This may also have contributed to four people falling off the annual list."Buffeted by plunging stock prices and weaker currencies, the number of African billionaires has shrunk to just 20, down from 23 a year ago", the statement read. "Dangote also owns stakes in publicly-traded salt, sugar and flour manufacturing companies", Forbes added.
The Founder and Executive Chairman, Famfa Oil Limited, Folorunsho Alakija, whose net worth dropped to $1.1 billion from $1.3 billion also ranked on the list. His net worth skyrocketed from $5.3 billion in January 2018 after he provided thorough information about his assets.
The report revealed that Dangote's estimated $10.3 billion net worth is almost $2 billion less than a year ago, due to almost 20 per cent drop in the stock price of Dangote Cement.
Dr. Mike Adenuga moved up to become Africa's second wealthiest man with interests in oil exploration and real estate.More news: Radio Signals From A Galaxy Light Years Away Have Been Reported
Explaining the increase in wealth of numerous public figures, Forbes said, "Buffeted by plunging stock prices and weaker currencies, the number of African billionaires has shrunk to just 20, down from 23 a year ago".
Behind Dangote is Nigerian oil magnate Mike Adenuga whose wealth was estimated at $9.2 billion.
Forbes found one billionaire each in Algeria, Angola, Tanzania and Zimbabwe.
In a per country ranking, Egypt and South Africa are tied with five billionaires each, followed by Nigeria with four and Morocco-two.More news: Air Traffic Controllers Sue Trump Over Shutdown
Those who didn't make the billionaire cut this year include Aspen Pharmacare founder Stephen Saad, Assor Group's Desmond Sacco and Shoprite investor Christoffel Wiese. He is now worth an estimated $7.3 billion, down from $7.7 billion a year ago.
Moreso, the Chairman/Chief Executive Officer, BUA Group, Abdulsamad Rabiu, featured on the list for the first time since 2015. However, the average net worth of each member on the list this year grew to $3.4 billion from $3.3 billion in early 2018.
"He owns almost 88 per cent of the publicly-traded Dangote Cement through a holding company". He lost 17.9% of his riches a year ago, while Patrice Motsepe lost 4.2% when he went from $2.4 billion to $2.3 billion.
Altogether the 20 African tycoons are worth $68.7 billion, down from $75.4 billion for last year's list.More news: Elon Musk shares the first proper image of his massive rocket