The wealth of Africa’s richest individuals took a hit in 2024, with the combined net worth of the continent’s top billionaires declining over the past 363 days.
According to data collated by Nairametrics from Forbes estimates, only 10 of Africa’s 20 billionaires recorded significant gains or losses this year, with their collective wealth now standing at $61.4 billion—down from $63 billion at the start of the year.
One notable comeback is Nigeria’s Femi Otedola, whose return to the Forbes Africa list after a seven-year absence highlights a remarkable journey. The billionaire investor first appeared in Forbes in 2009 as the second richest Nigerian after Aliko Dangote at $1.2 billion.
Otedola also last appeared in 2017 while controlling Forte Oil, strategically transitioning from oil to power generation during Nigeria’s 2013 energy privatization efforts.
Through Forte Oil, he acquired Geregu Power, a public power generation plant. By 2022, Geregu was listed on the Nigerian Exchange’s Main Board and worth over N2.8 trillion (about $1.75 billion) as of December 2024.
While Otedola’s rise is noteworthy, others faced significant setbacks. Aliko Dangote, Africa’s richest man, saw his wealth drop by $2.3 billion this year, reflecting Nigeria’s economic struggles and naira devaluation.
Dangote, whose holdings include an 85% stake in Dangote Cement, suffered a $651 million loss in a single day in July 2024, driven by market volatility and investor uncertainty surrounding the delayed launch of the Dangote Refinery. He remains Africa’s richest man after losing the spot sometime in the year.
While some of Africa’s billionaires navigated economic turbulence and saw significant losses, others leveraged market opportunities to expand their fortunes. Here’s a breakdown of the year’s top winners and losers.
Top winners
Despite economic uncertainties, some billionaires seized opportunities, collectively adding $2.9 billion to their fortunes. These gains highlight the resilience of sectors like luxury goods, technology, and finance across the continent.
Mohamed Mansour
Gain: $100 million
Net Worth: $3.3 billion (Jan 2024: $3.2 billion)
Sector: Diversified
Egyptian billionaire Mohamed Mansour increased his wealth by $100 million in 2024, bringing his net worth to $3.3 billion. As the overseer of the Mansour Group, a family conglomerate, Mansour has driven growth through exclusive distribution rights for Caterpillar and General Motors in Africa.
His leadership extends to private equity and real estate, with investments spanning multiple sectors. Mansour’s consistent gains highlight the resilience of diversified business strategies, securing his position as one of Egypt’s most prominent economic figures.
Nicky Oppenheimer & Family
Gain: $100 million
Net Worth: $9.5 billion (Jan 2024: $9.4 billion)
Sector: Metals & Mining
Nicky Oppenheimer, heir to the De Beers diamond empire, saw his net worth inch up by $100 million to $9.5 billion in 2024. Although no longer directly involved with De Beers, Oppenheimer has diversified into ventures like Fireblade Aviation, a private charter service based in Johannesburg. His commitment to environmental conservation across southern Africa further enhances his legacy. While his gains may appear modest compared to his peers, Oppenheimer’s stable investments and dedication to preserving Africa’s natural resources keep him in the spotlight within the metals and mining sector.
Koos Bekker
Gain: $300 million
Net Worth: $3.0 billion (Jan 2024: $2.7 billion)
Sector: Media & Entertainment
South African media magnate Koos Bekker enjoyed a $300 million increase in his net worth, reaching $3 billion in 2024. Bekker is credited with transforming Naspers into a global e-commerce and entertainment giant, largely due to its early investment in Chinese tech firm Tencent.
As Naspers continues to diversify its portfolio, Bekker’s leadership remains a testament to the power of strategic foresight in the media and technology sectors. His success highlights the enduring profitability of well-timed investments in emerging markets.
Femi Otedola
Gain: $500 million
Net Worth: $1.6 billion (Jan 2024: $1.1 billion)
Nigerian billionaire Femi Otedola expanded his fortune by $500million in 2024, reaching $1.6 billion. As chairman of Geregu Power, Otedola capitalized on strategic sales of company stakes to institutional investors. His portfolio spans energy, banking, and luxury real estate, showcasing his ability to adapt to shifting market dynamics. Otedola’s focus on sustainable energy solutions positions him as a forward-thinking leader in Nigeria’s energy sector. His modest gain reflects a year of cautious yet effective financial maneuvers.
Michiel Le Roux
Gain: $700 million
Net Worth: $1.8 billion (Jan 2024: $1.1 billion)
Sector: Finance & Investments
Michiel Le Roux, founder of South Africa’s Capitec Bank, grew his fortune to $1.8 billion in 2024, a $700million increase from January. Capitec, known for catering to South Africa’s emerging middle class, has consistently performed well on the Johannesburg Stock Exchange. Le Roux’s steady gains highlight the importance of accessible banking solutions in Africa’s evolving financial landscape, establishing his role as a key figure in the sector.
Johann Rupert
Gain: $1.2 billion
Net Worth: $11.3 billion (Jan 2024: $10.1 billion)
Fashion & Retail
South African billionaire Johann Rupert, chairman of Compagnie Financière Richemont, added $1.2 billion to his fortune in 2024, bringing his net worth to $11.3 billion. Richemont, known for luxury brands Cartier and Montblanc, benefitted from robust global demand for high-end goods. Rupert also holds stakes in Remgro and Reinet, further diversifying his wealth. Beyond business, Rupert remains a vocal advocate for environmental preservation in South Africa. His rising fortune reflects the enduring appeal of the luxury market, even amid economic uncertainties, positioning him as a major player in the global fashion and retail industries. Sector:
Billionaires who lost money in 2024
This year, four of Africa’s wealthiest individuals collectively lost a staggering $4.5 billion from their fortunes, reflecting the profound impact of economic headwinds and market volatility on even the most robust industries. Delays in large-scale projects, declining asset values, and fluctuating markets contributed to these setbacks, affecting sectors like cement production, and energy.
Mike Adenuga
Loss: ($100 million)
Net Worth: $6.8 billion (Jan 2024: $6.9 billion)
Sector: Diversified
Mike Adenuga, founder of Globacom, Nigeria’s second-largest telecommunications network, saw a $100 million decline in his net worth in 2024, leaving him with $6.8 billion. Globacom continues to serve over 60 million subscribers across Nigeria, while his oil exploration company, Conoil Producing, operates six blocks in the Niger Delta. Adenuga also maintains stakes in Nigerian banking and energy firms. Despite the slight setback, Adenuga’s influence in the telecom and oil sectors remains a cornerstone of Nigeria’s economy, ensuring his continued prominence among Africa’s elite billionaires.
Nassef Sawiris
Loss: ($1 billion)
Net Worth: $7.7 billion (Jan 2024: $8.7 billion)
Sector: Diversified Investments
Egyptian billionaire Nassef Sawiris faced a $1 billion hit to his net worth in 2024, reducing his fortune to $7.7 billion. The decline was driven by challenges in his holdings, including OCI, a leading nitrogen fertilizer producer, and German sportswear giant Adidas. Additionally, Sawiris’ ownership stake in Aston Villa Football Club has yet to yield significant returns. Despite this dip, his diversified portfolio and strategic investments showing his standing as one of Africa’s most influential industrialists. Sawiris remains a pivotal figure in Egypt’s economy, with interests spanning agriculture, sports, and infrastructure.
Abdulsamad Rabiu
Loss: $1.1 billion
Net Worth: $4.8 billion (Jan 2024: $5.9 billion)
Sector: Diversified
Abdulsamad Rabiu, founder of BUA Group, experienced a $1.1 billion drop in his net worth, falling from $5.9 billion in January to $4.8 billion by the end of 2024. Rabiu owns significant stakes in BUA Cement and BUA Foods, both of which have faced challenges in Nigeria’s industrial sector.
Despite the financial dip, Rabiu’s contributions to Nigeria’s cement production, sugar refining, and real estate industries remain unparalleled. With strategic adjustments, his industrial empire is poised for recovery and growth in the coming years.
Aliko Dangote
Loss: ($2.3 billion)
Net Worth: $11.6 billion (Jan 2024: $13.9 billion)
Sector: Manufacturing
Aliko Dangote, Africa’s wealthiest individual and founder of Dangote Cement, saw his net worth tumble from $13.9 billion in January to $11.6 billion by year-end—a staggering $2.3 billion loss. The decline stems from volatile market conditions and delays in operationalizing the much-anticipated Dangote Refinery.
Dangote Cement, his flagship venture, dominates the continent with an annual production capacity of 48.6 million metric tons and operations across 10 African nations. Despite this setback, the launch of the Dangote Refinery is expected to be a transformative project for Nigeria’s economy. Dangote’s resilience underscores his pivotal role in Africa’s manufacturing sector.
