Forbes Reveals Africa’s 2024 Billionaires List, Dangote Remains Africa’s Richest

Following Dangote was Johann Rupert from South Africa ($10.1B), followed by his compatriot Nicky Oppenheimer ($9.4B), Egypt’s Nassef Sawiris ($8.7B), Nigeria’s Mike Adenuga ($6.9B), and his compatriot Abdulsamad Rabiu ($5.9B).

South Africa secured six spots, Egypt five, and Nigeria four. Morocco had 2 billionaires followed by Algeria, Tanzania, and Zimbabwe with one billionaire each.

Forbes stated that Africa “remains one of the world’s toughest places to build and hold onto – a billion-dollar fortune, as global investors remain leery of its stock exchanges, businesses struggle against strained economies, poor infrastructure and volatile exchange rates, while changing political winds can make, boost or bust private fortunes”.

 Quoting Charles Robertson, head of macro strategy at asset manager FIM Partners, the Forbes report stated that African entrepreneurs often face limited access to capital and populations with little disposable income to invest in new companies or the stock market.

A turbulent 2023 also made African equities less attractive for foreign investors.

“You’ve got two negatives for investors. Weakening domestic [currencies], which is pushing up inflation, and tax rises, which is hurting the companies they’re investing in,” says Robertson. […] That environment favours entrenched family fortunes or those with close ties to government that continue to dominate the ranks of Africa’s richest.”