The African Billionaire Battle:

How the top African Billionaires Shaped-up in 2024

If you had a tough 2024, perhaps you can take some solace in the fact that there are successful Billionaire businessmen who were down by billions of dollars in nett worth at the end of 2024 compared to what they started with in January of 2024.

While none of them are short of cash right now, it is interesting to see how they stack-up against each other and what the drivers of profit or loss were.

Every business person faces challenges and sometimes they will need to take risks that don’t always at first provide profit or growth and there are lessons one can take from this.

While the purpose of business is to derive profit, it also takes periods of investment to make future profits materialise and these initial impairments are not neccesarily indicative of poor choices or poor investments. A longer term view on both investments and business is most times preferable to short term but unsustainable gains.

Who were the 2024 Billionaire Winners and Losers?

The Biggest Loser;

From a pure total Nett Value perspective, Nigerian Aliko Dangote, still remains as Africa’s richest individual with a Nett worth of almost $14 billion. However, Dangote was ironically also the biggest Nett worth loser, shedding an eye-watering $2.3 Billion in Nett Worth over the year. His losses were predominantly caused by a downturn in the construction industry and the knock-on effect this had on his largest business, Dangote Cement and the delay in the opening of his privately owned fuel refinery in Nigeria that is now running at full capacity and should contribute significantly to his Nett worth going forward.

Aliko Dangote – Nett Worth loss of -16,5%

Starting Block Worth = $13,9 billion, Finishing Line Net Worth = $11.6 billion – Loss of $2.3 Million

Biggest Percentage Loser:

The founder of BUA Group, Abdulsamad Rabiu  saw much of his corporate empire, including  interests in cement production, sugar refining, and real estate, experienced a significant drop in Nett value and as a result the drop in personal Nett worth for the Nigerian, reflecting the broader challenges in Nigeria’s economy and industrial sectors.

Abdulsamad Rabiu – Nett Worth loss of -18,6%

Starting Block Worth = $5,9 billion, Finishing Line Net Worth = $4.8 billion – Loss of $1.1 Billion

The Biggest Winner:

Johan Rupert is no stranger to Africa’s most wealthy list, with his international luxury goods company Richemont delivering steady growth in sales and increasing its share prices by 16% over the 2024 year. Rupert’s diversified holdings in finance and industrial firms also bolstered his financial standing.

Johann Rupert – Nett Worth Gain of 11,9%

Starting Block Worth = $10.1 billion, Finishing Line Net Worth = $11.3 billion – Growth of $1.2 Billion

Biggest Percentage Growth Winner

From a pure percentage growth in Nett worth however, it was the Banking Billionaire and founder of Capitec Bank, Michiel Le Roux, who saw a staggering 63% growth in Nett worth over 2024, driven mainly by the increase in the Capitec Bank’s share prices for the year.  

Michiel Le Roux – Nett Worth Gain of 63%

Starting Block Worth = $1.1 billion, Finishing Line Net Worth = $1.8 billion – Growth of $700 million

Other Billionaire Losers for 2024:

1. Nassef Sawiris – Nett Worth loss of -11,5%
   • Starting Block Worth = $8.7 billion, Finishing Line Net Worth = $7.7 billion – Loss of $1 Billion    
2. Mike Adenuga – Nett Worth loss of -1,4
   • Starting Block Worth = $6,9 billion, Finishing Line Net Worth = $6.8 billion – Loss of $100 Million

Other Billionaire Winners for 2024:

1. Femi Otedola – Nett Worth Gain of 45%
   • Starting Block Worth = $1.1 billion, Finishing Line Net Worth = $1.6 billion – Growth of $500 million
2. Mohamed Mansour – Nett Worth Gain of 3%
   • Starting Block Worth = $3.2 billion, Finishing Line Net Worth = $3.3 billion – Growth of $100 Million
3. Koos Bekker – Nett Worth Gain of 11,1%
   • Starting Block Worth = $2.7 billion, Finishing Line Net Worth = $3.0 billion – Growth of $300 million