As a result of the changing economic landscape and currency devaluations across Africa, the number of billionaires on the continent with a fortune of $5 billion or more has seen a decline, leading to the reshuffling in the rankings of Africa’s wealthiest individuals.
According to Forbes, six African billionaires boasted a net worth of $5 billion or more at the start of this year.
However, only five individuals currently maintain this status due to currency devaluations. The affected billionaire is Nigerian telecom tycoon Mike Adenuga, who saw a substantial decline in his fortune.
The decline in the number of African billionaires with a net worth of $5 billion or more showcases the volatility and challenges faced in the African economic landscape.
As economic conditions continue to fluctuate, the fortunes of these billionaires remain subject to various external factors.
According to the updated list of African billionaires, South African tycoon Johann Rupert tops the chart with a net worth of $11.9 billion, experiencing a significant increase from $10.7 billion at the beginning of the year. In contrast, Nigerian business magnate Aliko Dangote, previously holding the second position, has seen a major decline in his net worth.
Here is the updated list of African billionaires with a net worth surpassing $5 billion:
- Johann Rupert (South African)
- Net worth on Jan. 1: $10.7 billion
- Current net worth: $11.9 billion
Johann Rupert‘s wealth primarily comes from his ownership stakes in Compagnie Financiere Richemont, Reinet Investments, and Remgro. Over the course of this year, his net worth has surged by $1.2 billion.
- Aliko Dangote (Nigerian)
- Net worth on Jan. 1: $13.5 billion
- Current net worth: $9.7 billion
Aliko Dangote‘s net worth started the year at $13.5 billion, but suffered a significant drop due to the adverse impact of currency devaluation on his holdings, including a major stake in Dangote Cement, interests in Dangote Sugar Refinery, and personal investments in Dangote Industries. Forbes currently estimates his net worth to be around $9.7 billion.
- Nicky Oppenheimer (South African)
- Net worth on Jan. 1: $8.4 billion
- Current net worth: $8.4 billion
Nicky Oppenheimer, a prominent figure in South Africa, boasts a substantial net worth of $8.4 billion. His fortune primarily stems from strategic investments in private equity across various continents, including Africa, Asia, Europe, and the United States.
- Nassef Sawiris (Egyptian)
- Net worth on Jan. 1: $7.3 billion
- Current net worth: $6.9 billion
Nassef Sawiris, the wealthiest individual in Egypt and the Arab world, derives his fortune from his significant ownership in OCI N.V., a prominent Dutch fertilizer producer, as well as a 3.72-percent stake in Adidas, the renowned German sportswear giant.
- Abdul Samad Rabiu (Nigerian)
- Net worth on Jan. 1: $7.6 billion
- Current net worth: $5.5 billion
Abdul Samad Rabiu, a Nigerian business magnate, experienced remarkable financial success, ascending to the ranks of Africa’s wealthiest billionaires. However, unforeseen challenges, including the devaluation of the naira, have significantly impacted his fortunes. His wealth decreased from $8.2 billion earlier this year to $5.5 billion at the time of this report’s drafting.
