Forbes highlights that the combined net worth of the 20 billionaires on the list has reached $82.4 billion, showing an increase of $900 million compared to the previous year's total of $81.5 billion. Notably, this positive trend is attributed in part to the return of Femi Otedola, the executive chairman of Geregu Power Plc and non-executive director at FBN Holdings, who re-entered the billionaire rankings.
Otedola, ranked as the 19th richest person in Africa, boasts a net worth of $1.1 billion. Forbes explains that his resurgence is linked to strategic business moves, including divesting from oil investments during the government's push to privatize the energy sector in 2013. Otedola used a Forte subsidiary to acquire Geregu, a public power generation plant, and subsequently listed it on the Nigerian exchange's Main Board in 2022.
While Otedola's comeback contributed to the overall positive trajectory, Forbes notes that African billionaires experienced a slight dip in fortunes after accounting for his return. Nonetheless, this downturn is more favorable compared to the four percent decline witnessed the previous year, when African markets struggled in tandem with global equity values.
In terms of regional distribution, South Africa dominates the list with six billionaires, followed by Egypt with five and Nigeria with four. Algeria, Tanzania, and Zimbabwe each have one representative, while Morocco claims two spots.
Forbes underlines the challenges faced by African entrepreneurs in building and maintaining billion-dollar fortunes. These challenges include limited access to capital, populations with minimal disposable income for investments, economic strains, poor infrastructure, and volatile exchange rates.
Additionally, the continent's turbulent 2023 made African equities less appealing to foreign investors, with weakening currencies, tax increases, and political uncertainties creating a challenging environment.
Despite these hurdles, Aliko Dangote retains his position at the top for the 13th consecutive year. He made over $400 million in 2023, which saw his fortune rise to about $13.9 billion.
The Forbes list also highlights the notable decline of Algerian industrial magnate Issad Rebrab, who faced legal restrictions in May, barring him from exercising commercial or management duties at his conglomerate Cevital.
Here is a list of the top 20 richest billionaires in Africa
1. Aliko Dangote – (Nigerian) - $13.9 billion
2. Johann Rupert & family (South-African) – $10.1 billion
3. Nicky Oppenheimer & family (South-African) – $9.4 billion
4. Nassef Sawiris (Egyptian) – $8.7 billion
5. Mike Adenuga (Nigerian) – $6.9 billion
6. Abdulsamad Rabiu (Nigerian) – $5.9 billion
7. Naguib Sawiris (Egyptian) -$3.8 billion
8. Mohammed Mansour (Egyptian) – $3.2 billion
9. Roos Bekker (South-African) – $2.7 billion
10. Patrice Motsepe (South-African) – $2.7 billion
11. Issad Rebrab & family (Algerian) – $2.5 billion
12. Mohammed Dewji (Tanzanian) – $1.8 billion
13. Strive Masiyiwa (Zimbabwean) – $1.8 billion
14. Aziz Akhannouch & family (Moroccan) – $1.7 billion
15. Othman Benjelloun & family (Moroccan) – $1.4 billion
16. Youseff Mansour (Egyptian) – $1.3 billion
17. Yassen Mansour (Egyptian) – $1.2 billion
18. Christoffel Wiese Patrice Motsepe (South-African) – $1.2 billion
19. Michiel Le Roux (South-African) – $1.1 billion
20. Femi Otedola (Nigerian) – $1.1 billion