Nigeria and South Africa account for half of Africa’s 22 billionaires

By Bonface Orucho, bird story agency

Africa’s billionaire class is witnessing a surge, with collective wealth soaring to $105 billion, up from $82.4 billion last year. Led by Aliko Dangote, whose fortune nearly doubled to more than $25 billion, the number of billionaires has also increased from 20 to 22, according to the latest Forbes listings.

Africa’s billionaires are not just growing in number; their fortunes are also seeing unprecedented surges.

This year’s Forbes list of Africa’s wealthiest individuals reveals a striking shift, with some of the continent’s top business magnates experiencing historic leaps in net worth.

“It was a banner year for Africa’s billionaires, whose cumulative wealth surpassed $100 billion for the first time ever. Africa’s 22 billionaires saw their fortunes rise to a total of $105 billion, up from $82.4 billion and 20 billionaires last year,” the Forbes report released on March 29 noted.

This surge comes amid increased diversification in wealth sources, with industrialists, financiers, and technology entrepreneurs making notable gains.

Aliko Dangote, Africa’s richest man, saw his fortune soar from $13.5 billion to $25.7 billion, largely driven by the inclusion of a massive new oil refinery, now in operation and generating income, near Lagos port.

The Dangote refinery has shaken up global energy markets. In March alone, six vessels shipped 1.7 million barrels of its jet fuel to the US, driving imports to 226,000 barrels per day. While demand may dip once New Jersey’s Phillips 66 Bayway refinery reopens, this surge cements Dangote’s growing influence on the global fuel trade.

Dangote’s other businesses such as Dangote Cement have also been profitable.

According to Dangote Cement’s 2024 end-year report, the company’s profits flew past N1 trillion (almost $650 million) – a 110% surge from the previous year. Growth was fueled by soaring domestic sales and higher cement prices, cementing its dominance in the market.

However according to Forbes, “the growth in Africa’s billionaire class is not just about wealth accumulation; it reflects deeper shifts in key industries and investment flows”.

While Dangote’s near-double leap stands out, he is not alone. South African luxury goods mogul Johann Rupert also saw a significant rise in wealth, cementing his position as one of the continent’s top earners.

Rupert has built one of the most successful global luxury empires through the Compagnie Financiere Richemont luxury line. Cartier, one of the brands owned by Richemont has experienced robust sales growth.

A January Bloomberg report shows that Richemont’s holiday season sales surged 10% – far exceeding analyst expectations. Despite challenges in Asia, strong demand in the Americas and Europe showed the company was successfully navigating a fluctuating global luxury market.

Nicky Oppenheimer, the South African diamond magnate, maintained his standing in third place, reflecting the continued strength of Africa’s resource-based industries.

Meanwhile, Egyptian billionaires, including Nassef Sawiris, continued their dominance in construction, finance, and consumer goods, also showcasing the regional diversity of Africa’s financial elite.

Unique in the 2025 list is the inclusion of Moroccan real estate mogul Anas Sefrioui and South African investment veteran Jannie Mouton.

Sefrioui is the founder and CEO of listed homebuilder Groupe Addoha, which has prospered thanks to government contracts. The company’s profits more than doubled in 2024 as the company reported increased home sales.

Sefrioui debuted on Forbes’ list of the World’s Billionaires in 2012 with a net worth of $1.6 billion and dropped off in 2018.

His company Groupe Addoha has multiple properties in Casablanca, Ain Aouda, Beni Mellal, and Marrakech. In the first half of 2023, the company recorded revenues of $132.5 million and assets of $1.9 billion.

Johannes “Jannie” Mouton, another of the latest billionaire on the block, has built his fortune through South Africa’s PSG Group. A soaring 59% surge in Capitec Bank Holdings’ stock – one of his biggest bets – catapulted him into this year’s Forbes’ billionaire ranks.

Billionaires from southern Africa also included Zimbabwe’s London-based Strive Masiyiwa while East Africa was represented by Mohammed Dewji.

“South Africa had the largest number of billionaires this year, with seven, followed by four from Nigeria and four from Egypt. The list also includes three billionaires from Morocco, one from Algeria (Isaad Rebrab), one from Tanzania (Mohammed Dewji) and one (Masiyiwa) from Zimbabwe.”

Two notable figures, Nigerian business tycoons Tony Elumelu and Theophilus (TY) Danjuma, were conspicuously absent from the list after precipitous drops in the Nigerian naira.

Henley & Partners projects private wealth in Africa will leap 65% over the next decade to $4 trillion, fuelled by growth in fintech, eco-tourism and business process outsourcing.

/bird story agency

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