African Billionaires’ Net Worth Surges Past $100 Billion for the First Time
Africa’s wealthiest individuals have reached a historic milestone, with their combined net worth soaring to $105 billion, according to the latest Forbes 2025 rankings. This marks a significant rise from the $82.4 billion recorded in 2024, despite ongoing economic and political challenges across the continent.
Dangote Remains Africa’s Richest Man for 14th Straight Year
Nigeria’s Aliko Dangote has once again topped the list, holding the title of Africa’s richest person for the 14th consecutive year. His net worth skyrocketed to $23.9 billion, a sharp increase from $13.9 billion in 2024. This dramatic surge is primarily due to the valuation of his massive refinery project near Lagos, which began refining oil in early 2024.
“This is a very, very big relief,” Dangote told Forbes in February.
“The refinery is a pivotal step in ensuring that Africa has the capacity to refine its own crude oil, thereby creating wealth and prosperity for its vast population.”
The Dangote Refinery, one of the largest industrial projects in Africa, has not only strengthened Nigeria’s economy but also positioned the country as an exporter of refined petroleum products. This shift is expected to reduce Nigeria’s dependence on fuel imports, transforming its oil sector.
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South Africa and Nigeria Lead the Billionaire Rankings
South Africa continues to dominate the list with seven billionaires, followed by Nigeria and Egypt, each with four. Morocco has three representatives, while Algeria, Tanzania, and Zimbabwe each have one.
South African Johann Rupert, the luxury goods tycoon, holds the second spot with a net worth of $14 billion, reflecting a 39% increase from 2024. His financial growth is second only to Dangote’s meteoric rise.
In Nigeria, Femi Otedola, the chairman of Geregu Power Plc, saw his fortune increase by over 30% to $1.5 billion, thanks to a 40% surge in Geregu’s stock value.
Comebacks and Declines Among Africa’s Billionaires
Billionaires Who Returned to the List
- Moroccan real estate mogul Anas Sefrioui rejoined the list after a major increase in the share price of his company, Douja Promotion Groupe Addoha.
- South African investor Jannie Mouton also made a comeback, benefiting from a 59% rise in Capitec Bank Holdings’ stock value.
Billionaires Who Lost Wealth
Not all billionaires experienced gains. Zimbabwe’s telecoms tycoon, Strive Masiyiwa, suffered the biggest loss, losing a third of his wealth. His net worth dropped to $1.2 billion due to the country’s shift from the Zimbabwe dollar to the new gold-backed ZiG currency.
How Africa’s Billionaires Were Ranked
Forbes compiled the list based on publicly available financial data, including:
- Stock prices and currency exchange rates (as of March 7, 2025).
- The list only includes billionaires who reside in Africa or operate businesses primarily on the continent.
Excluded from the list are billionaires like Mo Ibrahim, the Sudanese-born businessman who holds UK citizenship, and Nathan Kirsh, the South African billionaire whose business interests lie in the U.S. and UK.
Africa’s Billionaire Wealth Reflects Global Trends
Despite economic uncertainties, Africa’s richest individuals have continued to expand their fortunes, aligning with global trends. Stock markets have surged by 22% over the past year, fueling gains among billionaires worldwide.
The rapid growth in African wealth underscores the resilience of the continent’s leading entrepreneurs and industrialists, proving that Africa’s billionaire class remains a key force in global wealth accumulation.
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