The financial landscape for Africa’s wealthiest individuals saw significant fluctuations in 2024, with the collective wealth of the continent’s top billionaires dropping to $61.4 billion from $63 billion at the beginning of the year. According to data compiled from Forbes estimates, only half of Africa’s 20 billionaires recorded notable gains or losses over the past year.
A Remarkable Comeback
One of the most notable stories is the return of Nigerian billionaire Femi Otedola to the Forbes Africa list after a seven-year absence. Otedola’s strategic pivot from oil to power generation during Nigeria’s 2013 energy privatization has paid off. As chairman of Geregu Power, listed on the Nigerian Exchange’s Main Board, Otedola added $500 million to his wealth in 2024, bringing his net worth to $1.6 billion.
Major Losses and Gains
However, not all billionaires fared well. Aliko Dangote, Africa’s richest man, faced a $2.3 billion decline in his net worth, ending the year with $11.6 billion. The devaluation of Nigeria’s naira and delays in the operationalization of the Dangote Refinery contributed to this significant loss.
On the other hand, South African billionaire Johann Rupert, chairman of luxury goods group Richemont, gained $1.2 billion, increasing his wealth to $11.3 billion. Richemont, known for brands like Cartier and Montblanc, thrived due to sustained global demand for luxury products.
Diverse Sectoral Impacts
- Mining and Resources: Nicky Oppenheimer, heir to the De Beers diamond empire, saw a modest $100 million increase, bringing his wealth to $9.5 billion.
- Diversified Investments: Egyptian billionaire Nassef Sawiris experienced a $1 billion loss, ending the year with a $7.7 billion net worth, partly due to challenges in OCI and Adidas.
- Telecommunications and Energy: Nigerian tycoon Mike Adenuga suffered a $100 million dip, leaving him with $6.8 billion, while Abdulsamad Rabiu’s fortune dropped by $1.1 billion to $4.8 billion due to challenges in Nigeria’s industrial sector.
Success Stories
Several billionaires expanded their fortunes:
- Koos Bekker (Media): The South African mogul added $300 million, raising his wealth to $3 billion, driven by Naspers’ strategic investments.
- Michiel Le Roux (Finance): Founder of Capitec Bank, Le Roux saw his net worth jump by $700 million to $1.8 billion.
- Mohamed Mansour (Diversified): The Egyptian billionaire gained $100 million, reaching $3.3 billion, thanks to his family conglomerate’s diverse investments.
Bottom Line
Despite the challenges of economic volatility and currency devaluations, Africa’s billionaires continue to shape industries and influence economies. While 2024 was a turbulent year, their resilience and adaptability demonstrate the potential for recovery and growth in the years ahead.
