For the first time, the cumulative wealth of Africa’s dollar billionaires has surpassed the $100 billion mark, reaching $105 billion, according to Forbes.
This significant milestone comes as the continent's wealthiest individuals see their fortunes rise, with Nigeria and South Africa dominating the ranks.
Aliko Dangote, Nigeria’s richest man, leads the list for the 14th consecutive year with an estimated net worth of $23.9 billion, up from $13.9 billion last year.
The sharp increase is primarily due to the successful launch of his refinery, which began operations in early 2024.
Dangote’s refinery is a key development, enabling Nigeria to refine and export petroleum products.
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“This is a very, very big relief,” Dangote remarked, reflecting on the project's importance in bolstering Africa’s oil refining capacity.
South Africa’s Johann Rupert follows in second place, with a 39 per cent increase in his wealth, now valued at $14 billion.
Rupert has maintained his position as one of Africa’s wealthiest individuals, benefiting from his luxury goods investments.
Completing the top three is Nicky Oppenheimer, the former head of De Beers, with a fortune of $9.4 billion.
Oppenheimer’s wealth continues to be driven by his stake in De Beers, the diamond giant, along with other investments in various industries.
Notably, Kenya, despite its vibrant economy, is yet to have a representative in the ranks of Africa’s billionaires.
For the time being, it is countries like Nigeria and South Africa that continue to dominate the ranks of the continent’s wealthiest, as outlined by Forbes.
Below is the full table of the Forbes African dollar billionaires ranking:
