First and foremost, do understand that Forbe Magazine uses Stock prices and Exchange rate to curate its every list of world billionaires. Well, Forbe is the world's most trusted authoritative voice in wealth reporting, followed by Bloomberg. Recently, Forbes released its 2024 list of billionaires with four Nigerians making the cut.
Precisely, Aliko Dangote, Femi Otedola, Abdulsamad Rabiu, and Mike Adenuga are the only listed Nigerians on the Forbes' 2024 Billionaires Watch. As per Forbes' latest findings, the list unveiled an exceptional year for the global billionaires community, witnessing highest-ever number and welcoming new faces to the ranking list.
Like I said earlier that Forbes leveraged stock prices and exchange rates for its billionaires list, for this 2024 billionaire roster, it's recorded as of March 8, 2024. Additionally, the publication upholds a real-time index tracking these affluent billionaires in real-time, facilitating comprehensive and more in-depth research.
The 2024 list highlights the United States as the leader, boasting an unprecedented 813 billionaires whose collective wealth amounts to $5.7 trillion, claiming the top spot among countries with the highest number of billionaires. Following closely, China secures second place with a remarkable 473 billionaires, valued at $1.7 trillion, while India clinches the third position with a notable 200 billionaires.
The global billionaire population has reached an all-time high of 2,781 individuals, surpassing previous records by 141 billionaires. Their collective wealth amounted to $14.2 trillion, marking a substantial increase of $2 trillion from the previous year and $1.1 trillion above the 2021 record. While two-thirds of billionaires saw their fortunes grow, only one-fourth experienced a decrease in wealth. The top 20 billionaires collectively added $700 billion to their wealth.
Aside that four Nigerians (Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola with Dangote leading as Africa's richest person) made the 2024 Forbes billionaires list, the list also welcomed numerous newcomers, particularly from sectors such as AI and cryptocurrency, with Taylor Swift, Christian Louboutin, and Magic Johnson among the most notable additions.
What to know about Nigerians on the Forbes 2024 Billionaires List
From the latest annual ranking of billionaires by Forbes magazine, four Nigerians emerged among the 2,781 billionaires worldwide. They are listed below based on their net worth and position on the Billionaires Index.
1. Aliko Dangote
Leading the Nigerian contingent, Aliko Dangote, the renowned mogul and Africa's wealthiest individual, secures the 144th spot with a net worth of $13.4 billion. Dangote serves as the chairman of Dangote Group, Africa’s largest cement producer, and has significant investments in the sugar industry.
2. Mike Adenuga
Following closely, Globacom chairman Mike Adenuga occupies the 409th position with a net worth of $6.7 billion. Adenuga amassed his wealth primarily through ventures in telecommunications and oil.
3. Abdulsamad Rabiu
Abdulsamad Rabiu, the visionary founder of BUA Group, clinches the 581st spot with a net worth of $5.2 billion. BUA Group, a Nigerian conglomerate, is engaged in various sectors including cement production, sugar, refining, and real estate.
4. Femi Otedola
Completing the quartet, Femi Otedola, who initially made his fortune in commodities, stands at number 2152 with a net worth of $1.4 billion. Otedola diversified his investments by selling his shares in Forte Oil to venture into the energy business, according to Forbes.