Africa’s Billionaires See Soaring Wealth in 2025
Forbes’ 2025 list of Africa’s wealthiest individuals reveals a significant surge in both the number of billionaires and their collective fortune. The continent now boasts 22 billionaires, a testament to Africa’s burgeoning economic landscape. Their combined wealth has reached a staggering $105 billion, a substantial increase from the $82.4 billion recorded in 2024. This impressive growth is attributed primarily to robust market valuations and overall economic improvements across the continent. These positive trends indicate not only individual successes but also a broader positive shift in Africa’s economic trajectory.
Leading the charge is Nigerian industrialist Aliko Dangote, owner of the recently commissioned Dangote Petroleum Refinery. Dangote’s wealth has skyrocketed to an astounding $23.9 billion, a remarkable leap from $13.9 billion the previous year. The inclusion of his refinery’s value, assessed for the first time in this year’s calculations, has significantly contributed to this surge. This massive investment is expected to have a transformative impact on Nigeria’s economy and further solidify Dangote’s position as a dominant force in African business.
Trailing Dangote are other notable figures who have cemented their places among Africa’s elite. Mike Adenuga, chairman of telecommunications giant Globacom, holds the second spot with a net worth of $6.8 billion. Abdulsamad Rabiu, chairman of BUA Group, a conglomerate with interests in cement and sugar, follows closely with $5.1 billion. These individuals, along with others on the list, represent the driving force behind Africa’s growing economic prowess, spearheading industries that contribute significantly to the continent’s development and prosperity.
The 2025 list also features prominent figures from various sectors across Africa. Johann Rupert of South Africa, with his luxury goods empire built around Richemont, boasts a net worth of $11.1 billion. Nicky Oppenheimer, also from South Africa, holds a $9.4 billion fortune derived from his family’s legacy in the diamond industry, notably with De Beers. Nassef Sawiris of Egypt, a key player in the construction industry through Orascom, rounds out the top five with a net worth of $6.7 billion. These individuals, representing diverse industries from luxury goods to construction and natural resources, underscore the breadth of economic activity contributing to Africa’s growing wealth.
Further down the list, Femi Otedola, chairman of First Bank of Nigeria (FBN) Holdings Plc, holds the 16th spot with a net worth of $1.5 billion. The list also includes notable figures like Strive Masiyiwa of Zimbabwe, a telecommunications magnate with a $2.5 billion fortune, and Tanzania’s Mohammed Dewji, whose manufacturing conglomerate has amassed him a $1.8 billion net worth. These individuals, along with others featured on the Forbes list, demonstrate the entrepreneurial spirit and business acumen driving economic growth across various sectors and nations within Africa.
Analyzing the geographical distribution of wealth, South Africa emerges as a powerhouse, boasting seven billionaires on the list. Nigeria and Egypt follow closely behind, each with four billionaires. Morocco contributes three billionaires, while Algeria, Tanzania, and Zimbabwe each claim one. This distribution highlights the varying levels of economic development across the continent, with South Africa maintaining its position as a major economic hub. The concentration of wealth in these specific countries underscores the need for broader economic growth and development across the continent to ensure more equitable distribution of wealth and opportunity. Forbes’ methodology for compiling the list focuses on individuals who either reside in Africa or have their primary business operations on the continent. This criterion ensures that the list accurately reflects wealth generated and concentrated within the African economic landscape. It excludes individuals like Sudanese-born Mo Ibrahim, a UK citizen, and South African Nathan Kirsh, who operates out of London, despite their African origins. The net worth figures are calculated using stock prices and currency exchange rates as of March 7, 2025, providing a snapshot of wealth at a specific point in time.
