The decline in African billionaires' wealth is mainly due to global trade disruptions affecting resource-rich countries, rising interest rates, power shortages, and ongoing political and social instability across the continent.
Africa had 29 billionaires with a combined fortune of $54 billion by the end of 2023, according to a report released on November 20 by wealth management firm Altrata.
The report, titled Billionaire Census 2024, shows that the number of African billionaires increased by 3.6% compared to 2022.
However, the total wealth of these billionaires decreased by 3.7% during the past year. This decline represents just 0.4% of the total wealth held by billionaires worldwide.
Altrata attributes the drop in African billionaires' combined wealth to several factors. These include the vulnerability of resource-rich countries to global trade disruptions, tough financing conditions, electricity shortages, and ongoing political and social instability. These issues have negatively affected the portfolios of Africa’s wealthiest individuals.
On a global scale, the billionaire population grew by 4% in 2023, reaching a total of 3,323 individuals. Their combined wealth surged by 9%, reaching an enormous $12.1 trillion.
However, wealth among billionaires remains highly unevenly distributed. Of the 3,323 billionaires, 2,779 (84%) have fortunes ranging from $1 billion to $5 billion. Meanwhile, 351 billionaires hold between $5 billion and $10 billion, and 176 have fortunes valued between $10 billion and $50 billion. A small group of 18 billionaires, each worth over $50 billion, controls 16% of the total billionaire wealth, or $1.974 trillion.
The report also highlights regional disparities. North America remains home to the largest number of billionaires, with 1,111 individuals collectively worth more than $5.027 trillion (+20.2%). In Europe, there are 980 billionaires with a combined fortune of $3.179 trillion, while Asia has 806 billionaires with a total wealth of $2.573 trillion.
From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...
Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...
• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...
Malawi votes in high-stakes presidential election Tuesday Economic crisis, inflation dominate vot...
Vision Invest invests $700m in Arise IIP, Africa’s largest private infrastructure deal in 202...
• Côte d’Ivoire approves bill to support SMEs and mid-sized firms• Bill defines businesses, expands local content in public projects• Introduces new fund,...
• Tanzania's 2025/2026 cashew harvest could reach 700,000 tonnes.• Forecast represents a 33% increase from 2024's record 528,000 tonnes.• Only 2% of...
• The extension prolongs the mining license until 2036, raising its lifespan from 11 to 17 years.• Perseus Mining will invest A$170 million ($113...
• The campaign will run from September 2025 to September 2026 across all 16 regions.• The government inaugurated the Ghana Association of Privacy...
Surprisingly, only one African song made it onto Rolling Stone's list of the 500 Greatest Songs of All Time. The track is "Essence," a collaboration...
The Umhlanga Festival, also known as the “Reed Dance,” is one of the most iconic cultural events in the Kingdom of Eswatini in Southern Africa. Every...