For the 13th consecutive year, Nigeria’s Aliko Dangote has retained the coveted title of Africa’s richest person, according to Forbes magazine, defying economic challenges in Nigeria, his home country.
The annual list features 20 billionaires with a combined net worth of $82.4 billion (£64.8 billion), highlighting the resilience required to amass and preserve billion-dollar fortunes in the continent.
Forbes acknowledged Africa’s status as one of the world’s most challenging environments for building and sustaining substantial wealth. The list focuses on African billionaires residing on the continent or conducting their primary business activities there.
Despite Nigeria’s economic difficulties, Aliko Dangote’s fortune experienced an increase of $400 million in the past year, reaching a net worth of $13.9 billion, Forbes reported.
The 66-year-old tycoon, renowned for his success in the cement and sugar industries, further solidified his financial standing by inaugurating an oil refinery in Lagos, Nigeria’s economic hub, last year.
The economic landscape in Nigeria faced significant headwinds under President Bola Tinubu’s leadership since May 2023, marked by a sharp devaluation of the local currency, the naira, and a surge in prices following the removal of a fuel subsidy.
Forbes noted that Dangote retained his top position despite challenges posed by the naira’s devaluation, attributing this resilience to the rising share price of Dangote Cement.
Securing the second spot on the list is South African luxury goods magnate Johann Rupert.
Former diamond miner Nicky Oppenheimer, also from South Africa, occupies the third position.
South Africa dominates the rich list with a total of four individuals, followed by Egypt with five, Nigeria with four, and Morocco with two. Algeria, Tanzania, and Zimbabwe each contribute one billionaire to the prestigious Forbes ranking.
