Billionaires List: Here are top 10 richest people in Africa for Q1 2024

In the ever-evolving economic landscape of Africa, the fortunes of its billionaires in the first quarter of 2024 have been subject to a tale of highs and lows, mirroring the continent’s economic realities. The fortunes of Africa’s wealthiest people have rebounded slightly in the past 12 months, reversing the decline in their fortunes from a year ago, though they are still off their all-time highs.

Across various countries, contrasting narratives unfold: Some have successfully tackled inflation, while others grapple with its tightening grip. Positive economic forecasts stand in stark contrast with gloomy outlooks, with mounting debt burdening certain economies.

Amidst these economic dynamics, the lives of individuals and businesses, including Africa’s billionaires, are significantly impacted. In an earlier analysis, we highlighted the top 10 wealthiest individuals in Africa at the onset of 2024, relying on Forbes’ Real-Time Billionaires ranking, which monitors the daily fluctuations in the fortunes of the world’s richest individuals.

A notable shift has occurred since the beginning of the year. Johann Rupert & Family, previously holding the title of the richest in Africa with a net worth of $10.3 billion, has been surpassed by Aliko Dangote, whose fortune has surged to $15.1 billion, leaving Rupert & Family with $11.2 billion.

The 20 billionaires on the 2024 Forbes list of Africa’s Richest are worth a combined $82.4 billion. That’s up $900 million from last year’s $81.5 billion.

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Meanwhile, Issad Rebrab & Family from Algeria, with a fortune of $4.6 billion at the start of 2024, has dropped from the list of Africa’s top 10 billionaires. In their place, Koos Bekker now stands among the elite, boasting a worth of $2.7 billion.

A remarkable ascent has been witnessed by Nigerian billionaire Mike Adenuga, who began the year as the 10th richest with $3.1 billion. His wealth has since skyrocketed to $6.9 billion, securing his position as Africa’s 6th richest individual.

Below are the top 10 richest people in Africa so far in 2024:

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  1. Aliko Dangote (Nigeria) – Aliko Dangote, the founder and chairman of Dangote Group, remains one of Africa’s wealthiest individuals, primarily due to his investments in cement, sugar, and other industries.
  2. Nassef Sawiris (Egypt) – Nassef Sawiris, heir to the Orascom conglomerate, has significant investments in construction, chemicals, and other sectors. He is also a major shareholder in Adidas.
  3. Johann Rupert (South Africa) – Johann Rupert, chairman of Richemont and Remgro, has interests in luxury goods, including brands like Cartier, Montblanc, and Chloe.
  4. Nicky Oppenheimer (South Africa) – Nicky Oppenheimer, former chairman of De Beers diamond mining company, continues to be a prominent figure in South Africa’s mining industry.
  5. Mike Adenuga (Nigeria) – Mike Adenuga, founder of Globacom, a telecommunications company, and Conoil, an oil exploration company, is known for his diverse business interests.
  6. Issad Rebrab (Algeria) – Issad Rebrab, founder and CEO of Cevital, Algeria’s largest private conglomerate, has investments in various sectors, including agribusiness, retail, and steel.
  7. Mohamed Mansour (Egypt) – Mohamed Mansour, chairman of Mansour Group, is involved in the automotive, construction, and consumer goods industries.
  8. Patrice Motsepe (South Africa) – Patrice Motsepe, founder and chairman of African Rainbow Minerals, has investments in mining, financial services, and other sectors.
  9. Koos Bekker (South Africa) – Koos Bekker, former CEO of Naspers, played a significant role in transforming the company into one of the largest technology investors in emerging markets.
  10. Naguib Sawiris (Egypt) – Naguib Sawiris, brother of Nassef Sawiris, has investments in telecommunications, technology, and real estate.

PS Note: These rankings may fluctuate over time based on changes in asset values, investments, and other factors.

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