Amid the Naira devaluation, Dangote, Otedola, Adenuga and Rabiu are listed on Forbes' list of richest people.

Amid the Naira devaluation, Dangote, Otedola, Adenuga and Rabiu are listed on Forbes' list of richest people.



Despite the devaluation of the naira, four Nigerian businessmen joined Femi Otedola on the Forbes World Billionaires list, the last time they appeared on the Forbes list of Africans in 2017. , has returned to the same list.

According to Forbes, in 2024 there will be more people on the list than ever before, and they will be wealthier than ever before. The number of billionaires in the world increased by 141 from last year, bringing the total to 2,781. Adding up their value he is worth $14.2 trillion, and in 2023 he will increase by $2 trillion.

The 2024 list also broke records set in 2021, with 26 more billionaires named to the list, increasing their total net worth by $1.1 trillion.

Billionaires themselves become even wealthier, adding two-thirds to their worth. The top 20 companies on the list gained the most, increasing his total asset value by $700 billion since 2023. The United States also has 813 billionaires, more than any other country.

China has 473 billionaires and India has 200, setting a record for the country. To compile their wealth, Forbes used stock prices and exchange rates as of March 8, 2024.

Bernard Arnault and his family are number one with a net worth of $233 billion. Arnault is the head of the French luxury fashion and cosmetics conglomerate LVMH. The family is usually in the top three on Forbes magazine's list of the world's richest people.

Elon Musk, once the world's richest man, ranks second on the list with a net worth of $195 billion. Tesla and SpaceX founder Musk also bought Twitter for $44 million in 2022 and changed the company's name to X.

Forbes magazine said in a publication on Monday that Aliko Dangote retained the top spot as Africa's richest person with a fortune of $13.9 billion.

According to the magazine, the 20 billionaires on Forbes' 2024 list of African billionaires have a combined wealth of $82.4 billion. This is an increase of $900 million from last year's $81.5 billion.

“The wealth of Africa's richest people has rebounded slightly in the past 12 months, reversing a decline in wealth from a year ago, but still far from record highs,” the magazine said. .

Forbes said Otedola last appeared on the Forbes Africa list in 2017, when he returned to take control of fuel distributor Forte Oil.

Mr. Otedola used a subsidiary of Forte to buy public power plant Geregu in 2013 and phased out oil investment during the government's push to privatize energy projects.

“When Gereg was listed on the main board of the Nigerian Exchange in 2022, he owned about 90% of Gereg’s shares, but has since gone on to invest in companies such as Afreximbank’s African Export Development Fund and China National Power Grid. Sold shares to institutional investors.

“His 73% stake in Gereg is worth more than $850 million, which is about three-quarters of his $1.1 billion fortune and ranks 20th on the list.”

Taking into account Otedola's return, Forbes said Africa's billionaires suffered a slight drop, but it was still better than last year's 4% decline, when African markets declined in sync with global stock prices. Stated.

Dangote, whose wealth rose by $400 million to $13.9 billion, continued to grow in 2013 despite rising stock prices being offset by political uncertainty following February's presidential election and the devaluation of the naira in 2023. It achieved the number 1 spot in the rankings consecutively. Danggot Cement.

Mike Adenuga of Globalcom was fifth in Africa with $6.9 billion, and Abdulsamad Rabiu was sixth with $5.9 billion.

Regarding the methodology used, Forbes magazine said, “Our list tracks the assets of African billionaires who reside in Africa or have their main business operations in Africa, so we have a British nationality and a Sudanese nationality.'' It excludes Mo Ibrahim, a billionaire by birth, and Nathan Kirsch, who has operations in South Africa.” From London. Strive Masiyiwa, a Zimbabwean national living in London, is on the list because he runs a telecommunications business in Africa.

“Net assets were calculated using stock prices and exchange rates as of the close of business on January 8, 2024. To assess the value of a privately held business, start with an estimate of revenue or profit, and then “Apply the selling price or price.'' – Returns of similar publicly traded companies. Some members of the list may become richer or poorer within weeks or days of the measurement date.

Source: guardian.ng

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