Amid economic uncertainties and market fluctuations, Tanzanian entrepreneur Mohammed Dewji has solidified his position on the prestigious 2024 Forbes Africa's Richest List, retaining the title of the sole billionaire from the East African Community (EAC). Despite the ever-shifting sands of fortune, Dewji has maintained his 12th place standing with a robust net worth of USD 1.8 billion, showing unwavering stability compared to the previous year.
The Forbes Africa's Richest List, showcasing the continent's top 20 wealthiest individuals, now boasts a combined net worth of USD 82.4 billion. This represents a significant increase of USD 900 million from the 2023 total of USD 81.5 billion. Forbes attributes this rise to the triumphant return of Nigerian titan Femi Otedola, who makes a noteworthy reappearance on the list after a five-year hiatus.
However, despite Otedola's comeback, there has been a slight dip in the collective wealth of Africa's billionaires. Nevertheless, they still outperform the 4% decline witnessed last year when global market turmoil impacted African stocks.
The coveted top spot on the list remains firmly in the grasp of Nigeria's Aliko Dangote, who continues his reign for the 13th consecutive year. Dangote's fortune has experienced an impressive growth of USD 400 million, pushing his net worth to a staggering USD 13.9 billion. South African luxury goods tycoon Johann Rupert maintains his steady hold on second place, despite a slight dip in his net worth from USD 10.7 billion in 2023 to USD 10.1 billion. Rounding out the top three is another South African, Nicky Oppenheimer, whose impressive USD 1 billion growth in wealth propels him to third place with a total net worth of USD 9.4 billion.
Forbes, however, paints a stark picture of the challenges plaguing wealth creation in Africa. The continent remains "one of the world's toughest places to build – and hold onto – a billion-dollar fortune." Global investor caution towards African markets, coupled with business pressures such as economic strain, poor infrastructure, and volatile exchange rates, all play a role. Additionally, the ever-shifting political climate can either break or make private fortunes.
Despite these challenges, South Africa dominates the rankings with six billionaires, followed by Egypt with five and Nigeria with four. Algeria, Tanzania, and Zimbabwe each have one representative on the list, while Morocco boasts two.
Mohammed Dewji's unwavering presence on the 2024 Forbes Africa's Richest List underscores his resilience and entrepreneurial prowess in the face of global and regional economic uncertainties. His enduring position as the sole EAC billionaire also speaks volumes about his impact on the East African business landscape.