The 20 African Billionaires on the 2024 Forbes List are Worth a Combined $82.4 Billion

The fortunes of Africa’s wealthiest people have rebounded slightly in the past 12 months, reversing the decline in their fortunes from a year ago. All of that gain can be attributed to the return of Nigeria’s Femi Otedola, who last appeared on the Forbes Africa list in 2017 when he held a controlling stake in fuel distributor Forte Oil. The continent remains one of the world’s toughest places to build – and hold onto – a billion-dollar fortune, as global investors remain leery of its stock exchanges, businesses struggle against strained economies, poor infrastructure and volatile exchange rates, while changing political winds can make, boost or bust private fortunes. As a result, says Charles Robertson, head of macro strategy at asset manager FIM Partners, entrepreneurs often face limited access to capital and populations with little disposable income to invest in new companies or the stock market.

FORBES AFRICA