The fortunes of Africa's wealthiest have experienced a modest rebound in the past 12 months, overcoming a previous decline, as revealed by the 2024 Forbes list of Africa's Richest. The net worth of the top 20 billionaires now stands at a combined $82.4 billion, indicating a $900 million increase from the previous year's $81.5 billion.
Nigeria's Femi Otedola played a pivotal role in this upswing, marking his return to the list after last appearing in 2017. Otedola's strategic moves in the energy sector, including the privatization of Nigeria's energy business, resulted in a significant boost to his net worth. His 73% stake in Geregu, a public power generation plant, now valued at over $850 million, secures his position at No. 20 on the list.
However, the broader economic landscape remains challenging for Africa's billionaires, with global investors cautious of stock exchanges, businesses grappling with economic strains, and political shifts influencing private fortunes. A turbulent 2023, marked by currency weaknesses, tax hikes, and geopolitical instability, made African equities less attractive for foreign investors.
Nigeria's Alike Dangote, despite political uncertainty and a naira devaluation, maintains his reign as Africa's richest for the 13th consecutive year, with a fortune of $13.9 billion. South Africa's Johann Rupert and Nicky Oppenheimer secure the second and third spots, while the list witnesses notable shifts, with 13 billionaires gaining wealth and seven facing declines.
The ranking also highlights the diversity of wealth distribution across African countries, with South Africa, Egypt, and Nigeria claiming the majority of spots. Algeria, Tanzania, Zimbabwe, and Morocco each contribute one billionaire to the list.
The biggest decline on the list is attributed to Algerian industrial magnate Issad Rebrab, facing legal challenges and a net worth reduction of almost half to $2.5 billion. Meanwhile, Egypt's Nasseff Sawiris secures the most significant gain, adding $1.4 billion to reach $8.7 billion.
This comprehensive report, analyzing the shifts in Africa's billionaire landscape, emphasizes the complexities of wealth accumulation in a continent marked by economic challenges, political uncertainties, and market fluctuations.
Source: Forbes
