AFRICA’S TEN WEALTHIEST INDIVIDUALS IN 2024

Africa is known for being a tough place to build and maintain a billion-dollar fortune. Global investors are cautious about its stock markets, and businesses struggle with weak economies, poor infrastructure, and fluctuating currencies.

Despite these challenges, Africa has roughly 20 billionaires with a combined net worth exceeding $80 billion as of April 2024, according to Forbes estimates. Femi Otedola, for example, has seen his wealth rebound to $1.8 billion. However, some argue that inherited wealth or close government ties still play a big role in creating Africa’s richest people.

Here’s a look at the top 10:

1. Aliko Dangote (Nigeria): Net worth: $16.1 billion Dangote is Africa’s richest person for the 13th year in a row. He founded and leads Dangote Cement, the continent’s largest cement producer, with an 85% stake through a holding company. Dangote Cement operates in 10 African countries and produces 48.6 million metric tons of cement annually. Recently, Dangote’s long-awaited fertilizer plant opened in Nigeria, and construction of the Dangote Refinery has been completed.

2. Johann Rupert (South Africa): Net worth: $10.5 billion Rupert is the mastermind behind Compagnie Financiere Richemont, a renowned Swiss luxury goods company known for brands like Cartier and Montblanc. Established in 1998, Richemont spun off from assets previously held by Rembrandt Group Limited, founded by his father in the 1940s. Rupert also holds stakes in Remgro, a diversified investment firm, and Reinet, an investment holding company.

3. Nicky Oppenheimer (South Africa): Net worth: $9.5 billion Oppenheimer inherited the De Beers diamond legacy. In 2012, he made headlines by selling his 40% stake in the company to Anglo American for a whopping $5.1 billion. The Oppenheimer family controlled the global diamond industry for a staggering 85 years until 2012. Beyond diamonds, Oppenheimer ventured into aviation with his company Fireblade Aviation.

4. Nassef Sawiris (Egypt): Net worth: $8.6 billion Sawiris, an investor and Egypt’s richest man, is known for acquiring a 5% stake in Madison Square Garden Sports, which owns the NBA Knicks and NHL Rangers. He leads OCI, a major nitrogen fertilizer producer with facilities in the US and Europe. Additionally, he controls Orascom Construction, an engineering and building firm, and holds a significant stake in Adidas. Sawiris also partnered with Fortress Investment Group to buy the Premier League’s Aston Villa Football Club.

5. Abdul Samad Rabiu (Nigeria): Net worth: $7.0 billion Rabiu chairs BUA Group, a leading Nigerian conglomerate involved in cement production, sugar refining, and real estate. In 2020, he merged his private cement company with a publicly traded firm to create BUA Cement Plc, a powerhouse now on the Nigerian stock exchange. Rabiu also controls a significant share of BUA Foods, a publicly traded food company.

6. Mike Adenuga (Nigeria): Net worth: $7.0 billion Adenuga is a prominent Nigerian entrepreneur with businesses in telecom and oil production. Globacom, his brainchild, is one of Nigeria’s largest mobile phone networks. His company Conoil Producing operates oil blocks in the Niger Delta, significantly contributing to the nation’s energy sector. Globacom also led the development of Glo-1, a massive submarine internet cable linking Nigeria to the UK, enhancing regional connectivity. Additionally, Adenuga owns a major stake in the publicly traded gasoline firm Conoil.

7. Nathan Kirsh (Swaziland/US): Net worth: $6.8 billion Kirsh’s wealth comes from his ownership of Jetro Holdings, a US-based company encompassing popular restaurant supply stores like Jetro Cash and Carry and Restaurant Depot. He controls 70% of the business, supplying wholesale goods to restaurants and stores across the US. Kirsh started his entrepreneurial journey in Swaziland with a corn milling business in 1958, later venturing into wholesale food distribution in South Africa.

8. Naguib Sawiris (Egypt): Net worth: $3.8 billion Sawiris, from one of Egypt’s wealthiest families, made a lucrative deal by selling Orascom Telecom to a Russian telecom giant in 2011. Now chairman of Orascom TMT Investments, he oversees a diverse portfolio including an asset manager in Egypt and the Italian internet company Italiaonline. Sawiris has also diversified into hospitality, spearheading the development of a luxurious resort in Grenada.

9. Mohammed Mansour (Egypt): Networth-$3.2 billion Mohamed Mansour leads Mansour Group, which traces its roots back to its establishment by his father, Loutfy, in 1952. Mansour’s influence expanded significantly when he introduced General Motors dealerships to Egypt in 1975, subsequently becoming one of GM’s major distributors globally. Additionally, Mansour Group holds exclusive distribution rights for Caterpillar equipment in Egypt and seven other African nations. Beyond his business endeavors, Mansour has 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.  

10. Koos Bekker (South Africa): Networth-$2.7 billion Koos Bekker is South African billionaire who led Naspers, a publisher in 2001, acquiring a significant stake in the Chinese Internet giant Tencent Holdings for a reported $34 million—an investment widely regarded as one of the most lucrative venture decisions in history. By 2019, Naspers restructured its portfolio, allocating assets to two publicly traded entities: entertainment firm MultiChoice Group and Prosus, which houses the valuable Tencent stake. Bekker retired as CEO of Naspers in March 2014, but returned to the company as chairman in April 2015.

Rounding Out the Top 15

Forbes’ list includes several more African billionaires beyond the top 10. Here’s a quick look at those individuals:

• 15th: Youssef Mansour (Egypt) – Net worth: $1.3 billion
• 14th (tie): Othman Benjelloun & Family (Morocco) – Combined net worth: $1.4 billion
• 13th: Femi Otedola (Nigeria) – Net worth: $1.7 billion (Only Nigerian besides the top 10)
• 12th (tie): Mohammed Dewji (Tanzania) – Net worth: $1.8 billion
• 12th (tie): Strive Masiyiwa (Zimbabwe) – Net worth: $1.8 billion
• 11th: Patrice Motsepe (South Africa) – Net worth: $2.6 billion

Femi Otedola’s Rise

Among these individuals, Femi Otedola of Nigeria deserves special mention. He’s the only Nigerian billionaire in the top 15 besides the top 10. Otedola’s wealth journey began in commodities trading before expanding into the energy sector. He chairs Geregu Power, a major power generation company, where he once held a controlling stake exceeding 95%. In recent years, he strategically reduced his ownership to attract institutional investors. Otedola also has investments in First Bank Holdings.

Source: Nairametrics