Nigerian billionaire, Aliko Dangote loses his title as Africa’s richest man after being overtaken by a South African business magnate Johann Rupert, as revealed by a Forbes Magazine release. The Forbes Daily billionaires ranking platform, which monitors daily fluctuations in the net worth of high-net-worth individuals globally, reported that Aliko Dangote slid to the second position. His wealth decreased from $13.5 billion in 2023 to $9.5 billion at the beginning of 2024.
Similarly, Nigerian billionaires Rabiu Abdulsamad and Mike Adenuga saw a decline in their rankings on the billionaire list published by the financial magazine. Mike Adenuga, from Nigeria, dropped to the tenth position, and Patrice Motsepe, who was among the top ten in 2023, did not make the cut in the list of the top ten richest men in 2024. One noteworthy change in the Forbes ranking of the wealthiest individuals in Africa is the absence of any women in the top ten richest list at the beginning of the year. The decline in the value of the Naira and other economic challenges are attributed to the reduction in Dangote’s wealth. In the 2024 rankings, Johann Rupert & Family’s wealth decreased from $10.7 billion to $10.3 billion, securing his position as Africa’s richest man amid the decline in the wealth of the long-standing African richest, Aliko Dangote, from $13.5 billion to $9.5 billion.
List of Africa’s richest men (Rank, Name and 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
According to the Bloomberg Billionaire Index on Monday, 20th of March 2023, Africa’s richest man and Chairman of Dangote Group have remained Africa’s richest man for 12 consecutive years, with a net worth of $19.7 billion. The fortune came from increased demand for Dangote Cement in Africa and it created an opportunity not only to fatten his account by $100 million but displace fellow billionaires. Dangote maintains a majority share at his Cement company, following the company’s announcement of a significant share buyback two weeks ago. He is ranked 83rd on the billionaire index, ahead of two Russians, Alexey Mordashov and Alisher Usmanov. 
