Foremost Nigerian businessman and industrialist, Aliko Dangote has recorded major gain in his wealth while Abdul Samad Rabiu saw a decline, according to the latest the Forbes Billionaire Index.
TheLeadng reports that while Dangote is the founder and chairman of Dangote Group, Rabiu is the owner of BUA Group. The two billionaires are from Kano state, Nigeria.
In 2024, several African nations saw significant events that distorted the macroeconomy, as inflation and fluctuating currency, among other factors, affected billionaires’ wealth.
This has led to changes in the wealth and position of the billionaires at the end of the first quarter compared to the beginning of the quarter.
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According to recent data, the dynamics of the market have caused some of the billionaires on the list to move up or down in rank.
Many factors, including global trends, market conditions, and economic policies, have affected these billionaires, forcing them to adjust to both internal and external market forces. While most additions and decreases haven’t been substantial enough to cause concern, some are noteworthy. Examples include Dangote’s $4 billion gain since the year’s beginning and Issad Rebrab & Family losing half of their net worth and falling out of the top 10.
Additionally, at the start of the year, Johann Rupert had the title of richest man in Africa; however, Dangote has since reclaimed it.
Billionaire. Africa reported that except for Dangote, who anticipates significant growth following the opening of his oil refinery, most African billionaires still function at the same high level as they did at the start of the year.
These adjustments in African billionaires’ net worth are captured from the beginning of the year to the end of the first quarter of 2024 based on the Forbes Billionaire Index.
In Nigeria, while Dangote saw the increase in his wealth from $9.5 billion at the start of the year to $13.4 billion; BUA founder, Abdulsamad Rabiu’s wealth declined from $5.9 billion to $5.2 billion.
Globacom founder, Mike Adenuga saw a major rise in his wealth from $3.1 billion to $6.7 billion.
| Rank | Name | Country | Current Net worth | Net worth at start of the year |
| 1 | Aliko Dangote | Nigeria | $13.4 billion | $9.5 billion |
| 2 | Johann Rupert & Family | South Africa | $12.2 billion | $10.3 billion |
| 3 | Nicky Oppenheimer & Family | South Africa | $9.5 billion | $8.3 billion |
| 4 | Nassef Sawiris | Egypt | $8.8 billion | $7.4 billion |
| 5 | Nathan Kirsh | Eswatini (Swaziland) | $7.2 billion | $5.8 billion |
| 6 | Mike Adenuga | Nigeria | $6.7 billion | $3.1 billion |
| 7 | Abdulsamad Rabiu | Nigeria | $5.2 billion | $5.9 billion |
| 8 | Naguib Sawiris | Egypt | $3.8 billion | $3.3 billion |
| 9 | Mohamed Mansour | Egypt | $3.3 billion | $3.6 billion |
| 10 | Issad Rebrab & Family | Algeria | $2.5 billion | $4.6 billion
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