The wealth of Africa’s richest individuals took a hit in 2024, with the combined net worth of the continent’s top billionaires declining over the past 363 days.
According to data collated from Forbes estimates, only 10 of Africa’s 20 billionaires recorded significant gains or losses this year, with their collective wealth now standing at $61.4 billion—down from $63 billion at the start of the year.
This year, four of Africa’s wealthiest individuals collectively lost a staggering $4.5 billion from their fortunes, reflecting the profound impact of economic headwinds and market volatility on even the most robust industries. Delays in large-scale projects, declining asset values, and fluctuating markets contributed to these setbacks, affecting sectors like cement production, and energy. 
Loss: ($2.3 billion)
Net Worth: $11.6 billion (Jan 2024: $13.9 billion)
Sector: Manufacturing
Aliko Dangote, Africa’s wealthiest individual and founder of Dangote Cement, saw his net worth tumble from $13.9 billion in January to $11.6 billion by year-end—a staggering $2.3 billion loss. The decline stems from volatile market conditions and delays in operationalizing the much-anticipated Dangote Refinery.
Dangote Cement, his flagship venture, dominates the continent with an annual production capacity of 48.6 million metric tons and operations across 10 African nations. Despite this setback, the launch of the Dangote Refinery is expected to be a transformative project for Nigeria’s economy. Dangote’s resilience underscores his pivotal role in Africa’s manufacturing sector.
