Forbes releases 2025 African billionaires list, Elumelu, Danjuma miss out

Key Points

• Forbes’ 2025 list features 22 billionaires, up from 20 last year, with newcomers Anas Sefrioui and Jannie Mouton making the cut.
• Nigeria’s Aliko Dangote tops the list for the 14th year, with his fortune soaring to $23.9 billion after launching his long-awaited oil refinery.
•  Nigerian tycoons Tony Elumelu and TY Danjuma failed to make the list, reflecting financial strains from expansion and shifts in the oil industry.

Africa’s billionaire ranks just got a little bigger. Forbes has released its 2025 list of the continent’s wealthiest individuals, featuring 22 names—up from 20 last year.

But while two new faces joined the exclusive club, two notable figures, Nigerian business tycoons Tony Elumelu and Theophilus (TY) Danjuma, were conspicuously absent.

Their omission underscores the exclusivity of the list and highlights the financial hurdles even the most powerful business leaders can face.

A tough club to join

Making it onto the Forbes list is no small feat. With political instability, currency swings, and challenging business conditions across Africa, only a select few break into billionaire status each year. In 2025, Moroccan real estate mogul Anas Sefrioui and South African investment veteran Jannie Mouton secured spots.

For Sefrioui, it was a comeback. The founder of Douja Promotion Groupe Addoha returned to the list after shares of his affordable housing company more than doubled in value. The surge was driven by strong home sales, reflecting increased demand in Morocco’s real estate market.

Mouton, the founder of PSG Group, made his first appearance since 2017. His fortune got a boost from a 59 percent jump in Capitec Bank Holdings’ stock, one of his biggest assets. The bank’s continued growth in South Africa’s financial sector propelled him back into billionaire status.

Overall, Africa’s billionaires saw their combined net worth rise to $105 billion, up from $82.4 billion last year. The jump aligns with a broader 22% gain in global equity markets, according to MSCI. But not everyone reaped the rewards.

Dangote still No. 1, Rupert holds firm

At the top of the list, Nigerian industrialist Aliko Dangote remains Africa’s richest person for the 14th straight year. His fortune soared to $23.9 billion—up from $13.9 billion in 2024—largely due to the long-awaited launch of his oil refinery near Lagos. After years of delays, the refinery finally began operations in early 2024, and as production scales up, Nigeria is now exporting refined petroleum products for the first time in years.

In second place is South African luxury goods tycoon Johann Rupert, whose wealth climbed 39 percent to $14 billion. Rupert has consistently held the No. 2 spot since 2022, thanks to strong performances in high-end retail.

One of the biggest gainers on the list was Nigerian billionaire Femi Otedola. The chairman of Geregu Power Plc and FBN Holdings saw his net worth climb as Geregu’s stock surged 40 percent. The company’s strong revenue and profit growth reinforced Otedola’s influence in Nigeria’s energy and banking sectors. He’s also making big moves beyond financial markets.

Earlier this month, he broke ground on FirstBank’s new headquarters—a 44-story, 252-meter skyscraper in Eko Atlantic City, Lagos. Spanning 115,000 square meters, the eco-friendly tower is designed to cut operational costs and cement FirstBank’s status as a leader in African finance.

Nigerian telecom billionaire Mike Adenuga’s fortune has grown by $700 million over the past year, climbing from $6.1 billion to $6.8 billion. The boost comes from a revaluation of his vast business empire, which spans telecommunications, banking, manufacturing, and oil production. His mobile network, Globacom, serves 60 million subscribers—about the same as South Africa’s entire population.

Africa’s billionaire club expands, but not everyone made the cut

Tony Elumelu, chairman of Heirs Holdings and United Bank for Africa (UBA), didn’t make the 2025 list.

His exclusion highlights the financial strain of his aggressive expansion strategy, particularly the debt he took on to grow Heirs Holdings, which spans banking, power, oil, and healthcare. While his investments remain vast, his net worth didn’t meet the billion-dollar threshold.

TY Danjuma, the retired general-turned-oil tycoon, was also left out. His fortune, built through South Atlantic Petroleum, has been affected by shifting oil prices and economic factors impacting the industry.

Masiyiwa takes a hit

Not all billionaires saw gains. Zimbabwean telecoms mogul Strive Masiyiwa’s net worth plunged 33 percent to $1.2 billion.

The sharp decline was linked to Zimbabwe’s decision last May to scrap the Zimbabwe dollar and introduce the ZiG, a gold-backed currency aimed at controlling hyperinflation. The currency shift disrupted local businesses and investments, including Masiyiwa’s holdings.

Where Africa’s billionaires are

South Africa has the highest number of billionaires on the list, with seven names. Nigeria and Egypt follow with four each, while Morocco has three. Algeria, Tanzania, and Zimbabwe each have one, with Algeria’s Issad Rebrab and Tanzania’s Mohammed Dewiji maintaining their positions.

Despite the challenges of doing business in Africa, the increasing number of billionaires and their rising wealth reflect a business environment that continues to grow. Expanding infrastructure, a stronger financial sector, and increased investment in technology and energy are all fueling economic progress.

At the same time, the absence of Elumelu and Danjuma from the list is a reminder that even the most established business leaders must navigate shifting markets and financial pressures to stay on top. As Africa’s economy evolves, the coming year will show whether these billionaires can hold onto their wealth—or if new names will rise to take their place.