Dangote, 3 Other Nigerians Make Forbes’ 2024 Billionaires List

Forbes has listed Nigerian businessmen, Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu and Femi Otedola, as the top richest Nigerians in 2024.

Dangote’s fortune rose to $13.4billion, Adenuga fortune stood at $6.7 billion, while Rabiu and Otedola achieved a fortune of $5.2 billion and $1.4 billion in 2024, respectively.

Aliko Dangote is the richest man in Africa and the richest Black man in the world, with an estimated networth of around $13.4 billion in 2024. His business empire, Dangote Group, is one of the largest private-sector employers in Nigeria as well as the most valuable conglomerate in West Africa.

Mike Adenuga is a Nigerian billionaire businessman, his company Globacom is Nigeria’s second-largest telecom operator and also has presence in Ghana and Benin Republic. He owns stakes in the Equitorial Trust Bank and the oil exploration firm Conoil (formerly Consolidated Oil Company). Forbes estimated his networth at $6.7 billion in 2024.

Abdulsamad Rabiu is a Nigerian billionaire businessman and philanthropist, the founder and chairman of BUA Group, a Nigerian conglomerate concentrating on manufacturing, infrastructure and agriculture and producing a revenue in excess of $2.5 billion.

While, Femi Otedola is a Nigerian businessman and philanthropist. He is the current executive chairman of Geregu Power Plc. Otedola is also the founder of Zenon Petroleum and Gas Limited, and the owner of a number of other businesses across shipping, real estate and finance. He has recently invested in power generation as part of the liberalisation of the sector in Nigeria.

According to Forbes, it has been a year for the planet’s billionaires, whose fortunes continue to swell as global stock markets shrug off war, political unrest and lingering inflation.

“As with the economy in general, the money is concentrated at the very top. There are now a record 14 people who are members of the $100 billion Club, the elite group of people whose fortunes stretch into 12 digits. That is up from just one four years ago. These lucky few are worth $2 trillion in all, meaning just 0.5 per cent of the world’s 2,781 billionaires hold 14 per cent of all billionaire wealth.

“There are now more billionaires than ever: 2,781 in all, 141 more than last year and 26 more than the record set in 2021. They are richer than ever, worth $14.2 trillion in aggregate, up by $2 trillion from 2023 and $1.1 trillion above the previous record, also set in 2021,” Forbes stated.

It added that two-thirds of the list’s members are worth more than a year ago; only one fourth are poorer. Much of the gains come from the top 20, who added a combined $700 billion in wealth since 2023, and from the U.S., which now boasts a record 813 billionaires worth a combined $5.7 trillion.

“China remains second, with 473 (including Hong Kong) worth $1.7 trillion, despite weak consumer spending and a real estate bust that helped wipe out $200 billion in wealth and knocked 89 billionaires from the ranks.

“India, which has 200 billionaires (also a record), ranks third. To calculate net worths, we used stock prices and exchange rates from March 8, 2024,” it added.

The report said that “the richest of all is Bernard Arnault, who holds the number one spot for the second year in a row. The French luxury goods kingpin is worth an estimated $233 billion, $22 billion more than in 2023 thanks to another record year for his conglomerate LVMH, the company behind brands such as Louis Vuitton, Tiffany & Co. and Sephora.”

It added that “two-thirds of the planet’s billionaires are richer than a year ago. No one has gained more, in sheer dollar terms, than Mark Zuckerberg, who has benefited to the tune of a $116.2 billion jump in a single year; thanks to Meta stock nearly tripling amid cost-cutting layoffs and big bets on AI and the metaverse. Zuckerberg is number four on Forbes’ 2024 ranking, worth an estimated $177 billion, the richest he’s ever been. Oracle’s Larry Ellison, worth an estimated $141 billion, rounds out the top five.”

It emphasised that “in all, 265 fresh faces are new to the World’s Billionaires. The richest of all is Italy’s Andrea Pignataro, a former Salomon Brothers bond trader behind financial software firm ION Group. He’s worth an estimated $27.5 billion.

“Other notable newcomers include the founder of the Raising Cane’s fast-food chain Todd Graves ($9.1 billion); Maggie Gu, Molly Miao and Ren Xiaoqing ($4.2 billion each); three cofounders of fast-fashion giant Shein; iconic high-heel designer Christian Louboutin ($1.2 billion); and Elon Musk pal, and Tesla and SpaceX investor, Antonio Gracias ($1.1 billion).

“The United States is, once again, the country with the most billionaire citizens, with a record-breaking 813, worth $5.7 trillion (compared to 735, worth $4.5 trillion, in 2023). China remains second, despite troubles in the Asian nation, with 473 (including Hong Kong) worth $1.7 trillion. India, meanwhile, is surging. There are now 200 Indian billionaires, the most ever, worth $954 billion.”