The wealth of Africa’s richest individuals has experienced a modest recovery over the past year, reversing the decline from the previous year. However, their net worth remains below historical peaks. The combined wealth of the 20 billionaires on the continent stands at $82.4 billion (R1.44 trillion). Africa continues to be one of the most difficult regions to accumulate and maintain billion-dollar fortunes. Global investors remain cautious about investing in its stock markets, while businesses struggle with weak economies, inadequate infrastructure, and volatile exchange rates. Political shifts can either boost or reduce private wealth. Entrepreneurs also face limited access to financial resources and local markets with low disposable incomes, which hinders investment in new ventures and the stock market.
Key Takeaways
- Africa’s business environment remains challenging: Restricted financial resources, weak economies, and unpredictable political climates make wealth creation and investment difficult.
- Diversified portfolios among African billionaires: Many have spread their investments across industries like cement, oil, telecommunications, luxury goods, and mining to sustain their wealth.
- Political and economic instability: Both local entrepreneurs and international investors are impacted, which complicates wealth accumulation on the continent.
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Aliko Dangote
Net Worth: R263.4 billion (US$13.9 billion)
Aliko Dangote, Africa’s wealthiest individual, has amassed his fortune through substantial investments in manufacturing, particularly in cement and sugar production. As the founder and chairman of Dangote Cement, the continent’s largest cement producer, he holds 85% of the company through a holding firm. Dangote Cement boasts an annual production capacity of 48.6 million metric tons and has operations in 10 African countries, securing its leading market position.
In March 2022, Dangote further diversified his business with the successful launch of a fertiliser plant in Nigeria, following years of preparation. This year, the long-awaited Dangote Refinery, which has been under development since 2016, began operations, marking a key achievement. Now 66 years old, Dangote resides in Lagos, Nigeria, and maintains his influence in various industries. His net worth is valued at R263.4 billion (US$13.9 billion), making him the richest person in Africa in 2023.
Johann Rupert
Net Worth: R191.4 billion (US$10.1 billion)
Johann Rupert, with a net worth of R191.4 billion (US$10.1 billion), is ranked as the second wealthiest individual in South Africa in 2023. His fortune, which earlier in 2023 stood at R202.9 billion (US$10.7 billion), is both inherited and growing, primarily from his investments in the luxury goods sector. At 73, Rupert has made a notable impact in fashion and retail. He resides in Cape Town, South Africa, and serves as chairman of Swiss luxury goods company Compagnie Financière Richemont, overseeing iconic brands such as Cartier and Montblanc. Richemont was formed in 1998 as a spinoff of assets originally held by Rembrandt Group Limited, a business founded by his father, Anton Rupert, in the 1940s. Rupert also holds a 7% stake in the diversified investment firm Remgro, where he is chairman, and owns 26% of Reinet, an investment holding company based in Luxembourg. In addition to his business ventures, Rupert has been a vocal opponent of fracking in the Karoo, a region in South Africa where he owns land.
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Nicky Oppenheimer
Net Worth: R178.1 billion (US$9.4 billion)
Nicky Oppenheimer, a South African businessman with a net worth of R178.1 billion (US$9.4 billion), ranked as the third wealthiest individual in 2023. Earlier that year, his wealth was recorded at R159.1 billion (US$8.4 billion), mainly from inheritance. His fortune stems from the diamond industry, particularly through his involvement with DeBeers, a leading entity in metals and mining. Oppenheimer, now 78, resides in Johannesburg and represents the third generation of his family to lead DeBeers. In 2012, he sold his 40% stake in DeBeers to Anglo American, a mining conglomerate, for R96.7 billion (US$5.1 billion) in cash. His family had held a dominant position in the diamond trade for 85 years until this sale. In 2001, he took DeBeers private, continuing the family’s legacy in the business. In 2014, Oppenheimer founded Fireblade Aviation, offering charter flight services from Johannesburg. Additionally, he owns over 720 square miles of conservation land spread across South Africa, Botswana, Zimbabwe, and Mozambique.
Nassef Sawiris
Net Worth: R152.3 billion (US$8.7 billion)
Nassef Sawiris, with a net worth of R152.3 billion (US$8.7 billion), holds the fifth position in 2023. Earlier in the year, his wealth was recorded at R127.8 billion (US$7.2 billion). His fortune, which is both inherited and expanded, originates from his involvement in construction and investments, particularly in the construction and engineering sectors. At 63, Sawiris resides in Cairo, Egypt, and is part of the country’s wealthiest family.
In December 2020, he made a notable investment by acquiring a 5% stake in Madison Square Garden Sports, a New York-listed company that owns the NBA’s Knicks and the NHL’s Rangers. He leads OCI, one of the world’s largest nitrogen fertiliser producers, with operations in Texas and Iowa; the company is publicly traded on the Euronext Amsterdam exchange. Orascom Construction, a firm specialising in engineering and construction, is listed on both the Cairo exchange and Nasdaq Dubai. His extensive investments also include a nearly 6% stake in Adidas, the well-known German sportswear brand. Additionally, Sawiris partnered with Wes Edens from Fortress Investment Group to acquire Aston Villa Football Club, a team competing in the Premier League.
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Mike Adenuga
Net Worth: R123 262 350 (approximately $6.9 billion)
Mike Adenuga, Nigeria’s second-wealthiest individual, has amassed a personal fortune currently estimated at R123 262 350 (approximately $6.9 billion), ranking him sixth in 2023. Earlier this year, his wealth was valued at R100 800 000 (about $5.6 billion). Adenuga’s success stems from his ventures in the telecom and oil industries, which he has built through self-made efforts. His telecom company, Globacom, is the second-largest mobile network provider in Nigeria, boasting an impressive 60 million subscribers. In the oil sector, Adenuga’s firm, Conoil Producing, operates six oil blocks within the Niger Delta.
Globacom has also significantly contributed to infrastructure by laying a 9 656-kilometre-long submarine internet cable, known as Glo-1, which connects the U.K., Ghana, and Portugal. Beyond his telecom and oil ventures, Adenuga holds a 74% stake in the publicly listed fuel company Conoil and owns just under 6% of Sterling Financial Holding, a publicly traded Nigerian bank.
Abdulsamad Rabiu
Net Worth: R106 518 000 (approximately $5.9 billion)
Abdulsamad Rabiu, with a net worth currently estimated at R106 518 000 (approximately $5.9 billion), ranked fourth in 2023, when his wealth reached R136 488 000 (about $7.6 billion). He is known for both inheriting and expanding his fortune, which originates from his involvement in cement production and sugar refining—two industries in which he has built significant influence. At 63 years old, he resides in Lagos, Nigeria.
Rabiu is the founder of BUA Group, a conglomerate that operates across various sectors, including cement, sugar, and real estate. In January 2020, he consolidated his privately owned Obu Cement company with the Cement Company of Northern Nigeria, which he also controlled, forming BUA Cement Plc, a company listed on the Nigerian Stock Exchange, of which he owns 98.2%. Additionally, Rabiu holds 95% of BUA Foods, a publicly traded food conglomerate. Born into a family of entrepreneurs, Rabiu inherited land from his father but began his own ventures in 1988, focusing on importing iron, steel, and chemicals.
Naguib Sawiris
Net Worth: R68 588 000 (approximately $3.8 billion)
Naguib Sawiris, with an estimated net worth of R68 588 000 (approximately $3.8 billion), ranked eighth in 2023 among the wealthiest individuals. His net worth has increased from R59 032 000 (about $3.3 billion) in 2022, demonstrating significant growth in his fortune, which he inherited and continues to expand.
As a prominent figure in the telecom industry, Sawiris has built his wealth through strategic ventures. Aged 69 and residing in Cairo, Egypt, he is part of Egypt’s wealthiest family, with his brother Nassef also being a billionaire. Sawiris’s most notable achievement in the telecom sector was the sale of Orascom Telecom to VimpelCom (now Veon) in 2011, a deal valued in the billions. Currently, he serves as the chairman of Orascom TMT Investments, a company with interests in various sectors, including an Egyptian asset management firm and the Italian internet company Italiaonline. Additionally, Sawiris has ventured into luxury development, creating the exclusive resort Silversands on the Caribbean island of Grenada.
Mohamed Mansour
Net Worth: R57 081 600 (approximately $3.2 billion)
Mohamed Mansour, aged 76, has an estimated net worth of R57 081 600 (approximately $3.2 billion), placing him 10th in wealth rankings in 2023, with a previous net worth of R49 536 000 (about $2.8 billion). He is known as a self-made billionaire, with his wealth originating from a diversified family business. Based in Cairo, Egypt, he holds both Egyptian and U.K. citizenship.
Mansour oversees the Mansour Group, a family-run conglomerate founded in 1952 by his late father, Loutfy Mansour. The company employs around 60,000 people and has grown substantially over the decades. One of Mansour’s early ventures was establishing General Motors dealerships in Egypt in 1975, eventually making the company one of GM’s largest global distributors. Additionally, Mansour Group holds exclusive distribution rights for Caterpillar machinery, not only in Egypt but also in seven other African countries.
From 2006 to 2009, Mansour served as Egypt’s minister of transportation during Hosni Mubarak’s administration. His brothers, Yasseen and Youssef, also share ownership of the family business and are billionaires in their own right. His son, Loutfy Mansour, is responsible for leading the private equity division, Man Capital.
Koos Bekker
Net Worth: R48 345 600 (approximately $2.7 billion)
Koos Bekker, with a net worth of R48 345 600 (approximately $2.7 billion), ranked 11th in 2023, showing a slight increase from his valuation of R46 739 200 (about $2.6 billion) the previous year. He is a self-made billionaire, having accumulated his wealth through media and investments.
Bekker, now aged 71, hails from South Africa and resides in Cape Town. He is highly regarded for his pivotal role in transforming Naspers, once a traditional South African newspaper publisher, into a major player in e-commerce and cable TV. A significant moment in his career was when he led Naspers to acquire a third of Chinese Internet giant Tencent Holdings in 2001 for a reported R493 920 000 (approximately $34 million)—a deal widely considered one of the most successful venture investments.
In 2019, Naspers split off some of its assets, resulting in the creation of two publicly listed companies: MultiChoice Group, which focuses on entertainment, and Prosus, which houses the Tencent stake. Naspers reduced its ownership in Tencent by selling a 2% stake in 2018, and in April 2021, Prosus sold nearly R262 401 000 000 (approximately $15 billion) worth of Tencent shares, bringing its ownership down to 29%. Bekker stepped down as CEO of Naspers in March 2014 but returned in 2015 to serve as chairman.
Patrice Motsepe
Net Worth: R48 345 600 (approximately $2.7 billion)
Patrice Motsepe, with a net worth of R48 345 600 (approximately $2.7 billion) in 2023, ranked ninth among South Africa’s wealthiest individuals. His wealth, primarily from metals and mining, was valued at R54 272 000 (about $3.1 billion) earlier in the year.
Motsepe, aged 61 and based in Johannesburg, is the founder and chairman of African Rainbow Minerals. He became the first black African billionaire on the Forbes list in 2008. In 2016, he founded African Rainbow Capital, a private equity firm focused on African investments. He also holds a stake in Sanlam, a financial services firm, and is the president and owner of Mamelodi Sundowns Football Club.
Elected as the president of the Confederation of African Football in March 2021, he plays a key role in the continent’s football governance. His career began in law, becoming the first black partner at Bowman Gilfillan in 1994, before moving into mining, where he turned low-producing gold mines into profitable ventures in 1997.
Conclusion
Africa presents a challenging environment for building and maintaining significant wealth due to factors such as political instability, weak infrastructure, and fluctuating exchange rates. Despite these obstacles, several entrepreneurs and business leaders have managed to thrive, largely by diversifying their investments across key sectors like manufacturing, mining, and telecommunications.
Wealthy individuals, including Aliko Dangote, Johann Rupert, and Nicky Oppenheimer, have shown resilience and strategic vision, allowing them to expand their influence and wealth in an ever-evolving landscape.
Frequently Asked Questions
Who is the richest person in Africa?
Aliko Dangote is the richest person in Africa, with a net worth of R267 799 000 000 ($13.9 billion) in 2023. His wealth primarily comes from his involvement in cement and sugar manufacturing, as well as recent ventures in fertiliser production and oil refining.
What industries contribute to the wealth of Africa’s billionaires?
The wealth of Africa’s billionaires is mainly rooted in industries such as mining, manufacturing, oil, telecommunications, and luxury goods. Diversification into sectors like financial services and construction also plays a significant role.
How do political and economic factors affect wealth accumulation in Africa?
Political instability, weak economies, and unpredictable exchange rates make it challenging for businesses and individuals to build and maintain wealth in Africa. These factors often hinder both local entrepreneurs and foreign investors from achieving consistent growth.
Are most African billionaires self-made or do they inherit their wealth?
Africa’s billionaires come from both backgrounds. Some, like Aliko Dangote and Mike Adenuga, are self-made, while others, such as Johann Rupert and Nicky Oppenheimer, inherited significant wealth and have successfully expanded their fortunes.
Which countries in Africa have the highest number of billionaires?
South Africa, Nigeria, and Egypt are home to the majority of Africa’s billionaires. These countries have stronger economies, established industries, and more favourable conditions for wealth accumulation compared to other regions on the continent.
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