Dangote no longer holds the title of Africa’s richest man

According to a Forbes Magazine list, Johann Rupert and his family are now the wealthiest men in Africa, surpassing even Aliko Dangote.

The billionaire rankings of the Financial Times no longer include Nigerian billionaires Rabiu Abdulsamad and Mike Adenuga.

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Aliko Dangote dropped to second place on the Forbes Daily Billionaires ranking list, which analyses daily changes in the fortune of the world’s most affluent people. Dangote’s wealth dropped from $13.5 billion in 2023 to $9.5 billion at the beginning of 2024.

There were notable drops in the billionaires’ wealth on the list. Mike Adenuga of Nigeria rose to the tenth rank due to his fortune, whereas Patrice Motsepe, who was among the top ten in 2023, was not among the top ten richest men in 2024. Moreover, no female appeared on the list of the 10 richest people at the beginning of the year.

These people’s declining wealth serves as a window into the economic struggles facing all of Africa. The decline in Dangote’s fortune can be linked to the depreciation of the Naira as well as other economic problems.

With the fortune of long-standing African richest man Aliko Dangote dropping from $13.5 billion to $9.5 billion in the 2024 rankings, Johann Rupert & Family became the richest man in Africa with a wealth of $10.3 billion.

Wealth for Nicky Oppenheimer & Family of South Africa similarly declined, going from $8.4 billion in 2023 to $8.4 billion in the beginning of 2024.

As the fourth richest man in Africa, Nassif Sawiris surpassed Rabiu Abdulsamad by one spot. In 2024, his wealth increased to $7.4 billion from $7.3 billion in 2023. The fifth place goes to Abdulsamad. From $7.6 billion to $5.9 billion, his varied fortune fell.

Nathan Kirsh, a new Eswatini billionaire, joined the list this year, coming in at number six with a $5.8 billion net worth. Mike Adenuga, who held the title in 2023, dropped four spots to rank ninth among African richest men. His wealth dropped from $6.3 billion to $3.1 billion.

With $4.6 billion, Algerian Issad Rebrab & Family held onto their seventh place ranking. Mohamed Mansour, who was ranked tenth in 2023, rose to the eighth spot with a $2.9 billion to $3.6 billion increase in wealth. Mansour’s wealth increased more than Naguib Sawiris’s, who remained at $3.3 billion in net worth and moved up to ninth place. Patrice Motsepe, who came in ninth in 2023, lost value and was only worth $2.5 billion in the beginning of 2024, so he was no longer in the top 10.

The wealthiest individuals in Africa are listed here, comprising the top 10:

1. Johann Rupert & Family $10.3 billion

2. Aliko Dangote $9.5 billion

3. Nicky Oppenheimer & Family $8.3 billion

4. Nassef Sawiris $7.4 billion

5. Abdulsamad Rabiu $5.9 billion

6. Nathan Kirsh $5.8 billion

7. Issad Rebrab & Family $4.6 billion

8. Mohamed Mansour $3.6 billion

9. Naguib Sawiris $3.3 billion

10. Mike Adenuga $3.1 billion.