Gains and Losses: Africa’s Billionaires in 2024

The year 2024 demonstrated the resilience and volatility of wealth across Africa’s billionaires. While some faced challenges due to economic downturns, currency devaluations, or sector-specific struggles, others thrived on strategic investments and global demand for their products or services.

The diverse outcomes reflect the complexity and dynamism of Africa’s economic landscape, offering valuable insights into the continent’s potential for growth and innovation.

Africa’s Billionaires in 2024

1. Johann Rupert

• Net Worth at Start of 2024: $10.7 billion
• Net Worth at End of 2024: $13.9 billion
• Gain: $3.2 billion

South African billionaire Johann Rupert, chairman of luxury goods company Richemont, saw his wealth increase significantly. This growth is attributed to the strong global demand for high-end products and the robust performance of his diversified investments in finance and industrial sectors.

2. Aliko Dangote

• Net Worth at Start of 2024: $13.5 billion
• Net Worth at End of 2024: $12.7 billion
• Loss: $0.8 billion

Nigerian industrialist Aliko Dangote, known for his conglomerate spanning cement, sugar, and salt production, experienced a decline in his net worth. This downturn is linked to economic challenges in Nigeria, including currency devaluation and market volatility affecting his primary enterprise, Dangote Cement.

3. Nicky Oppenheimer

• Net Worth at Start of 2024: $8.4 billion
• Net Worth at End of 2024: $11.4 billion
• Gain: $3 billion

South African diamond magnate Nicky Oppenheimer, former chairman of De Beers, saw a substantial increase in his wealth. This rise is largely due to strategic investments and the appreciation of assets within his portfolio.

4. Nassef Sawiris

• Net Worth at Start of 2024: $7.3 billion
• Net Worth at End of 2024: $9.54 billion
• Gain: $2.24 billion

Egyptian businessman Nassef Sawiris, with interests in construction and fertilizers, experienced a notable increase in his net worth. This growth is attributed to the strong performance of his companies, including OCI, a leading nitrogen fertilizer producer, and his investments in international firms.

5. Mike Adenuga

• Net Worth at Start of 2024: $6.3 billion
• Net Worth at End of 2024: $6.9 billion
• Gain: $0.6 billion

Nigerian tycoon Mike Adenuga, owner of Globacom, Nigeria’s second-largest telecom operator, saw a modest increase in his wealth. Despite economic challenges, his telecommunications and oil exploration ventures have maintained steady growth.

6. Abdul Samad Rabiu

• Net Worth at Start of 2024: $5.9 billion
• Net Worth at End of 2024: $5.9 billion
• Change: None

Founder of BUA Group, Abdul Samad Rabiu’s net worth remained stable throughout the year. His conglomerate’s interests in cement production, sugar refining, and real estate have managed to sustain their value amidst Nigeria’s industrial sector challenges.

7. Mohamed Mansour

• Net Worth at Start of 2024: $2.9 billion
• Net Worth at End of 2024: $3.3 billion
• Gain: $0.4 billion

Egyptian entrepreneur Mohamed Mansour, overseeing the Mansour Group with exclusive distribution rights for major international brands in Africa, experienced a moderate increase in his net worth. This reflects the steady performance of his diversified investments.

8. Koos Bekker

• Net Worth at Start of 2024: $2.6 billion
• Net Worth at End of 2024: $3.2 billion
• Gain: $0.6 billion

South African media mogul Koos Bekker, known for transforming Naspers into a global e-commerce and media powerhouse, saw his fortune grow. This increase is partly due to the company’s early investment in Tencent and its expanding global footprint.

9. Michiel Le Roux

• Net Worth at Start of 2024: $1.2 billion
• Net Worth at End of 2024: $1.9 billion
• Gain: $0.7 billion

Founder of Capitec Bank, Michiel Le Roux benefited from the bank’s robust performance on the Johannesburg Stock Exchange. Capitec’s focus on South Africa’s emerging middle class has contributed to its growth and his increased net worth.