For the first time in history, Africa’s billionaires have collectively amassed a fortune exceeding $100 billion, with their combined net worth reaching $105 billion, according to the latest Forbes rankings. This significant surge from the previous year’s $82.4 billion marks a milestone for the continent’s wealthiest individuals, despite economic and political uncertainties.
The 2025 report highlights the resilience and growth of Africa’s billionaires, who continue to expand their wealth in the face of market challenges. Nigeria’s Aliko Dangote remains Africa’s richest person for the 14th consecutive year, with an estimated net worth of $23.9 billion. This marks a sharp rise from his $13.9 billion valuation in 2024, largely attributed to the valuation of his long-awaited refinery project near Lagos.
Dangote’s refinery, which started refining oil in early 2024, has positioned Nigeria to begin exporting refined petroleum products, a significant shift for the major oil-producing nation. The refinery’s operational success has also had a positive impact on Dangote’s net worth, cementing his position as Africa’s richest person.
South Africa and Nigeria dominate the list of Africa’s billionaires, with seven and four individuals respectively. Egypt follows with four billionaires, while Morocco has three. Other countries with billionaire representation include Algeria, Tanzania, and Zimbabwe.
South African luxury goods tycoon Johann Rupert retains the second spot with a net worth of $14 billion, reflecting a 39% increase from 2024. His growth is second only to Dangote’s. Meanwhile, Nigeria’s Femi Otedola, chairman of Geregu Power Plc, saw his fortune jump over 30% to $1.5 billion, driven by a 40% surge in his company’s stock value.
The list also saw the return of two former billionaires. Moroccan real estate mogul Anas Sefrioui made a comeback following a surge in shares of his real estate company, Douja Promotion Groupe Addoha. South African investor Jannie Mouton also returned, buoyed by a 59% rise in the share price of Capitec Bank Holdings.
However, some fortunes took a hit. Zimbabwe’s Strive Masiyiwa suffered the biggest decline, losing a third of his wealth due to Zimbabwe’s currency shift from the Zimbabwe dollar to the gold-backed ZiG. His net worth now stands at $1.2 billion.
The Forbes rankings are based on publicly available data, including stock prices and currency exchange rates as of March 7, 2025. The list tracks billionaires who reside in Africa or have their primary businesses on the continent, excluding figures such as Sudanese-born Mo Ibrahim, a U.K. citizen, and South African Nathan Kirsh, whose business is primarily in the U.S. and U.K.
The growth in the wealth of African billionaires mirrors global trends, with equity markets rising by 22% over the past year. Despite economic volatility, these billionaires continue to expand their wealth, demonstrating resilience in the face of market challenges.
As Africa’s billionaires continue to grow their wealth, it is essential to recognize the impact they have on the continent’s economy. Their investments, philanthropy, and entrepreneurial spirit play a significant role in shaping Africa’s future.
In conclusion, the latest Forbes rankings highlight the significant growth and resilience of Africa’s billionaires. With a combined net worth of $105 billion, these individuals continue to shape the continent’s economy and inspire future generations of entrepreneurs and business leaders.
