Aliko Dangote, the President of Dangote Group, has reclaimed his position as Africa’s wealthiest individual with a net worth of $13.9 billion, according to the 2024 Forbes list of 20 of Africa’s richest billionaires released on Monday.
This marks a significant comeback for Dangote, who had briefly been displaced to the second position by South African business mogul Johann Rupert in an earlier Forbes record.
Dangote’s ascent is attributed to his current net worth, showing a remarkable recovery from $9.7 billion as of January 4th, 2024, after experiencing a $3.8 billion loss in wealth from the 2023 figures.
Forbes’ methodology, utilizing real-time data, calculated the net worths based on stock prices and currency exchange rates as of the close of business on January 8th, 2024.
Notably, Femi Otedola, the Executive Chairman of Geregu Power Plc, secured a spot among Africa’s richest, holding the 19th position with a net worth of $1.1 billion.
Otedola, absent from the Forbes Africa list since 2017, when he controlled Forte Oil, has made a noteworthy return.
Following Dangote on the list are Johann Rupert and Family from South Africa ($10.1 billion), Nicky Oppenheimer and his family from South Africa ($9.4 billion), Nassef Sawiris ($8.7 billion), Mike Adenuga from Nigeria ($6.9 billion), and Abdulsamad Rabiu, the Chairman of BUA Group ($5.9 billion).
South Africa dominates this year’s rankings with six billionaires, followed by Egypt with five and Nigeria with four.
Algeria, Tanzania, and Zimbabwe each contribute one billionaire, while Morocco boasts two on the prestigious list.