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Forbes’s list of richest people in Africa in 2024 is out with Dewji, popularly known as Mo, a Tanzanian businessman topping the list from the East and Central African region. His fortunes saw a growth from USD1.5 billion to USD1.8 billion.
Forbes list of richest people in Africa in 2024 is out with Dewji, popularly known as Mo, a Tanzanian businessman topping the list from the East and Central African region. His fortunes saw a growth from USD1.5 billion to USD1.8 billion. Incidentally, he is the only known billionaire in East and Central Africa, making the list of billionaires. Generally, there is an upward momentum as far as billionaires are concerned from Africa figuring in the latest edition of Forbes list.
Tanzanian Mo is the Chief Executive Officer (CEO) of Mohammed Enterprises Tanzania Limited (MeTL). The firm employs 40,000 people in 10 different countries in East and Central Africa. He remains the youngest African billionaire on the Forbes list for 10 years in a row. The Tanzanian tycoon is the only billionaire from the East African Community (EAC) to make it to the list.
The 20 billionaires on the 2024 Forbes list of Africa’s Richest are worth a combined USD 82.4 billion. That’s up to USD 900 million from last year’s USD 81.5 billion. Family-owned enterprises had seen the maximum growth. Also, those with close ties to the government have prospered faster, increasing their market capitalization.
The Forbes Report says that the period under review was also largely characterized by weakening domestic currencies, which pushed up inflation, while tax rises hurt companies. As such, according to Forbes, central banks have been hiking rates as well, which has created consternation among investors.
Forbes says the USD 900 million rise in the fortunes of Africa’s billionaires was attributed to the return of Nigeria’s Femi Otedola, who last appeared on the Forbes Africa list in 2017. Nigeria’s Aliko Dangote remained the richest African for the 13th consecutive year, witnessing a USD 400 million increase in his fortune, now valued at USD 13.9 billion. South African luxury goods tycoon Johann Rupert maintained his second position, with a dip in net worth from USD 10.7 billion in 2023 to USD 10.1 billion.
Meanwhile, another South African, Nicky Oppenheimer, secured the 3rd position with US$9.4 billion, marking a USD 1 billion rise from the previous year. Forbes says that thirteen of the billionaires added to their fortunes this year, while seven saw their net worth decline.
The list of other billionaires is: Nassef Sawiris ( USD 8.7 billion), Mike Adenuga (USD 6.9 billion), Abdulsamad Rabiu (USD 5.9 billion), Naguib Sawiris (USD 3.8 billion), Mohamed Mansour (USD 3.2 billion), Koos Bekker (USD 2.7 billion), Patrice Motsepe (USD 2.7 billion), and Issad Rebrab & Family (USD 2.5 billion).
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This year, South Africa claims six spots on the ranking, followed by Egypt with five and Nigeria with four. Algeria, Tanzania, and Zimbabwe each have one billionaire on the list, while Morocco has two. Forbes used stock prices and currency exchange rates from January 8, 2024, to measure the net worth.
