Africa’s richest individuals posted a record rise in wealth in 2025, with the combined net worth of the continent’s billionaires exceeding $100 billion for the first time, according to Forbes.
The latest ranking shows 22 African billionaires with a combined fortune of $105 billion, up from $82.4 billion shared by 20 individuals a year earlier. The increase comes despite ongoing economic challenges across the continent, including political uncertainty, currency volatility and weak consumer demand.
Analysts attribute much of the growth to a strong rally in global equity markets, which rose by about 22 per cent in the 12 months to February 2025.
Nigeria’s Aliko Dangote remained Africa’s richest person for the 14th consecutive year, with an estimated net worth of $23.9 billion, up sharply from $13.9 billion the previous year. Forbes said the increase largely reflects the valuation of Dangote’s long-delayed oil refinery near Lagos, which began operations in early 2024.
The refinery, now close to full capacity, has enabled Nigeria to start exporting refined petroleum products, a major shift for Africa’s largest oil producer.
“This is a very big relief,” Dangote told Forbes, describing the project as a crucial step toward allowing Africa to refine its own crude oil and generate long-term economic value.
South African luxury goods billionaire Johann Rupert ranked second with a net worth of $14 billion, a 39 per cent increase and the second-largest gain on the list. Rupert has held the number two position since 2022.
Another Nigerian, Femi Otedola, was among the strongest performers returning to the ranking. His wealth climbed above $1.5 billion after a sharp rise in the share price of Geregu Power Plc, driven by higher revenues and profits.
Two former billionaires also rejoined the list. Moroccan property developer Anas Sefrioui returned after shares in Addoha Group more than doubled, while South African investment veteran Jannie Mouton made a comeback following a strong rally in Capitec Bank Holdings.
Not all fortunes rose, however. Zimbabwean telecommunications entrepreneur Strive Masiyiwa saw his wealth fall by about a third, largely as a result of currency reforms in Zimbabwe. His net worth was estimated at $1.2 billion.
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By country, South Africa had the highest number of billionaires, with seven, followed by Nigeria and Egypt with four each, and Morocco with three. Algeria, Tanzania and Zimbabwe each had one billionaire on the list.
Africa’s richest individuals in 2025 (net worth):
- Aliko Dangote ($23.9bn) – Nigeria
- Johann Rupert & family ($14bn) – South Africa
- Nicky Oppenheimer & family ($10.4bn) – South Africa
- Nassef Sawiris ($9.6bn) – Egypt
- Mike Adenuga ($6.8bn) – Nigeria
- Abdulsamad Rabiu ($5.1bn) – Nigeria
- Naguib Sawiris ($5bn) – Egypt
- Koos Bekker ($3.4bn) – South Africa
- Mohamed Mansour ($3.4bn) – Egypt
- Patrice Motsepe ($3bn) – South Africa
