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In a recent shakeup of Forbes’ Africa’s richest list, the wealth dynamics on the continent have taken a dramatic turn. Nigerian business magnate Aliko Dangote, who reigned as Africa’s wealthiest man since 2013, has lost his long-standing spot, signaling a shift in economic fortunes.
As a result, it has become crucial to reassess the ranking of Africa’s wealthiest individuals. The currency devaluations that swept across the region have played a decisive role in the reshuffling of the list. While South African billionaires enjoyed substantial gains from their well-diversified portfolios, their Nigerian counterparts bore the brunt of the devaluations.
At the start of this year, six African billionaires boasted a net worth of $5 billion or more. However, due to the devaluations, only five individuals maintain that status at the time of this report. The affected billionaire is Nigerian tycoon Mike Adenuga, who saw a substantial decline in his fortune.
Starting the year with a net worth of $6.3 billion, Adenuga’s wealth has dwindled to $3.7 billion. This sharp decrease is attributed directly to Nigeria’s currency devaluation, which was triggered by the central bank auctioning dollars at a rate almost 40-percent weaker than the market-controlled rate.
Dangote, who previously held the top position, also experienced a hit to his net worth due to the currency devaluation. Another Nigerian billionaire Abdul Samad Rabiu faced a similar fate as their wealth figures took a significant downturn.
The impact of currency fluctuations has been a recurring theme in recent financial developments across Africa, highlighting the vulnerability of wealth tied to local currencies.
Below is the updated list of Africa’s richest individuals, based on their net worth at the time of this report:
Nationality: South African
Net worth on Jan. 1: $10.7 billion
Current net worth: $11.9 billion
South African billionaire Johann Rupert, who surpassed Nigerian billionaire Aliko Dangote as Africa’s wealthiest individual almost three weeks ago, currently possesses a net worth of $11.9 billion. This remarkable fortune places him at the 144th position among the world’s richest people, as reported by Forbes.
Rupert’s wealth primarily stems from his ownership stakes in Compagnie Financiere Richemont, Reinet Investments, and Remgro. Over the course of this year, his net worth has surged from $10.7 billion to $11.9 billion, marking a substantial increase of $1.2 billion.
The surge in wealth can be attributed to the impressive performance of his 9.14-percent stake in the Swiss luxury goods conglomerate, Richemont. Since the beginning of the year, the company’s shares have soared by more than 17 percent.
Nationality: Nigerian
Net worth on Jan. 1: $13.5 billion
Current net worth: $9.7 billion
Just three weeks ago, Africa’s long-standing wealthiest billionaire Aliko Dangote faced a major setback as the devaluation of Nigeria’s currency by the Central Bank triggered a sharp decline in his assets. His 12-year reign at the top came to an end, relinquishing his title as the continent’s richest billionaire.
At the start of the year, Dangote’s net worth stood strong at $13.5 billion. However, the adverse impact of the currency devaluation on his holdings, including an 86-percent stake in Dangote Cement, interests in Dangote Sugar Refinery, and personal investments in Dangote Industries, has led to a significant drop in his fortune.
According to Forbes, his net worth is estimated to be around $9.7 billion.
Despite this setback, Dangote remains a formidable force in Africa’s wealth landscape, securing the second spot on Forbes’ list of Africa’s richest billionaires. Additionally, on the global scale, he holds an impressive ranking of 208 among the world’s wealthiest billionaires, a testament to his enduring influence and success in the business world.
#3 Nicky Oppenheimer
Nationality: South African
Net worth on Jan. 1: $8.4 billion
Current net worth: $8.4 billion
Nicky Oppenheimer, a prominent figure in South Africa and one of Africa’s wealthiest individuals, possesses an impressive net worth of around $8.4 billion.
His vast fortune stems from strategic investments in private equity across various continents, including Africa, Asia, Europe, and the United States.
These investments are managed through his affiliations with Stockdale Street, based in London, and Tana Africa Capital, based in Johannesburg.
#4 Nassef Sawiris
Nationality: Egyptian
Net worth on Jan. 1: $7.3 billion
Current net worth: $6.9 billion
Nassef Sawiris, the richest person in Egypt and the Arab world, stands out as the fourth-richest individual in Africa, boasting a remarkable net worth of approximately $6.9 billion.
The bulk of Sawiris’ vast wealth can be attributed to his substantial ownership in OCI N.V., a prominent Dutch fertilizer producer, and his ownership of a 3.72-percent stake in Adidas, the renowned German sportswear titan.
#5 Abdul Samad Rabiu
Nationality: Nigerian
Net worth on Jan. 1: $7.6 billion
Current net worth: $5.4 billion
Amid an awe-inspiring journey of financial triumph, Nigerian business magnate Abdul Samad Rabiu soared to the echelon of Africa’s wealthiest billionaires. However, this year’s unforeseen challenges, particularly the devaluation of the naira, have inflicted a notable dent in his fortunes.
From a remarkable ascent that propelled his net worth beyond $8 billion, Rabiu’s ranking now rests at the fifth position among Africa’s wealthiest individuals.
A notable achievement earlier in the year was surpassing both Egyptian billionaire Nassef Sawiris and South African billionaire Nicky Oppenheimer, securing the esteemed title of Africa’s third-richest person.
Regrettably, the impact of the naira’s devaluation took its toll on Rabiu’s considerable wealth, resulting in a reduction from $8.2 billion earlier this year to $5.4 billion, as reported.
#6 Issad Rebrab
Nationality: Algerian
Net worth on Jan. 1: $4.6 billion
Current net worth: $4.6 billion
#7 Mike Adenuga
Nationality: Nigerian
Net worth on Jan. 1: $6.3 billion
Current net worth: $3.7 billion
#8 Mohammed Mansour
Nationality: Egyptian
Net worth on Jan. 1: $2.9 billion
Current net worth: $3.6 billion
#9 Naguib Sawiris
Nationality: Egyptian
Net worth on Jan. 1: $3.3 billion
Current net worth: $3.3 billion
#10 Patrice Motsepe
Nationality: South African
Net worth on Jan. 1: $3.2 billion
Current net worth: $2.4 billion
