Forbes, the renowned financial publication, has unveiled its list of the richest Nigerians in 2024, featuring prominent businessmen Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola.
According to the recently released Forbes Real-Time Billionaires report on Tuesday, the collective wealth of Nigeria’s top three wealthiest individuals experienced a slight decline of 11.23%, amounting to $25.3 billion. This reduction comes in comparison to the $28.5 billion recorded by these business magnates in 2023.
Leading the pack is Aliko Dangote, the President and Chief Executive of the Dangote Group, ranked as Africa’s richest man and the wealthiest Black individual globally. His business empire, the Dangote Group, stands as one of Nigeria’s largest private-sector employers and the most valuable conglomerate in West Africa. Dangote’s fortune dipped slightly from $14.2 billion in 2023 to $13.4 billion in 2024.
Abdulsamad Rabiu, the Chairman of BUA Group, a Nigerian conglomerate focusing on manufacturing, infrastructure, and agriculture, secured his position as one of the nation’s wealthiest individuals. With a revenue exceeding $2.5 billion, Rabiu’s wealth declined marginally to $5.2 billion in 2024 from $8.2 billion in 2023.
Globacom boss, Mike Adenuga, also featured prominently on the list. Adenuga, a Nigerian billionaire businessman, is the founder of Globacom, Nigeria’s second-largest telecommunications operator, with operations in Ghana and Benin Republic. Additionally, he holds stakes in the oil exploration firm, Conoil. Adenuga’s fortune witnessed growth, increasing from $6.1 billion to $6.7 billion within a year.
Furthermore, Femi Otedola, a well-known Nigerian businessman and philanthropist, made his debut on the billionaire list with a total net worth of $1.4 billion. Otedola, the current executive chairman of Geregu Power Plc, has made significant investments in various sectors, including shipping, real estate, finance, and power generation as part of Nigeria’s energy sector liberalization.
Forbes reports that a total of 2,781 individuals have achieved billionaire status worldwide, marking an increase of 141 billionaires from the previous year. These billionaires collectively possess a staggering wealth of $14.2 trillion, a $2 trillion rise from 2023 and surpassing the previous record set in 2021 by $1.1 trillion.
The United States dominates the billionaire landscape with a record 813 billionaires worth a combined $5.7 trillion. China, despite facing challenges such as weak consumer spending and a real estate downturn resulting in a loss of $200 billion in wealth and 89 fewer billionaires, still ranks second with 473 billionaires (including Hong Kong) and a total net worth of $1.7 trillion. Meanwhile, India boasts a record 200 billionaires, securing the third position.
Among the notable newcomers on Forbes’ World’s Billionaires list are Italy’s Andrea Pignataro, founder of financial software firm ION Group, with an estimated net worth of $27.5 billion. Additionally, Todd Graves, the founder of the Raising Cane’s fast-food chain, and the three co-founders of fast-fashion giant Shein, namely Maggie Gu, Molly Miao, and Ren Xiaoqing, made their impressive entries with net worths of $9.1 billion and $4.2 billion each, respectively. Iconic high-heel designer Christian Louboutin also joined the list with a net worth of $1.2 billion, along with Antonio Gracias, an investor in Tesla and SpaceX and a close associate of Elon Musk, with a net worth of $1.1 billion.
It’s important to note that Forbes compiled this “World’s Billionaires” list based on stock prices and exchange rates as of March 8, 2024.