Africa is widely recognized as one of the most challenging environments in the world to build and maintain a billion dollar fortune.
Global investors remain wary of its stock markets, while businesses face financial pressures, poor infrastructure and fluctuating exchange rates.
Despite these challenges, Africa has produced billionaires (about 20) whose combined net worth exceeds $80 billion as of April 2024, according to Forbes estimates. Femi Otedola, for example, has seen his fortune rise to $1.8 billion, reflecting a trend of remarkable rebounds. But some argue that entrenched family wealth or close government ties still dominate Africa’s wealthiest classes.
Take, for example, Nigeria’s Aliko Dangote, whose fortune grew by $2.2 billion to reach $16.1 billion between January 22, 2024 and April 12, 2024, despite the devaluation of the naira in 2023 and other adversities.
Undoubtedly, Africa presents challenges for business. Still, the continent’s top 10 billionaires are pushing ahead, undeterred by the obstacles they face.
10. Koos Bekker
Networth-$2.7 billion
Koos Bekker is the South African billionaire who led Naspers, a publisher, in 2001 by acquiring a major stake in Chinese internet giant Tencent Holdings for $34 million – an investment widely regarded as one of the most lucrative business decisions in history.
By 2019, Naspers had restructured its portfolio, allocating assets to two publicly traded companies: entertainment company MultiChoice Group and Prosus, which houses Tencent’s prized stake. Bekker retired as CEO of Naspers in March 2014, but returned to the company as chairman in April 2015.
9. Mohammed Mansoor
Networth-$3.2 billion
Mohamed Mansour heads the Mansour Group, which traces its roots to its founding by his father, Loutfy, in 1952. Mansour’s influence expanded significantly when he introduced General Motors dealerships in Egypt in 1975, and subsequently became a of the largest GM distributors worldwide. In addition, Mansour Group holds exclusive distribution rights for Caterpillar equipment in Egypt and seven other African countries.
In addition to his business endeavors, Mansour played a role in Egyptian politics, serving as the country’s Minister of Transportation from 2006 to 2009 during the tenure of President Hosni Mubarak.
8. Naguib Sawiris
Networth-$3.8 billion
Naguib Sawiris is one of Egypt’s wealthiest families. In particular, he created a lucrative deal by selling Orascom Telecom to Russian telecom giant VimpelCom (now Veon) in a multi-billion dollar transaction in 2011. Currently serving as chairman of Orascom TMT Investments, Sawiris oversees the group’s diverse portfolio, which includes stakes in various ventures such as an asset manager in Egypt and the famous Italian internet company, Italiaonline.
Beyond his telecommunications businesses, Sawiris has diversified his interests into hospitality. Specifically, he spearheaded the development of Silversands, a luxury resort located on the Caribbean island of Grenada.
7. Nathan Kirsh
Networth-$6.8 billion
Nathan “Natie” Kirsh’s wealth comes primarily from his ownership stake in US-based Jetro Holdings, a company that includes popular restaurant supply stores such as Jetro Cash and Carry and Restaurant Depot. Owning a whopping 70% stake in the business, Kirsh oversees its operations, which revolve around supplying wholesale products to various outlets, including bodegas, convenience stores and restaurants across the United States.
Kirsh’s entrepreneurial journey traces back to his roots in Swaziland, where he laid the foundation for his fortune by establishing a maize milling business in 1958. Building on this initial success, he began wholesale food distribution in apartheid-era South Africa.
6. Mike Adenuga
Networth-$7.0 billion
Mike Adenuga is one of Nigeria’s most respected businessmen with businesses in telecommunications and oil production. Specifically, his brainchild, Globacom, is part of the country’s largest mobile network. His company, Conoil Producing, oversees operations in six oil blocks located in the Niger Delta, contributing significantly to the country’s energy sector.
Globacom spearheaded the development of Glo-1, an extensive 6,100-mile submarine internet cable connecting Nigeria to the UK via Ghana and Portugal, boosting connectivity and digital infrastructure in the region. In addition, Adenuga holds a 74% ownership stake in listed petrol company Conoil, further enhancing his influence in Nigeria’s energy landscape.
5. Abdul Samad Rabiou
Networth-$7.0 billion
Abdulsamad Rabiu is the chairman of the BUA Group, a leading Nigerian conglomerate renowned for its activities in cement production, sugar refining and real estate, has made remarkable strides in the business landscape. In a major move in early January 2020, Rabiu orchestrated the merger of his private company Obu Cement with the publicly traded Cement Co. of Northern Nigeria, over which he had control.
This led to the creation of BUA Cement Plc, a powerful company now traded on the Nigerian Stock Exchange, with a significant ownership stake of 98.2%. In addition, Rabiu holds a 95% stake in BUA Foods, a prominent publicly traded food group.
4. Nassef Sawiris
Networth-$8.6 billion
Nassef Sawiris, investor and Egypt’s richest man, made headlines in December 2020 when he acquired a remarkable 5% stake in New York-listed Madison Square Garden Sports, which boasts ownership of the NBA Knicks and NHL Rangers. Sawiris leads OCI, a prominent producer of nitrogen fertilizers with facilities in Texas and Iowa, which trades on the Euronext exchange in Amsterdam.
In addition, Orascom Construction, an engineering and construction company under his purview, is listed on both the Cairo Stock Exchange and Nasdaq Dubai. In particular, his portfolio includes a significant share of almost 6% in the famous German sportswear giant Adidas. Saoirse made further waves in the sporting world by partnering with Fortress Investment Group’s Wes Edens to acquire Premier League side Aston Villa Football Club.
3. Nikki Oppenheimer
Networth-$9.5 billion
Nicky Oppenheimer, 78-year-old heir to the De Beers diamond legacy, made headlines in 2012 by selling his 40% stake in the company to mining group Anglo American for a staggering $5.1 billion in cash. As the third generation to lead De Beers, Oppenheimer orchestrated its transition to private ownership in 2001.
For an impressive 85 years until 2012, the Oppenheimer family exerted a significant influence on the global diamond industry. Beyond diamonds, Oppenheimer ventured into aviation, founding Fireblade Aviation in Johannesburg in 2014, specializing in charter flights.
2. Johann Rupert
Networth $10.5 billion
Johann Rupert is the man behind the lifestyle brand Compagnie Financiere Richemont, a famous Swiss luxury goods company recognized for brands such as Cartier and Montblanc. Founded in 1998, Richemont arose from a spinoff of assets previously held by Rembrandt Group Limited, which was founded by his father Anton in the 1940s. Rupert holds a 7% stake in Remgro, a diversified investment company where he also owns position of the president. In addition, it owns 27% of Reinet, an investment holding company based in Luxembourg.
1. Aliko Dagote
Networth-$16.1 billion
Aliko Dangote, Africa’s richest man for 13 years, founded and now heads Dangote Cement, the continent’s largest cement manufacturer. Through a holding company, it holds an 85% stake in the publicly traded Dangote Cement. With a production capacity of 48.6 million metric tons per annum, Dangote Cement operates in 10 African countries. In March 2022, the Dangote fertilizer plant in Nigeria began operations after years of development. In addition, the construction of the Dangote refinery has been completed.