In a publication on Monday, Forbes said Aliko Dangote maintains the lead as Africa’s richest with a wealth of $13.9 billion, securing the top spot for the 13th consecutive year.

Forbes noted that the combined wealth of the top 20 billionaires on the 2024 list reached $82.4 billion, reflecting a $900 million increase from the previous year.

“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, though they are still off their all-time highs,” the publication said.

The publication highlighted a rebound in the fortunes of Africa’s wealthiest individuals over the past 12 months, attributing this positive trend to Femi Otedola’s return to the list.

Otedola’s resurgence, credited to his strategic investments, including Geregu Power, played a key role in elevating the overall fortunes of Africa’s billionaires.

Forbes acknowledged Otedola’s shift from oil investments, his strategic ownership in Geregu, and the subsequent sale of shares to institutional investors, contributing to his current standing.

“He owned about 90% of Geregu when it was listed on the Nigerian exchange’s Main Board in 2022, but has since sold shares to institutional investors, which include Afreximbank’s Fund for Export Development in Africa and the State Grid Corporation of China.

“His 73% stake in Geregu is worth more than $850 million, about three-quarters of his $1.1 billion fortune, which puts him at No. 20 on the list.”

While the collective wealth of Africa’s billionaires experienced a minor dip, it demonstrated resilience compared to the 4% decline observed in the previous year.

Dangote’s wealth, rising by $400 million to $13.9 billion, showcased stability despite political uncertainties and currency devaluation in Nigeria.

The Forbes list also spotlighted other notable figures, including South African magnate Johann Rupert and diamond industry veteran Nicky Oppenheimer.

On the methodology used, Forbes said, “Our list tracks the wealth of African billionaires who reside in Africa or have their primary business there, thus excluding Sudanese-born billionaire Mo Ibrahim, who is a U.K. citizen and South African Nathan Kirsh, who operates out of London. Strive Masiyiwa, a citizen of Zimbabwe and a London resident, appears on the list due to his telecom holdings in Africa.

“Net worths were calculated using stock prices and currency exchange rates from the close of business on Jan. 8, 2024. To value privately held businesses, we start with estimates of revenues or profits and apply prevailing price-to-sale or price-to-earnings ratios for similar public companies. Some list members grow richer or poorer within weeks-or days-of our measurement date.

List of 20 richest people in Africa:

1. Aliko Dangote — $13.9bn (Manufacturing)

2. Johann Rupert & family — $10.1bn (Fashion & Retail)

3. Nicky Oppenheimer & family — $9.4bn (Metals & Mining)

4. Nassef Sawiris — $8.7bn (Construction & Engineering)

5. Mike Adenuga — $6.9bn (Diversified)

6. Abdulsamad Rabiu — $5.9bn (Diversified)

7. Naguib Sawiris — $3.8bn (Telecom)

8. Mohamed Mansour — $3.2bn (Diversified)

9. Koos Bekker — $2.7bn (Media & Entertainment)

10. Patrice Motsepe — $2.7bn (Metals & Mining)

11. Issad Rebrab & family — $2.5bn (Food & Beverage)

12. Mohammed Dewji – $1.8bn (Diversified)

13. Strive Masiyiwa — $1.8bn (Telecom)

14. Aziz Akhannouch & family — $1.7bn (Diversified)

15. Othman Benjelloun & family — $1.4bn (Finance & Investments)

16. Youssef Mansour — $1.3bn (Diversified)

17. Yasseen Mansour — $1.2bn (Diversified)

18. Christoffel Wiese — $1.2bn (Fashion & Retail)

19. Michiel Le Roux — $1.1bn (Finance & Investments)

20. Femi Otedola — $1.1bn (Energy)