Nigeria claims four, South Africa leads with seven

Key Points

• Africa’s billionaire count rose to 22 in 2025, with combined wealth surging to $105 billion from $82.4 billion last year, led by Nigeria, South Africa, and Egypt.
• Aliko Dangote remains Africa’s richest at $23.9 billion, driven by his refinery launch, while Femi Otedola and Johann Rupert saw major financial gains.
• Zimbabwe’s Strive Masiyiwa lost 33% of his fortune, while new entrants like Anas Sefrioui and Jannie Mouton returned amid stock market surges.

Africa’s billionaire class is expanding. In 2025, the number of African billionaires on the Forbes list grew to 22, up from 20 last year, with their combined wealth soaring to $105 billion—an impressive jump from $82.4 billion in 2024.

Nigeria, South Africa, and Egypt—three of the continent’s largest economies—continue to dominate, accounting for 15 of the 22 billionaires. South Africa leads with seven, while Nigeria and Egypt each have four. The rise reflects the growing private wealth in these countries as businesses scale up and stock markets rally.

For the 14th year in a row, Nigeria’s Aliko Dangote remains Africa’s richest man. His fortune surged to $23.9 billion, up from $13.9 billion last year, thanks to the long-awaited launch of his massive refinery on the outskirts of Lagos.

After years of delays, regulatory hurdles, and financial challenges, the facility finally began refining oil in early 2024 and is expected to reach full capacity this month—reshaping Nigeria’s role in the global energy market.

Another big winner is Femi Otedola, chairman of Geregu Power and a major shareholder in FBN Holdings. His net worth climbed as Geregu’s stock jumped 40 percent. But Otedola isn’t just benefiting from a strong market—he’s making bold moves in Nigeria’s financial sector.

Earlier this month, he broke ground on a 44-story, 252-meter headquarters for FirstBank in Eko Atlantic City, Lagos. The eco-friendly skyscraper, spanning 115,000 square meters, is set to redefine the skyline and the future of banking in Nigeria.

Telecom mogul Mike Adenuga also gained ground, with his fortune rising by $700 million to $6.8 billion. The increase comes from a revaluation of his vast business empire, which includes Globacom, Nigeria’s second-largest mobile network, serving 60 million subscribers.

But not every Nigerian billionaire saw gains. Abdul Samad Rabiu’s net worth dropped to $5.1 billion, largely due to the naira’s devaluation.

Beyond Nigeria, some African billionaires faced setbacks. Zimbabwe’s Strive Masiyiwa saw his fortune shrink by 33 percent to $1.2 billion after Zimbabwe scrapped its local currency and introduced the gold-backed ZiG, creating uncertainty in the business environment.

The year also welcomed new entrants. Moroccan real estate mogul Anas Sefrioui returned to the list after shares of his company, Douja Promotion Groupe Addoha, more than doubled. In South Africa, veteran investor Jannie Mouton made a comeback, thanks to a 59 percent surge in Capitec Bank’s stock.

Meanwhile, South Africa’s Johann Rupert, the country’s richest person, saw his fortune climb 39 percent to $14 billion, reinforcing his dominance in luxury goods. Fellow billionaire Nicky Oppenheimer also posted gains, with his wealth rising to $10.4 billion.

The 2025 list highlights Africa’s shifting wealth landscape. While South Africa leads with seven billionaires, Nigeria and Egypt each have four. Morocco follows with three, while Tanzania, Algeria, and Zimbabwe each have one.

Net worths were calculated using stock prices and currency exchange rates as of the close of business on March 7, 2025.

Here’s the full list of Africa’s billionaires in 2025, ranked by Forbes methodology:

The Forbes list remains exclusive, recognizing individuals whose primary business interests and residence are in Africa. That means Sudanese-born Mo Ibrahim, a U.K. citizen, and South African-born Nathan Kirsh, who operates primarily in the U.S. and U.K., were not included.