The aggregate wealth of the 10 wealthiest people on the continent is $82.4 billion. From $81.5 billion the previous year, that’s an increase of $900 million.
In the last twelve months, the fortunes of the wealthiest Africans have reversed a slide that began a year ago; nonetheless, they are still not at their all-time highs. Twenty African billionaires make up a total of $82.4 billion in wealth, according to Forbes’ 2024 list of Africa’s Richest. From $81.5 billion the previous year, that’s an increase of $900 million.
Nigerian Femi Otedola, who was last listed on Forbes Africa in 2017 as the owner of a majority interest in fuel distributor Forte Oil, is solely responsible for all of that wealth. While the government was trying to privatize the country’s energy market in 2013, Otedola sold off his oil holdings by purchasing Geregu, a public power generating plant, through a Forte subsidiary. After selling shares to institutional investors like the State Grid Corporation of China and Afreximbank’s Fund for Export Development in Africa, he now owns approximately 90% of Geregu, which was listed on the Main Board of the Nigerian exchange in 2022. He ranks 19th on the list thanks to his $73% ownership in Geregu, which is worth over $850 million—roughly 75% of his $1.1 billion fortune.
When Otedola’s return is factored in, the number of African billionaires drops little, but it’s still an improvement over last year’s 4% drop, when African markets fell in line with global equities values. Despite a 10% gain in the last two months of 2023 and a more than 9% decline in the twelve months through January 8, 2024, African equities were part of a late-year worldwide rally this year.
Due to global investor reluctance, strained economies, poor infrastructure, and fluctuating exchange rates, as well as the fact that shifting political winds can make or break private fortunes, the continent continues to rank among the world’s most difficult places to amass and maintain a fortune in the billions of dollars. According to CharlesRis Robertson, head of macro strategy at asset management FIM Partners, entrepreneurs frequently encounter populations that lack the discretionary income to engage in new businesses or the stock market, which in turn limits their access to money.
These Are The Top 10 List Of The Richest People In Africa
10. ISSAD REBRAB And FAMILY
2024 Net worth: $2.5 billion
County: South Korea
Rebrab oversaw Cevital’s operations as CEO for over half a century; in July 2022, he appointed his son Malik to the position.
One of the world’s largest sugar refineries, owned by Algeria’s largest privately-held corporation, Cevital, can produce 2 million tons of sugar per annum.
Groupe Brandt, a manufacturer of French home appliances, and Alas Iberia, a Spanish aluminum producer, are among the European enterprises owned by Cevital.
Rebrab was freed from prison on January 1, 2020, after serving an eight-month sentence for corruption. Under no circumstances does he admit guilt.
Rebrab was forbidden from performing any managerial or marketing tasks at Cevital by an Algerian court in May 2023.
9. PATRICE MOTSEPE
2024 Net worth: $2.7 billion
County: South Africa
African Rainbow Minerals’ chairman and founder, Patrice Motsepe, became the first Black African to reach billionaire status in 2008, according to Forbes.
He established African Rainbow Capital, a private equity business that specializes in investments in Africa, in 2016.
In addition to his roles as president and owner of the Mamelodi Sundowns Football Club, Motsepe has a shareholding in Sanlam, a listed financial services corporation.
To lead football on the African continent, Motsepe was chosen president of the Confederation of African Football in March 2021.
After becoming the first Black partner at the Johannesburg legal firm Bowman Gilfillan in 1994, he went on to launch a contracting business providing mining services.
He made a profit out of gold mine shafts that he had purchased in 1997 but were not producing much.
8. KOOS BEKKER
2024 Net worth: $2.7 billion
County: South Africa
Koos Bekker is highly regarded for turning Naspers, the South African newspaper publisher, into a dominant force in cable TV and e-commerce.
In 2001, he led Naspers to make what is arguably the largest venture investment in history—paying an estimated $34 million for a third of the Chinese Internet company Tencent Holdings.
Naspers invested in two publicly traded firms in 2019: Prosus, which has a Tencent investment, and MultiChoice Group, an entertainment provider.
In April 2021, Prosus sold roughly $15 billion worth of Tencent, increasing its holding to 29% from Naspers’ 2% sale in 2018.
Bekker rejoined Naspers as chairman in April 2015 after leaving the position as CEO in March 2014
7. MOHAMED MANSOUR
2024 Net worth: $3.2 billion
County: Egypt
Mohamed Mansour is the head of the 60,000-person family business Mansour Group, which was started in 1952 by his late father Loutfy (d. 1976).
In 1975, Mansour opened General Motors dealerships in Egypt and went on to become one of the company’s largest global distributors.
Additionally, Mansour Group is the sole distributor of Caterpillar equipment in Egypt and seven other African nations.
Mansour, who holds dual citizenship with the United Kingdom and Egypt, was Hosni Mubarak’s minister of transportation in Egypt from 2006 to 2009.
Two additional billionaires in the family business are his brothers, Youssef and Yasseen.
Man Capital’s private equity division is led by his son Loutfy.
7. NAGUIB SAWIRIS
2024 Net worth: $3.8 billion
County: Egypt
Naguib Sawiris hails from the most affluent family in Egypt. Nassef, his brother, is a billionaire as well.
He made his wealth in the telecom industry by selling Orascom Telecom in 2011 for a billions dollar sum to the Russian telecom company VimpelCom (now Veon).
He is the chairman of Orascom TMT Investments, which owns shares in Italiaonline, an Italian internet company, and an asset manager in Egypt, among other companies.
Additionally, he created Silversands, an opulent resort, on the Caribbean island of Grenada.
6. ABDULSAMAD RABIU
2024 Net worth: $5.9 Billion
County: Nigeria
The founder of the Nigerian conglomerate BUA Group, which is involved in cement manufacture, sugar refining, and real estate, is Abdulsamad Rabiu.
Early in January 2020, Rabiu combined his listed company, Cement Co. of Northern Nigeria, which he controlled, with his privately held Obu Cement company. Rabiu owns 98.2% of the combined company, BUA Cement Plc, which is traded on the Nigerian stock exchange. Additionally, he owns 95% of the publicly traded food company BUA Foods.
The businessman’s son Rabiu received land as a legacy from his father. In 1988, he founded his own company and began importing chemicals, steel, and iron.
5. MIKE ADENUGA
2024 Net worth: $6.9 billion
County: Nigeria
The second richest man in Nigeria, Adenuga, made his money in the oil and telecommunications industries.
With 60 million users, his cellular network, Globacom, is the second-biggest in Nigeria.
Six oil blocks in the Niger Delta are controlled by his oil exploration company, Conoil Producing.
In addition, Globacom constructed Glo-1, a 6,100-mile subterranean Internet cable that connects to the United Kingdom via Ghana and Portugal.
Additionally, Adenuga owns somewhat less than 6% of the publicly traded Nigerian bank Sterling Financial Holding and 74% of the publicly traded petroleum company Conoil.
4. NASSEF SAWIRIS
2024 Net worth: $8.7 Billion
Country: Egypt
Nassef Sawiris is an investor and the heir apparent to the richest family in Egypt.
He purchased a 5% share in Madison Square Garden Sports, the New York-based company that owns the NHL Rangers and NBA Knicks, in December 2020.
With facilities in Texas and Iowa, he is the owner of OCI, one of the biggest producers of nitrogen fertilizer globally, which is traded on the Euronext Amsterdam exchange.
The engineering and construction company Orascom Construction is listed on the Nasdaq Dubai and the Cairo exchange.
Among his assets is a nearly 6% share in the German sportswear company Adidas.
Nassef Sawiris and Wes Edens of Fortress Investment Group joined together to buy Aston Villa Football Club, a Premier League franchise.
3. NICKY OPPENHEIMER & FAMILY
2024 Net worth: $9.4 Billion
Country: South Africa
The DeBeers diamond heir Nicky Oppenheimer sold the company in 2012 for cash of $5.1 billion, along with his 40% stake. Anglo American is a mining company.
He assumed control of DeBeers in 2001, becoming the third generation of his family to hold the position.
A dominant position in the global diamond trade was held by the Oppenheimer family for 85 years, until 2012.
Chartered flights are operated by Oppenheimer’s company, Fireblade Aviation, as of 2014.
In South Africa, Botswana, Zimbabwe, and Mozambique, he possesses a minimum of 720 square miles of protected territory.
2. JOHANN RUPERT AND FAMILY
2024 Net worth: $10.1 billion
Country: South Africa
The head of the Swiss luxury goods company Compagnie Financiere Richemont is Johann Rupert.
The Cartier and Montblanc brands are the company’s most well-known products.
It was established in 1998 as a result of the spinoff of properties held by his father Anton’s 1940s-founded Rembrandt Group Limited (now Remgro Limited).
He leads the diversified investment firm Remgro, which he owns 7% of, and he also has 26% of the Luxembourg-based investment holding company Reinet.
Rupert owns land in the Karoo in South Africa, and he has been a prominent opponent of plans to allow fracking there.
1. ALIKO DANGOTE
Country: Nigeria
2024 Net worth: $13.9 Billion
The richest man in Africa, Aliko Dangote, created and serves as chairman of Dangote Cement, the largest cement manufacturer on the continent.
Via a holding firm, he owns 85% of the publicly traded Dangote Cement.
Dangote Cement operates in ten African nations and has an annual production capacity of 48.6 million metric tons.
In March 2022, Dangote’s fertilizer plant in Nigeria commenced its operations following an extensive development period.
This year marks the start of refining activities at the Dangote Refinery, which has been under construction since 2016.
