Forbes’ latest report reveals that Africa’s billionaires have amassed a combined wealth of $105 billion, a significant Increase from $82.4 billion the previous year. This marks the first time their collective net worth has surpassed $100 billion, despite economic and political challenges on the continent.
Nigerian industrialist Aliko Dangote maintains his position as Africa’s richest person for the 14th consecutive year, with an estimated net worth of $23.9 billion. This substantial rise from $13.9 billion in 2024 is largely due to the valuation of his refinery project near Lagos, which began operations in early 2024.
Dangote described the refinery’s launch as a crucial step towards Africa’s self-reliance in refining its crude oil, aiming to create wealth and prosperity for its vast population. South African luxury goods magnate Johann Rupert holds the second spot with a net worth of $14 billion, reflecting a 39% increase from the previous year.
Nigeria’s Femi Otedola, chairman of Geregu Power Plc, saw his fortune rise over 30% to $1.5 billion, driven by a 40% surge in his company’s stock.
Africa leads with seven billionaires, followed by Nigeria and Egypt with four each, and Morocco with three. Other countries represented include Algeria, Tanzania, and Zimbabwe.
The Forbes rankings are based on publicly available data, including stock prices and currency exchange rates as of March 7, 2025. The list includes billionaires residing in Africa or whose primary businesses are on the continent, excluding individuals like Sudanese-born Mo Ibrahim, a U.K. citizen, and South African Nathan Kirsh, whose business interests are primarily in the U.S. and U.K
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