Nigerian oil magnate Aliko Dangote leads as Africa’s elite hit record-busting $105 billion fortune

Africa's 22 billionaires saw their combined fortunes surge to a record $105 billion (R1.9 trillion) this year, up from $82.4bn held by 20 individuals last year, the Forbes 2025 Africa billionaires report showed.

South Africa hosts the most billionaires (seven), followed by Nigeria and Egypt (four each). Morocco has three, with one each from Algeria, Tanzania, and Zimbabwe. The growth was even as the continent faces persistent challenges such political instability and currency crises.

Nigerian industrialist Aliko Dangote retains top spot for the 14th consecutive year. His net worth jumped to $23.9bn, largely due to Forbes now valuing his long-delayed Lagos oil refinery. The refinery, aiming for full capacity soon, has enabled Nigeria to export refined products.

On Bloomberg’s billionaire list he is listed at 71 globally, while Africa’s second wealthiest man, South Africa’s Johann Rupert, is at number 148 as of Friday.

Rupert remains second richest on the Forbes Africa list, with his fortune rising 39% to $14bn. Nigeria's Femi Otedola also saw significant gains (over 30%, $1.5bn) as shares in his Geregu Power surged.

Moroccan property magnate Anas Sefrioui and South African investor Jannie Mouton rejoined the list after their key holdings (Douja Promotion and Capitec Bank shares respectively) rebounded strongly.

However, Zimbabwean telecoms tycoon Strive Masiyiwa saw his wealth drop about 33% to $1.2bn, impacted by the country's currency turmoil.

IOL