For the first time, Africa’s 22 billionaires have amassed a combined fortune exceeding $100 billion, according to the latest Forbes list released recently. This figure represents a 27% increase from the $82.4 billion recorded in 2024, highlighting the continent’s growing wealth despite currency fluctuations, political instability, and structural challenges.
Nigerian tycoon Aliko Dangote tops the list with a fortune of $23.9 billion, fueled by Dangote Cement, Africa’s largest cement producer, and his oil refinery project. South Africa leads in number of billionaires, with seven, followed by Nigeria and Egypt with four each. Morocco has two, while Algeria, Tanzania, and Zimbabwe each have one.
Volatile Markets and Returnees to the List
Despite the rise in total wealth, stark economic contrasts remain across the continent. The introduction of Zimbabwe Gold, a new gold-backed currency launched to fight hyperinflation, led to a 33% drop in the net worth of telecom magnate Strive Masiyiwa, bringing it down to $1.2 billion. On the other hand, the global stock market rally, which rose 22% by February 2025, boosted the fortunes of most African billionaires.
Two former billionaires returned to the list:
- Anas Sefrioui of Morocco, after the value of his real estate firm Douja Promotion Groupe Addoha doubled.
- Jannie Mouton of South Africa, thanks to a 59% increase in Capitec Bank Holdings.
Other notable billionaires include:
- Johann Rupert ($14 billion), still thriving in the luxury sector via Richemont
- Nicky Oppenheimer ($10.4 billion), linked to the diamond industry
- Nassef Sawiris ($9.6 billion), profiting from construction and a stake in Adidas
- Femi Otedola, who rejoined the list with $1.1 billion after Geregu Power (a Nigerian energy firm) was listed on the stock exchange
Social Impact and Economic Outlook
Diversification has played a crucial role in preserving wealth. Nigerians:
- Mike Adenuga ($6.8 billion) and
- Abdulsamad Rabiu ($5.1 billion)
stand out in the telecom and cement sectors, respectively. Egyptians: - Naguib Sawiris ($5 billion) and
- Mohamed Mansour ($3.4 billion)
are expanding into media and the automotive industry. South African Koos Bekker ($3.4 billion) continues to push technology investments through Naspers and Tencent.
Despite job creation — such as through Dangote’s refinery — economists question whether this concentration of wealth fosters inclusive growth. South Africa’s deep inequality, despite having six billionaires, reignites debate around redistribution and tax reform.
Analysts emphasized that the 2025 billionaires reflect Africa’s economic potential, yet the continent still faces hurdles like weak infrastructure, political instability, and currency volatility. They also advocated for support policies for SMEs and enhanced regional trade, especially through the African Continental Free Trade Area (AfCFTA).
The absence of female billionaires since Isabel dos Santos exited the list in 2021 also raises concerns over gender inequality. Experts stressed that promoting female entrepreneurship is key to diversifying Africa’s financial elite.
Source: Further Africa
