Nearly 20 Billion Added To The Wealth Of African Billionaires In 2024

In a year marked by global wealth growth, African billionaires achieved remarkable financial gains in 2024, underscoring the continents increasing economic influence on the global stage.

According to an analysis by Billionaires.Africa , based on data from Bloomberg and Forbes , the collective wealth of African billionaires surged by 19.73 billion, climbing from 127.16 billion at the start of the year to 146.89 billion.

During the year, the list of African billionaires expanded from 25 to 27. This increase was driven by the addition of Adebayo Ogunlesi, chairman of Global Infrastructure Partners, and the re-entry of Nigerian business magnate Femi Otedola .

Bloombergs wealth estimates were prioritized in the tracking methodology, ensuring data consistency and accuracy. Additionally, the report includes African-born billionaires who now reside and have their businesses domiciled outside of Africa, bringing the total number to 27.

Nigerian industrialist Aliko Dangote, Africas richest person, was a major contributor to this wealth surge. His net worth skyrocketed by 13 billion to reach 28.1 billion , fueled by the valuation of his 92.3 percent stake in the 20 billion Dangote Oil Refinery.