Africa’s Billionaires Reach Record $105 Billion as Dangote Maintains Top Spot for 14th Year
Africa’s wealthiest individuals have reached a historic milestone, with their combined net worth surpassing $100 billion for the first time. According to Forbes’ 2025 rankings, the continent’s billionaires now hold a collective fortune of $105 billion, a significant jump from $82.4 billion in 2024.
Dangote Retains Africa’s Richest Title
Nigerian business mogul Aliko Dangote has maintained his position as Africa’s richest person for the 14th consecutive year, with his net worth soaring to $23.9 billion—a sharp increase from $13.9 billion in 2024. This surge is largely credited to the valuation of his Dangote Refinery, which began operations in early 2024.
Speaking to Forbes, Dangote described the refinery as a “game-changer for Africa’s energy sector,” emphasizing its role in boosting crude oil refining capacity and creating economic opportunities across the continent. With its operational success, Nigeria is now poised to export refined petroleum products, marking a major shift in the country’s oil industry.
South Africa and Nigeria Lead in Billionaire Representation
South Africa tops the list with seven billionaires, followed by Nigeria and Egypt with four each, while Morocco has three. Other African billionaires hail from Algeria, Tanzania, and Zimbabwe.
South African luxury goods magnate Johann Rupert remains second on the list with a $14 billion fortune, marking a 39% increase from the previous year. Meanwhile, Femi Otedola, the chairman of Geregu Power Plc, saw his wealth rise over 30% to $1.5 billion, thanks to a 40% increase in his company’s stock value.
Notable Returns and Declines
This year saw the return of two former billionaires:
- Anas Sefrioui (Morocco) – The real estate tycoon rejoined the list following a surge in shares of his company, Douja Promotion Groupe Addoha.
- Jannie Mouton (South Africa) – His comeback was driven by a 59% rise in the share price of Capitec Bank Holdings.
However, some billionaires faced declines:
- Strive Masiyiwa (Zimbabwe) – The telecoms tycoon suffered the biggest loss, with his net worth dropping by a third due to Zimbabwe’s transition from the Zimbabwe dollar to the gold-backed ZiG currency. His wealth now stands at $1.2 billion.
Forbes’ Billionaire Rankings Methodology
Forbes’ rankings are based on publicly available data, including stock prices and currency exchange rates as of March 7, 2025. The list only includes individuals whose primary businesses are based in Africa, excluding figures like Sudanese-born Mo Ibrahim (a UK citizen) and South African Nathan Kirsh, whose business is mainly in the US and UK.
As global markets continue to recover, Africa’s billionaires have demonstrated resilience and economic influence, with their fortunes growing despite economic and political uncertainties.
