Forbes Magazine released its 38th edition of the World Billionaires List for 2024, featuring Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola as the only Nigerians on the list. Aliko Dangote retained his position as Africa’s richest man, with a net worth of $13.4 billion, followed by Mike Adenuga with $6.7 billion, Abdulsamad Rabiu with $5.2 billion, and Femi Otedola with $1.7 billion.
Dangote, known for founding and chairing Dangote Cement, Africa’s largest cement producer, has diversified his investments into fertilizer and petroleum refining, with operations spanning across Africa. Adenuga, on the other hand, has built his fortune in telecommunications and oil production, with assets such as Globacom and Conoil Producing. Rabiu, the founder of BUA Group, is active in cement production, sugar refining, and real estate. Otedola, who made his initial fortune in commodities, has investments in the energy sector through Geregu Power.
The list highlighted the unprecedented growth in billionaire wealth, with 2,781 billionaires worldwide, collectively worth $14.2 trillion. The top 20 billionaires alone added $700 billion in wealth since 2023, contributing significantly to the overall increase. Bernard Arnault retained the title of the world’s richest person, followed by Elon Musk, Jeff Bezos, Mark Zuckerberg, and Larry Ellison.
While the United States leads in billionaire numbers, China and India also boast significant billionaire populations. The list underscored the global economic dynamics shaping wealth distribution and emphasized the increasing influence of billionaires in driving economic growth and innovation.