. Alike Dangote of Nigeria, whose fortune rose by $400 million to $13.9 billion, retained the top spot for the 13th consecutive year. 

Despite political uncertainties following the presidential election and the naira devaluation in 2023, which offset Dangote Cement’s rising share price, Dangote maintained his position atop the ranking.

South African luxury goods magnate Johann Rupert held onto the No. 2 spot with $10.1 billion, down from $10.7 billion in 2023 as shares of his Compagnie Financiere Richemont – maker of Cartier watches and Montblanc pens – slid. 

South African Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo American a decade ago, ranks No. 3, with $9.4 billion, up $1 billion from 2023. Thirteen of the billionaires added to their fortunes this year, while seven saw their net worth decline.

South Africa’s Christoffel Wiese, who rejoined the ranking last year at No. 18 with $1.1 billion after rebounding from an accounting scandal, holds onto his No. 18 rank with a $1.2 billion net worth, thanks to rising shares of his largest holding, Shoprite, and the spinoff of food business Premiere Group from Brait PLC. Wiese also cashed out on $50 million worth of Shoprite stock in October, reducing his stake in the supermarket chain.

The biggest decline on this year’s list belongs to Algerian industrial magnate Issad Rebrab, who was barred by a court in May from exercising any commercial or management duties at his conglomerate Cevital. Rebrab, who denied any wrongdoing, had previously served eight months in jail on corruption charges until his release in January 2020. 

Rebrab, who shares the wealth with his wife and five children – including his son, Malik, who took over as CEO in 2022 – saw his net worth fall by almost half to $2.5 billion.

The biggest gain belongs to Egypt’s Nassef Sawiris, who added $1.4 billion to $8.7 billion thanks to a rise in Adidas shares (he owns about 6%), as well as dividends from the German sneaker company and family conglomerate OCI.

This year, South Africa claims six spots on the ranking, followed by Egypt with five and Nigeria with four. Algeria, Tanzania and Zimbabwe each have one billionaire on the list, while Morocco has two.