African Business Billionaire’s Top Gains and Losses in 2024

The wealth of Africa’s business billionaires showed how different each country’s economy can be. 

Some billionaires saw their wealth decrease because of problems in their own countries. Others made more money, showing how different businesses and industries can thrive even when others do not. 

Here is a closer look at how the wealth of some of the richest people in Africa changed during the year:

Aliko Dangote

Net Worth at Start of 2024: $13.9 billion

Net Worth at End of 2024: $11.6 billion

Loss: $2.3 billion

Dangote, Africa’s wealthiest person, saw a notable decrease in his wealth due to the economic downturn in Nigeria and the devaluation of the naira. His primary business, Dangote Cement, though still a major player across Africa, was affected by market volatility, particularly with a substantial loss noted in a single day of trading. The delayed launch of his ambitious Dangote Refinery also contributed to uncertainties in his business valuations.

Johann Rupert

Net Worth at Start of 2024: $10.1 billion

Net Worth at End of 2024: $11.3 billion

Gain: $1.2 billion

The South African billionaire, known for his stakes in luxury goods companies like Cartier through Richemont, saw his wealth increase thanks to strong global demand for high-end products. Rupert’s diversified holdings in finance and industrial firms also bolstered his financial standing.

Nassef Sawiris

Net Worth at Start of 2024: $8.7 billion

Net Worth at End of 2024: $7.7 billion

Loss: $1 billion

Egypt’s richest person faced losses primarily due to downturns in his major companies, including OCI, one of the world’s largest nitrogen fertilizer producers, and his investments in Adidas.

Mike Adenuga

Net Worth at Start of 2024: $6.9 billion

Net Worth at End of 2024: $6.8 billion

Loss: $100 million

Adenuga, who owns Globacom, Nigeria’s second-largest telecom operator, saw a slight dip in his wealth. Despite this, his telecommunications company continues to thrive, maintaining a strong subscriber base in Nigeria.

Abdulsamad Rabiu

Net Worth at Start of 2024: $5.9 billion

Net Worth at End of 2024: $4.8 billion

Loss: $1.1 billion

The founder of BUA Group, which has interests in cement production, sugar refining, and real estate, experienced a significant drop in net worth, reflecting the broader challenges in Nigeria’s industrial sectors.

Mohamed Mansour

Net Worth at Start of 2024: $3.2 billion

Net Worth at End of 2024: $3.3 billion

Gain: $100 million

Mansour oversees the Mansour Group, which holds exclusive distribution rights for major international brands in Africa, and his modest gain reflects the steady performance of these diversified investments.

Koos Bekker

Net Worth at Start of 2024: $2.7 billion

Net Worth at End of 2024: $3.0 billion

Gain: $300 million

The media mogul from South Africa saw his fortune grow through his leadership at Naspers, which transformed into a global e-commerce and media powerhouse partly due to an early investment in Tencent.

Michiel Le Roux

Net Worth at Start of 2024: $1.1 billion

Net Worth at End of 2024: $1.8 billion

Gain: $700 million

The founder of Capitec Bank, which targets South Africa’s emerging middle class, benefited from the bank’s robust performance on the Johannesburg Stock Exchange.

Femi Otedola

Net Worth at Start of 2024: $1.1 billion

Net Worth at End of 2024: $1.6 billion

Gain: $500 million

Otedola’s strategic investments in energy and real estate, particularly through Geregu Power, have bolstered his standing in Nigeria’s business community.