Navigating Fortunes: The Shifts in Net Worth of Africa’s Richest in 2024

Introduction

The economic landscape of 2024 has been a rollercoaster for Africa’s wealthiest individuals. Various market dynamics and economic policies have influenced the fortunes of the continent’s billionaires, resulting in notable shifts in their net worth since January. As we move past the first quarter, let’s explore the significant changes among Africa’s top 10 billionaires, drawing insights from the Forbes Billionaire Index.

1. Aliko Dangote – Nigeria

• Current Net Worth: $13.4 billion

• Net Worth in January: $9.5 billion

• Change: +$3.9 billion

The Nigerian magnate has seen a remarkable increase in wealth, largely due to the anticipated growth from his new oil refinery project. Dangote’s ascent to reclaim his position as Africa’s wealthiest man highlights his continued influence and success in the continent’s economic sphere.

2. Johann Rupert & Family – South Africa

• Current Net Worth: $12.2 billion
• Net Worth in January: $10.3 billion
• Change: +$1.9 billion

The Rupert family continues to thrive financially, solidifying their status among Africa’s elite, with a significant boost in their fortune over the past few months.

3. Nicky Oppenheimer & Family – South Africa

• Current Net Worth: $9.5 billion
• Net Worth in January: $8.3 billion
• Change: +$1.2 billion

The Oppenheimer family, with their roots deeply embedded in the diamond industry, have also enjoyed a prosperous start to 2024.

4. Nassef Sawiris – Egypt

• Current Net Worth: $8.8 billion

• Net Worth in January: $7.4 billion

• Change: +$1.4 billion

Sawiris’s investments in construction and chemicals continue to pay dividends, reflecting the resilience and growth of his business ventures.

5. Nathan Kirsh – Eswatini (Swaziland)

• Current Net Worth: $7.2 billion
• Net Worth in January: $5.8 billion
• Change: +$1.4 billion

Kirsh’s fortune has seen a significant uptick, underscoring his diverse investment portfolio across retail and real estate.

6. Mike Adenuga – Nigeria

• Current Net Worth: $6.7 billion
• Net Worth in January: $3.1 billion
• Change: +$3.6 billion

Adenuga’s massive gain is one of the most dramatic increases, driven by his telecommunications and oil businesses.

7. Abdulsamad Rabiu – Nigeria

• Current Net Worth: $5.2 billion
• Net Worth in January: $5.9 billion
• Change: -$0.7 billion

Despite a slight decrease, Rabiu remains a key player in Nigeria’s industrial sector.

8. Naguib Sawiris – Egypt

• Current Net Worth: $3.8 billion
• Net Worth in January: $3.3 billion
• Change: +$0.5 billion

The elder Sawiris has also seen growth, albeit more modest compared to his younger brother, Nassef.

9. Mohamed Mansour – Egypt

• • Current Net Worth: $3.3 billion
  • Net Worth in January: $3.6 billion
  • Change: -$0.3 billion
  Mansour’s net worth has slightly declined but he continues to be influential through his diversified business interests.

10. Issad Rebrab & Family – Algeria

• Current Net Worth: $2.5 billion
• Net Worth in January: $4.6 billion
• Change: -$2.1 billion

The most notable decrease, Rebrab & Family have faced challenges that significantly impacted their wealth, dropping them off the top 10 list.

Conclusion

The dynamic nature of wealth and economic influence in Africa is evident from the fluctuations seen in the net worth of its richest individuals. From dramatic increases to notable declines, these billionaires’ fortunes reflect broader economic trends and their ability to adapt to changing market environments. As Africa continues to evolve economically, it will be intriguing to see how these top businessmen navigate the opportunities and challenges that lie ahead.

Disclaimer

This analysis is based on data from the Forbes Billionaire Index as of the end of Q1 2024 and may be subject to change. For the most current financial data, refer to the latest releases by

Rank	Name	Country	Current Net Worth	Net Worth at Start of Year	Change in Net Worth
1	Aliko Dangote	Nigeria	$13.4 billion	$9.5 billion	+$3.9 billion
2	Johann Rupert & Family	South Africa	$12.2 billion	$10.3 billion	+$1.9 billion
3	Nicky Oppenheimer & Family	South Africa	$9.5 billion	$8.3 billion	+$1.2 billion
4	Nassef Sawiris	Egypt	$8.8 billion	$7.4 billion	+$1.4 billion
5	Nathan Kirsh	Eswatini (Swaziland)	$7.2 billion	$5.8 billion	+$1.4 billion
6	Mike Adenuga	Nigeria	$6.7 billion	$3.1 billion	+$3.6 billion
7	Abdulsamad Rabiu	Nigeria	$5.2 billion	$5.9 billion	-$0.7 billion
8	Naguib Sawiris	Egypt	$3.8 billion	$3.3 billion	+$0.5 billion
9	Mohamed Mansour	Egypt	$3.3 billion	$3.6 billion	-$0.3 billion
10	Issad Rebrab & Family	Algeria	$2.5 billion	$4.6 billion	-$2.1 billion