As Africa continues to emerge as a hub of economic growth and innovation, the continent’s wealth landscape is becoming increasingly prominent on the global stage.
According to Forbes’ real-time billionaires list, 2024 has seen significant shifts among Africa’s wealthiest individuals.
Aliko Dangote, renowned for his extensive holdings in cement and sugar, has reclaimed his position as Africa’s richest person with a net worth of $12.9 billion.
Following closely is South Africa’s Johann Rupert and family, who have amassed a fortune of $12.2 billion through their luxury goods empire.
Understanding the dynamics behind these fortunes offers valuable insights into the economic trends shaping Africa today.
The strategic investments and business acumen of these individuals not only contribute to their personal wealth but also play a pivotal role in economic development and job creation across the continent.
Methodology
Nairametrics has utilised the Forbes Real time billionaires’ rankings to curate this list. The Billionaires rankings track the daily ups and down of the world’s richest people.
This article explores the African countries that host the highest number of billionaires, highlighting the sectors driving their wealth.
- Tanzania
Number of billionaires: 1
The East African country has one billionaire. Mohammed Dewji who is currently worth $1.8 billion has a diversified source to his wealth. He is the 1851st richest person in the world.
- Zimbabwe
Number of billionaires: 1
Zimbabwe, a landlocked country in the South of Africa boasts of only one billionaire. Strive Masiyiwa has a net worth of $1.8 billion. He is the 1807th richest person in the world. The source of his wealth is telecom.
- Algeria
Number of billionaires: 1
The People’s Democratic Republic of Algeria located in the North of Africa also boasts of one billionaire. Issad Rebrab and their family have a current net worth of $2.5 billion.
Issad founded Cevital, Algeria’s biggest privately held company and owner of one of the largest sugar refineries in the world.
- Eswatini (Swaziland)
Number of billionaires: 1
The kingdom of Eswatini also known as Swaziland is located in the South of Africa and has one billionaire. Nathan Kitsch’s source of wealth is retail and real estate.
The bulk of his wealth comes from Jethro holdings which own restaurant supply store. He is currently worth $6.8 billion.
- Morocco
Number of billionaires: 2
The Northern African country boasts of 2 billionaires. Aziz Akhannouch and family and Othman Benjelloun and family are currently worth $1.7 billion and $1.5 billion respectively.
While Aziz Akhannouch has a diversified source of wealth, a bulk of his wealth is from petroleum, gas and chemicals. Othman Benjelloun gets his wealth from banking and insurance.
- Nigeria
Number of billionaires: 4
Nigeria, a country located in the West of Africa, has 4 billionaires including Africa’s richest person, Aliko Dangote.
- Aliko Dangote, Africa’s richest person has a current net worth of $12.9 billion. He founded and chairs Africa’s largest cement producer.
- Nigeria’s other billionaires include Mike Adenuga, Abdulsamad Rabiu and Femi Otedola whose current net worth are $6.7 billion, $5.1 billion, and $1.4 billion respectively.
- The source of their wealth are spread across telecom, oil, cement, sugar, energy and utilities.
- Egypt
Number of billionaires: 5
Egypt currently has 5 billionaires. Nassef Sawiris, Egypt’s richest person has a net worth of $9.2 billion.
- His source cut across construction and investments including Madison Square Garden Sports, Adidas, and NBA Knicks.
- His brother, Naguib Sawiris, is Egypt’s 2nd richest person.
- He built a fortune in telecom and is currently worth $3.8 billion.
- Mohamed Mansour, Youssef Mansour, Yassen Mansour, the Mansour brothers, have a diversified source of wealth including motors dealerships.
- They are currently worth $3.2 billion, $1.3 billion, and $1.2 billion respectively.
- South Africa
Number of billionaires: 6
South Africa boasts of 6 billionaires. The second richest person in Africa, Johann Rupert and family is worth $12.2 billion and makes his wealth from luxury goods.
- Nicky Oppenheimer and family is worth $9.5 billion gets his wealth from diamonds.
- Koos Berker is revered for changing South African newspaper publisher, Naspers into an e-commerce investor and cable TV powerhouse. He is currently $2.8 billion.
- Patrice Motsepe, the founder of African Rainbow minerals, has a current net worth of $2.8 billion.
- Michiel Le Roux and Christoffel Wiese both have a net worth of $1.2 billion. Their sources of wealth are banking and retail respectively.
