His estimated $10.3 billion net worth, however, is almost $2 billion less than a year ago, primarily due to a roughly 20% drop in the stock price of Dangote Cement, his most valuable asset. Her net worth dropped slightly to $1.1 billion from $1.3 billion.
Aliko Dangote, the President of Dangote Group, who was ranked Africa's richest man in the 2019 Forbes Africa's billionaires list, has remained consistently ahead of the pack for the eighth consecutive year, with a current net worth of $10.3 billion.
The global magazine also listed Mike Adenuga, Chairman/Chief Executive Officer of Globacom who has interests in investments in oil and gas, real estate and other concerns moved up to become the second richest man in Africa.
The global magazine listed Mike Adenuga, Chairman/Chief Executive Officer of Globacom moved up to become the second richest man in Africa.
The American magazine said Adenuga's net worth dramatically increased from $5.3 billion to $9.2 billion.
Other South African billionaires who made it to the list include Johann Rupert, who also had the worst year, in billionaire speak, that is.
He is worth approximately $10.3 billion but lost a chunk of money - about $2 billion - when the stock price of Dangote Cement plummeted.
Folorunsho Alakija is the fourth richest Nigerian and the second woman in this year's African billionaires club.
The merger between Rabiu's Kalambaina Cement firm with Cement Company of Northern Nigeria, which he controlled, in December 2018 was formally consummated in Sokoto earlier this week.
Rabiu now owns 97 per cent of the company.
He was ranked the 100th richest man in the world in 2018 and number 66 on the Powerful People 2018 list - both released by Forbes. But his OBU Cement, which operates independently, recently expanded its operations, with a new production line.
In a per country ranking, Egypt and South Africa are tied with five billionaires each, followed by Nigeria with four and Morocco-two. Her net worth dropped due a decline in the value of the oil field, in part because its production has levelled off. All but four members of the list have smaller fortunes than a year ago.
Forbes explained that: "Altogether the 20 African tycoons are worth $68.7 billion, down from $75.4 billion for last year's list".