Africa’s richest individuals recorded a historic surge in wealth in 2025, with the combined net worth of the continent’s billionaires crossing the $100 billion mark for the first time, according to Forbes.
The latest ranking shows that Africa now has 22 billionaires with a combined fortune of $105 billion, up sharply from $82.4 billion shared by 20 billionaires in the previous year.
The milestone comes despite persistent economic headwinds across the continent, including political instability, currency volatility, and weak consumer markets. Analysts say the growth mirrors gains in global equity markets, which rose by about 22 per cent in the 12 months to February 2025.
Nigeria’s Aliko Dangote retained his position as Africa’s richest person for the 14th consecutive year, with an estimated net worth of $23.9 billion, up from $13.9 billion a year earlier. Forbes attributed the sharp increase largely to the inclusion of the value of Dangote’s oil refinery near Lagos, which began refining operations in early 2024 after years of delays.
The refinery, now nearing full capacity, has enabled Nigeria to begin exporting refined petroleum products, marking a significant shift for Africa’s largest oil producer.
“This is a very big relief,” Dangote told Forbes, describing the refinery as a critical step toward enabling Africa to refine its own crude oil and create long-term economic value.
South African luxury goods magnate Johann Rupert ranked second with a net worth of $14 billion, reflecting a 39 per cent increase — the second-largest gain on the list. Rupert has held the second spot since 2022.
Another Nigerian, Femi Otedola, recorded one of the strongest performances among returnees, with his fortune rising above $1.5 billion following a surge in the share price of Geregu Power Plc, driven by higher revenues and profits.
Two former billionaires also returned to the list. Moroccan real estate tycoon Anas Sefrioui re-entered the ranking after shares of his firm, Addoha Group, more than doubled, while South African investment veteran Jannie Mouton made a comeback following a strong rally in Capitec Bank Holdings.
However, not all fortunes rose. Zimbabwean telecoms entrepreneur Strive Masiyiwa saw his wealth decline by about 33 per cent, largely due to currency reforms in Zimbabwe. His net worth was estimated at $1.2 billion.
By country, South Africa recorded the highest number of billionaires with seven, followed by Nigeria and Egypt with four each, and Morocco with three. Algeria, Tanzania and Zimbabwe had one billionaire each on the list.
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Aliko Dangote ($23.9B) Nigeria
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Johann Rupert & family ($14B) South Africa
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Nicky Oppenheimer & family ($10.4B) South Africa
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Nassef Sawiris ($9.6B) Egypt
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Mike Adenuga ($6.8B) Nigeria
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Abdulsamad Rabiu ($5.1B) Nigeria
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Naguib Sawiris ($5B) Egypt
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Koos Bekker ($3.4B) South Africa
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Mohamed Mansour ($3.4B) Egypt
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Patrice Motsepe ($3B) South Africa
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Issad Rebrab & family ($3B) Algeria
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Mohammed Dewji ($2.2B) Tanzania
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Michiel Le Roux ($2.2B) South Africa
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Othman Benjelloun & family ($1.6B) Morocco
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Anas Sefrioui & family ($1.6B) Morocco
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Aziz Akhannouch & family ($1.5B) Morocco
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Jannie Mouton & family ($1.5B) South Africa
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Femi Otedola ($1.5B) Nigeria
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Christoffel Wiese ($1.5B) South Africa
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Youssef Mansour ($1.4B) Egypt
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Yasseen Mansour ($1.2B) Egypt
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Strive Masiyiwa ($1.2B) Zimbabwe