Aliko Dangote continues to hold his title as Africa’s wealthiest man with a current net worth of $13.4 billion, now ranking 144th globally. His financial empire is rooted in Dangote Industries, a conglomerate headquartered in Lagos, Nigeria.

This information comes from the recent release of the 38th Annual World’s Billionaires List by the U.S. business magazine Forbes.

Forbes compiled its latest list of billionaires using stock prices and exchange rates from March 8, 2024.

The 66-year-old billionaire derives the majority of his fortune from his 86 per cent stake in publicly traded Dangote Cement, which hit a N10 trillion market cap this year, becoming the first Nigerian company to achieve this milestone.

According to the report, Forbes found an unprecedented 2,781 billionaires around the globe for this year’s World’s Billionaires list—141 more than in 2023 and 26 more than the previous record, set in 2021.

The super-rich are also richer than ever, with their combined wealth hitting $14.2 trillion—$2 trillion more than just a year ago and $1.1 trillion above the previous record, also set in 2021.

Top 10 African billionaires

In Africa, as in the rest of the world, there has been significant activity in the billionaire sphere, with some billionaires rising in rank, others falling, newcomers joining the list, and some dropping off altogether.

For instance, at the beginning of 2024, Johann Rupert & Family held the title of the richest in Africa with a net worth of $10.3 billion. Aliko Dangote wasn’t far behind, with a respectable $9.5 billion to his name.

However, the situation has since changed, with Dangote’s fortune now standing at $13.4 billion, leaving Rupert & Family trailing with $12.2 billion.

Nicky Oppenheimer & Family, with a wealth of $9.5 billion from South Africa’s diamond industry, ranks 249th on the list.

Nassef Sawiris from Egypt, stands at 287th with $8.8 billion. Nathan Kirsh from Eswatini (Swaziland), holds the 373rd position with $7.2 billion. Mike Adenuga of Nigeria, is in 409th place with $6.7 billion.

Abdulsamad Rabiu, another Nigerian, earns the 581st spot with $5.2 billion, primarily from cement and sugar enterprises.

Egyptian Naguib Sawiris secures the 835th rank with $3.8 billion. Mohamed Mansour, with diversified business interests in Egypt, stands at 991st place with $3.3 billion. Koos Bekker, who was not among the top 10 richest at the beginning of 2024, now sits at 1256th place with a net worth of $2.6 billion.

Rank	Name	Net worth	Country	Industry	Global rank
1	Aliko Dangote	$13.4 billion	Nigeria	Cement, Sugar	144th
2	Johann Rupert & Family	$12.2 billion	South Africa	Luxury goods	162nd
3	Nicky Oppenheimer & Family	$9.5 billion	South Africa	Diamonds	249th
4	Nassef Sawiris	$8.8 billion	Egypt	Construction and investments	287th
5	Nathan Kirsh	$7.2 billion	Eswatini (Swaziland)	Retail, real estate	373rd
6	Mike Adenuga	$6.7 billion	Nigeria	Telecom, oil	409th
7	Abdulsamad Rabiu	$5.2 billion	Nigeria	Cement, Sugar	581st
8	Naguib Sawiris	$3.8 billion	Egypt	Telecom	835th
9	Mohamed Mansour	$3.3 billion	Egypt	Diversified	991st
10	Koos Bekker	$2.6 billion	South Africa	Media, investments	1256th