Aliko Dangote has lost more wealth than any African billionaire in 2024

Omokolade Ajayi -

Key Points

  • Aliko Dangote’s wealth dropped significantly in 2024 due to falling share prices and naira devaluation, losing his title as Africa’s richest individual.
  • Forbes reports Dangote’s net worth fell by $2.8 billion, while Bloomberg estimates a $1.7 billion decrease, representing the largest loss among African billionaires.
  • Johann Rupert has seen a notable increase in his wealth, with Forbes and Bloomberg reporting gains of up to $1.78 billion in 2024, making him Africa’s richest person.

Nigerian billionaire Aliko Dangote has experienced a sharp decline in his wealth this year, more than any other African billionaire, according to estimates from Forbes and Bloomberg. The dual impact of falling share prices in his listed companies and the significant devaluation of the Nigerian naira has severely affected his fortune, resulting in the loss of his long-held title as Africa’s richest individual to South African billionaire Johann Rupert.

Dangote wealth falls by billions

Both Forbes and Bloomberg track the fortunes of the world’s wealthiest individuals, and their data shows a sharp decline in Dangote’s net worth. Forbes estimates that his wealth has dropped by $2.8 billion, from $14.2 billion on Jan. 1 to $11.4 billion as of the latest report. Bloomberg’s figures, while slightly different, also reflect a substantial decrease, estimating a $1.7 billion fall from $15.1 billion to $13.4 billion over the same period.

These losses are unparalleled among African billionaires this year. Notably, Dangote is the only African billionaire tracked by the Bloomberg Billionaires Index who has suffered such significant financial setbacks in 2024. The only other African billionaire to record a notable decline is Ivan Glasenberg, a South African-born, Australian-based businessman, whose wealth has declined by $340 million this year.

Naira’s fall hits Aliko Dangote’s fortunes

The devaluation of the Nigerian naira has been a major contributor to Dangote’s financial downturn. The currency has lost over 50 percent of its value in the past year, following reforms initiated by Nigerian President Bola Tinubu to eliminate the naira’s long-standing peg.

This devaluation has significantly eroded the value of Dangote’s stakes in his publicly traded companies, particularly Dangote Cement Plc, where his 86 percent stake dropped from over $6 billion at the start of the year to $4.9 billion. The pullback in the share prices of Dangote Sugar Refinery and NASCON Allied Industries Plc has further compounded his losses.

Johann Rupert’s wealth soars in 2024

In contrast, South Africa’s Johann Rupert has seen his wealth grow, cementing his position as Africa’s richest person. Rupert, who controls luxury goods giant Richemont, has recorded impressive gains in 2024.

Forbes estimates his year-to-date wealth increase at $800 million, placing him fourth among African billionaires in terms of gains. Bloomberg’s figures are even more robust, estimating Rupert’s wealth gains at $1.78 billion this year, making him the top performer among African billionaires on the Bloomberg Billionaires Index.

As 2024 progresses, the shifting dynamics of currency values and stock market performance continue to shape the fortunes of Africa’s richest individuals, with Dangote’s recent downturn highlighting the vulnerabilities that even the continent’s most prominent billionaires face in an increasingly volatile economic environment.