South African business mogul Johann Rupert has displaced Nigerian Aliko Dangote to emerge the richest man in Africa, according to a list released by Forbes Magazine.
Similarly, Nigerian billionaires Rabiu Abdulsamad and Mike Adenuga have lost their spots in the billionaire rankings released by the financial magazine.
In the list, the Forbes Daily billionaires ranking platform, which tracks daily changes to the net worth of the most high-net-worth individuals across the world, revealed that Aliko Dangote moved down to second position as his wealth decreased from $13.5 billion in 2023 to $9.5b at the beginning of 2024.
An analysis of the Forbes list showed significant wealth declines in the billionaires.
The wealth of Nigeria’s Mike Adenuga moved him to the tenth position, while Patrice Motsepe, who was in the top ten in 2023, didn’t make the top ten richest men in 2024.
One striking change in the Forbes wealthiest people in Africa list is that no woman made the top ten richest list at the start of the year.
The decline in the wealth of these individuals is not unconnected to the economic challenges across the continent.
The devaluation of the Naira and other economic issues can be attributed to the decrease of Dangote’s wealth.
Here are Africa’s richest men:
Rank Name Net worth:
1. Johann Rupert & Family $10.3 billion
2. Aliko Dangote $9.5 billion
3. Nicky Oppenheimer & Family $8.3 billion
4. Nassef Sawiris $7.4 billion
5. Abdulsamad Rabiu $5.9 billion
6. Nathan Kirsh $5.8 billion
7. Issad Rebrab & Family $4.6 billion
8. Mohamed Mansour $3.6 billion
9. Naguib Sawiris $3.3 billion
10. Mike Adenuga $3.1 billion