South African billionaire overtakes Dangote to become richest man in Africa

South African luxury goods magnate, Johann Rupert, has secured the position of Africa's richest individual, dethroning Aliko Dangote who held the title for 12 consecutive years.

This was revealed by Forbes Magazine in its annual list of Africa’s wealthiest individuals. The Forbes list, which tracks the wealth of African billionaires who reside or have their primary business in Africa shows that the billionaires experienced notable reductions in their wealth in the past year.

Dangote moved down to second position as his net worth dipped from $13.5 billion in 2023 to $9.5 billion in the beginning of 2024, while Rupert’s fortune decreased from $10.7 billion to $10.3 billion, to emerge as Africa’s wealthiest individual.

Nigerian billionaires, Mike Adenuga and Abdulsamad Rabiu, also lost a significant amount of their wealth. Rabiu moved from 4th to 5th after his net worth reduced from $7.6 billion to $5.9 billion, while Adenuga’s plummeted from $6.3 billion to $3.1 billion moving him down the list from 6th to 10th.

While experts say naira devaluation and economic policies may have additionally impacted the loss of fortune of the Nigerian billionaires, the reduction in the collective wealth of Africa’s wealthiest individuals is an indicator of the economic challenges faced across African nations.

Others in the top 10 include; South African businessman, Nicky Oppenheimer ($8.3 billion), Egyptian businessman, Nassef Sawiris ($7.4 billion), South African businessman and philanthropist, Nathan Kirsh ($5.8 billion), Algerian businessman, Issad Rebrab ($4.6 billion), Egyptian businessman, Mohamed Mansour ($3.6 billion), and Egyptian billionaire, Naguib Sawiris ($3.3 billion).