Nigeria’s industrialist, Alhaji Aliko Dangote has been knocked off his throne as Africa’s Richest Man by South African business mogul Johann Rupert according to a recent list released by Forbes Magazine.
Dangote lost his position after suffering a decrease in his wealth from $13.5 billion in 2023 to $9.5bn at the beginning of 2024.
Similarly, Nigerian billionaires Rabiu Abdulsamad and Mike Adenuga have lost their spots in the billionaire rankings released by the financial magazine though the duo still remain in the top ten.
An analysis of the Forbes list showed significant wealth declines in the billionaires club.
The wealth of Nigeria’s Mike Adenuga moved him to the tenth position, while Patrice Motsepe, who was in the top ten in 2023, didn’t make the top ten richest men in 2024.
One striking change in the Forbes wealthiest people in Africa list is that no woman made the top ten richest list at the start of the year.
The decline in the wealth of these individuals is not unconnected to the economic challenges across the continent.
The devaluation of the Naira and other economic issues can be attributed to the decrease of Dangote’s wealth.
Below is the full list
1. Johann Rupert & Family $10.3 billion
2. Aliko Dangote $9.5 billion
3. Nicky Oppenheimer & Family $8.3 billion
4. Nassef Sawiris $7.4 billion
5. Abdulsamad Rabiu $5.9 billion
6. Nathan Kirsh $5.8 billion
7. Issad Rebrab & Family $4.6 billion
8. Mohamed Mansour $3.6 billion
9. Naguib Sawiris $3.3 billion
10. Mike Adenuga $3.1 billion