Full List: Dangote Gains, Rabiu Loses as New Ranking Shows Top 10 African Billionaires in 2024
- African Billionaires have changed positions in recent times due to events which shaped their various countries
- A new report has shown that the likes of Dangote climbed higher, securing the number one spot again from Johann Rupert
- However, Forbes data showed that Issad Rebrab & Family lost half of their net worth and fell out of the top 10
In 2024, several African nations saw significant events that distorted the macroeconomy, as inflation and fluctuating currency, among other factors, affected billionaires' wealth.
Source: UGC
This has led to changes in the wealth and position of the billionaires at the end of the first quarter compared to the beginning of the quarter.
Legit.ng had reported earlier in the year that some African billionaires have already begun the year 2024 on a stellar note.
For instance, South African billionaire Johann Rupert began 2024 as Africa's richest man on the Forbes list, toppling Nigerian billionaire Aliko Dangote.
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According to Forbes, Rupert's net worth surged to $10.3 billion, higher than Dangote's $9.5 billion as of Tuesday, January 2, 2023.
What new data found
According to recent data, the dynamics of the market have caused some of the billionaires on the list to move up or down in rank.
Many factors, including global trends, market conditions, and economic policies, have affected these billionaires, forcing them to adjust to both internal and external market forces.
While most additions and decreases haven't been substantial enough to cause concern, some are noteworthy.
Examples include Dangote's $4 billion gain since the year's beginning and Issad Rebrab & Family losing half of their net worth and falling out of the top 10.
Additionally, at the start of the year, Johann Rupert had the title of richest man in Africa; however, Dangote has since reclaimed it.
Billionaire. Africa reported that except for Dangote, who anticipates significant growth following the opening of his oil refinery, most African billionaires still function at the same high level as they did at the start of the year.
These adjustments in African billionaires' net worth are captured from the beginning of the year to the end of the first quarter of 2024 based on the Forbes Billionaire Index.
| Rank | Name | Country | Current net worth | Net worth at the start of the year |
| 1 | Aliko Dangote | Nigeria | $13.4 billion | $9.5 billion |
| 2 | Johann Rupert & Family | South Africa | $12.2 billion | $10.3 billion |
| 3 | Nicky Oppenheimer & Family | South Africa | $9.5 billion | $8.3 billion |
| 4 | Nassef Sawiris | Egypt | $8.8 billion | $7.4 billion |
| 5 | Nathan Kirsh | Eswatini (Swaziland) | $7.2 billion | $5.8 billion |
| 6 | Mike Adenuga | Nigeria | $6.7 billion | $3.1 billion |
| 7 | Abdulsamad Rabiu | Nigeria | $5.2 billion | $5.9 billion |
| 8 | Naguib Sawiris | Egypt | $3.8 billion | $3.3 billion |
| 9 | Mohamed Mansour | Egypt | $3.3 billion | $3.6 billion |
| 10 | Issad Rebrab & Family | Algeria | $2.5 billion | $4.6 billion |
Billionaire Rabiu kicks off N250 million project
Legit.ng reported that the construction of a N250 million sports complex for the University of Jos has commenced as part of the Abdul Samad Rabiu Africa Initiative (ASR Africa), led by Abdul Samad Rabiu, Chairman of BUA Group.
Besides his business exploits, Abdul Samad Rabiu, Nigeria's second-richest billionaire, is known for his many philanthropic works across Nigeria.
It would be recalled that Legit.ng earlier reported that the billionaire, through his foundation, started the construction of 120 family housing units for the Nigerian Army worth N2 billion.
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Source: Legit.ng
Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.
Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng
