Meet Top 5 Wealthiest Billionaires in Africa in 2024 as Dangote Loses $3.8 Million in 24 Hours
- Forbes and Bloomberg have listed the top 5 richest Africans in 2024 after Dangote lost his title of Africa’s wealthiest individual
- The reports listed South Africa’s Johann Rupert as the continent’s wealthiest man with $14 billion and Dangote second with $13.4 billion
- Others include Oppenheimer of South Africa with an estimated $14.2bn in net worth, Egypt’s Nassef Sawiris with $9.48bn, and Natie Kirsh
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The profiles of African billionaires in 2024 continue to fluctuate, demonstrating the rapidly changing fortunes in Africa’s unpredictable economic climate.
Market volatility has contributed to the crash of most billionaire’s wealth in Africa, leading to losses and a decline in fortunes.
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Nigeria’s richest man, Aliko Dangote, recently lamented that the Nigerian government's naira devaluation negatively impacted his businesses and fortunes.
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Dangote loses $7 billion to naira devaluation
Dangote, who recently lost Africa’s richest man title, had over $7 billion shaved off his wealth as Nigeria embarked on foreign exchange reforms that saw the naira crash significantly against the US dollar since June last year.
Other billionaires in Nigeria experienced a significant dip in their wealth as Nigeria devalued its currency to close the gap between the official and parallel exchange rate markets.
Dangote recently replaced Johann Rupert as the wealthiest person in Africa on the Bloomberg Billionaire Index.
Top five billionaires in Africa
According to Bloomberg, Africa’s richest man, Rupert, now occupies the number one position with an estimated net worth of $14 billion, as against Dangote’s $13.4 billion.
Other African billionaires include Oppenheimer of South Africa, with an estimated net worth of $14.2 billion; Egypt’s Nassef Sawiris, with $9.48 billion; and Natie Kirsh, with $9.22 billion.
According to reports, the Chairman of the Dangote Group lost about $3.8 million due to stock volatility in the last 24 hours.
Dangote loses more wealth than other billionaires
Forbes and Bloomberg say Dangote experienced a decline in his wealth in 2024 more than any other African billionaire.
Forbes estimates that Dangote’s wealth declined by $2.8 billion, from $14.2 billion in January to $11.4 billion.
He is the only African billionaire tracked by the Bloomberg Billionaire Index with such financial losses in 2024.
Dangote, 3 other Nigerian billionaires get new ranking
Legit.ng earlier reported that the combined wealth of four of Nigeria's wealthiest men stands at $24.9 billion, reflecting a significant increase of nearly $4 billion compared to the estimated $21 billion at the beginning of January 2024.
The combined wealth of four of Nigeria's wealthiest men stands at $24.9 billion, reflecting a significant increase of nearly $4 billion compared to the estimated $21 billion at the beginning of January 2024.
Data from Forbes shows that Aliko Dangote, Nigeria's wealthiest billionaire, started the year with a net worth of $10.3 billion.
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