For the first time, the total wealth of Africa’s billionaires has surpassed $100 billion, largely fueled by the rising fortunes of Nigerian business tycoons.
According to Forbes’ latest Billionaire List, published in March 2025, the continent now has 22 billionaires with a combined net worth of $105 billion—an increase from the previous year’s $82.4 billion and 20 billionaires.
Despite economic challenges such as currency fluctuations, political instability, and fragile consumer markets, Africa’s billionaire class continues to grow. Nigeria, however, still has only four billionaires on the list.
Dangote’s Wealth Skyrockets Due to Refinery
Aliko Dangote remains Africa’s wealthiest individual for the 14th consecutive year. His fortune jumped from $13.9 billion to $23.9 billion in 2025, largely due to the updated valuation of his $19 billion Dangote Refinery.
After years of delays, the refinery began limited operations in early 2024 and is set to reach full capacity this month. Located near Lagos, it marks a major shift for Nigeria’s oil sector, enabling the country to export refined petroleum products for the first time in decades.
Dangote called the refinery a “game-changer” for Africa’s economic independence and emphasized its role in wealth creation. His growing fortune also places him among the world’s top 100 richest individuals—an achievement no other African billionaire has reached this year.
Other Nigerian Billionaires Maintain Strong Positions
Femi Otedola, chairman of Geregu Power Plc, retained his spot on the billionaire list with a net worth of $1.5 billion. His wealth increase was driven by a nearly 40% rise in Geregu’s stock value, following strong financial performance.
Otedola, a former oil mogul, has shifted his focus to power generation and financial services, investing in First HoldCo Plc, the parent company of FirstBank.
The list also includes Abdulsamad Rabiu, founder of BUA Group, with a net worth of $8.1 billion, and telecoms and oil magnate Mike Adenuga, valued at $6.1 billion.
Adenuga ranks fifth among Africa’s richest, while Rabiu follows in sixth place. They hold the second and third spots within Nigeria, respectively, behind Dangote. Otedola ranks 16th overall and fourth in Nigeria.
Rabiu’s fortune comes from his interests in cement, sugar, and real estate, whereas Adenuga’s businesses in telecommunications and oil continue to perform well despite economic hurdles in Nigeria.
South Africa Leads in Billionaire Numbers
While Nigeria’s billionaires saw substantial wealth gains, South Africa remains the country with the highest number of billionaires—seven in total.
Johann Rupert, South Africa’s richest man, saw his fortune climb 39% to $14 billion, securing his position as Africa’s second-richest individual. He chairs Richemont, the luxury goods giant behind Cartier and Montblanc, and has held the No. 2 spot since 2022.
Other notable South African billionaires include Nicky Oppenheimer ($9.4 billion), Patrice Motsepe ($3.2 billion), Koos Bekker ($2.7 billion), and Michiel Le Roux ($1.7 billion).
Billionaire Presence Across Africa
Egypt has four billionaires, led by Nassef Sawiris, whose net worth increased to $8.7 billion due to a rise in Adidas shares, where he holds a major stake.
Morocco contributed three billionaires, including real estate mogul Anas Sefrioui, who rejoined the list after a strong rally in the stock price of his company, Douja Promotion Groupe Addoha.
Other notable names include Tanzania’s Mohammed Dewiji and Zimbabwe’s Strive Masiyiwa. However, Masiyiwa’s fortune dropped 33% to $1.2 billion after Zimbabwe’s currency reform introduced the new gold-backed ZiG currency.
African Billionaire Breakdown by Country:
- South Africa – 7
- Nigeria – 4
- Egypt – 4
- Morocco – 3
- Algeria – 1 (Issad Rebrab)
- Tanzania – 1 (Mohammed Dewiji)
- Zimbabwe – 1 (Strive Masiyiwa)
Insights Behind the Numbers
Forbes compiled the rankings using stock prices and exchange rates as of March 7, 2025. The list includes only billionaires with primary business operations or residency in Africa, excluding individuals like Mo Ibrahim (UK-based) and Nathan Kirsh (US/UK-based).
The rise in billionaire wealth aligns with a broader surge in global markets, with the MSCI World Index gaining 22% over the past year.
Nigeria’s Billionaires: A Powerhouse of Wealth
Nigeria’s impact on the billionaire rankings extends beyond numbers—its billionaires hold a significant share of the total wealth.
Dangote alone accounts for nearly 25% of Africa’s total billionaire wealth, and Nigeria’s four billionaires collectively control almost $40 billion in assets.
As the Dangote Refinery scales up, Geregu Power maintains its strong performance, and major firms like BUA and Globacom remain competitive, Nigerian billionaires are playing a key role in shaping Africa’s economic trajectory.
