The continent is progressing alongside the transformation of the worldwide economy, which can be seen through the increase in combined assets amounting to $900 million (KSh 116.46 billion), boosting the total wealth of Africa’s billionaires from $81.5 billion (KSh 10.55 trillion) in 2024.
It is projected that the continent’s economy will grow from an estimated 3.4% in 2024 to 3.7% in 2025 and then rise even higher to 4.0% in 2026. This favorable trend can be attributed to recoveries within major economies, bolstered significantly by sectors like manufacturing.
In 2025, Africa's billionaires exemplify the varied economic environment of the continent, where prosperity is largely centered around assets like cement, petroleum, gemstones, high-end products, telecommunications, and financial institutions.
In the rankings, Nigeria and South Africa lead strongly, occupying seven out of the top ten positions, trailed closely by Egypt which secures the remaining three slots.
Who are the wealthiest individuals in Africa?
Based on the Forbes billionaire ranking, here are the wealthiest individuals in Africa along with their respective business ventures:
1. Aliko Dangote – Nigeria
At the top of the rankings for yet another time is Nigerian businessman Aliko Dangote, with his fortune having risen to approximately $23.9 billion (KSh 3.09 trillion) by March 2025.
The billionaire entrepreneur, who is 67 years old, has built his fortune primarily through the Dangote Group, a diversified company holding significant positions in industries such as cement, sugar, and petroleum refining. The centerpiece of his holdings is the Dangote Refinery, which stands out as the biggest oil refinery in Africa. This facility commenced full-scale operations in 2024 and was expected to process around 500,000 barrels of crude daily starting from early 2025.
Dangote’s ambitions go further than just oil; he intends to broaden his operations by expanding his fertilizer facility and making the refinery available for public trading in the coming two years.
2. Johann Rupert – South Africa
The South African luxury goods magnate Johann Rupert ranks second with a fortune of $10.1 billion (KSh 1.31 trillion). Now 74 years old, he serves as chairman for Compagnie Financière Richemont, which owns renowned labels such as Cartier and Montblanc.
Even though his fortune decreased slightly to $10.7 billion (KSh 1.38 trillion) in 2023 because of volatile stock markets, he still stands as a major player in the high-end market worldwide. His financial standing is also supported by ventures via Remgro, an investment firm based in South Africa that has stakes in sectors like banking, health care, and consumer goods.
3. Nicky Oppenheimer – South Africa
The 79-year-old Nicky Oppenheimer ranks third among Africa’s richest with a fortune of $9.4 billion (KSh 1.22 trillion).
Nicky's fortune is linked to a varied investment portfolio, encompassing private holdings and interests in mining operations throughout the continent, notably in the diamond sector.
4. Nassef Sawiris – Egypt
The Egyptian tycoon Nassef Sawiris, who is 64 years old, has accumulated a fortune totaling $8.7 billion (KSh 1.13 trillion). This substantial wealth stems from his role at OCI N.V., where he serves as the head of this international company specializing in both building materials and fertilizer production.
Sawiris has taken advantage of infrastructure expansions throughout Africa and the Middle East. He has diversified his investments into sports as well, holding a substantial share in Adidas and owning stakes in Aston Villa Football Club in the English Premier League.
5. Mike Adenuga – Nigeria
The 71-year-old Nigerian entrepreneur in telecommunications and oil ranks among the continent’s wealthiest individuals with a fortune totaling $6.9 billion (KSh 892.86 billion), placing him at the fifth spot on the list of Africa's richest people.
Adenuga's wealth is driven by Globacom, one of Africa's leading telecom firms, along with his oil exploration company, Conoil Producing.
Other notable African billionaires:
6. Abdulsamad Rabiu ($5.9 billion, KSh 763.46 billion, Nigeria)
7. Naguib Sawiris ($3.8 billion, KSh 491.72 billion, Egypt)
8. Michiel Le Roux ($1.6 billion, KSh 207.04 billion, South Africa)
9. Koos Bekker ($2.7 billion, KSh 349.38 billion, South Africa)
10. Patrice Motsepe ($2.7 billion, KSh 349.38 billion, South Africa)