Africa’s top 20 billionaires have collectively reached a net worth of $82.4 billion, marking a $900 million increase from the previous year, as revealed by the Forbes List released in February 2024. Despite a modest rebound in fortunes over the past 12 months, these business leaders are still striving to regain their peak levels.
In 2023, African equities participated in a late-year global rally, with the S&P All Africa index rising 10% in the final two months. Nevertheless, it closed more than 9% lower in the 12 months through January 8, 2024, indicating persistent challenges in the continent’s economic landscape.
A complex environment, characterised by strained economies, poor infrastructure, volatile exchange rates, and political uncertainties, makes Africa one of the world’s toughest places to build and maintain billion-dollar fortunes.
Despite these hurdles, Africa’s richest continue to dominate, with Nigeria’s Alike Dangote securing the top spot for the 13th consecutive year, boasting a net worth of $13.9 billion. South African magnate, Johann Rupert and Nicky Oppenheimer hold the second and third positions, with $10.1 billion and $9.4 billion, respectively. Notable shifts include the impressive gains by Egypt’s Nassef Sawiris, adding $1.4 billion to reach $8.7 billion, and the unfortunate decline of Algerian industrial magnate Issad Rebrab, whose net worth fell by almost half to $2.5 billion.
South Africa claims six spots on the list, followed by Egypt with five and Nigeria with four. Other countries like Algeria, Tanzania, Zimbabwe, and Morocco also have representation. Forbes used stock prices and currency exchange rates from January 8, 2024, to measure net worth. The Forbes List exclusively tracked billionaires residing in Africa or having their primary businesses on the continent, ensuring a comprehensive reflection of Africa’s economic landscape.
Meet Africa’s top 10 richest business leaders in 2024
These titans of industry navigate diverse sectors, from manufacturing to telecommunications, leaving an indelible mark on the continent’s business terrain.
1. Aliko Dangote – Cementing Success
- Net Worth: $13.9 billion
- Industry: Manufacturing
- Country: Nigeria
Aliko Dangote, Africa’s richest person, commands a colossal fortune primarily derived from Dangote Cement, the continent’s largest cement producer. With operations spanning 10 African countries, Dangote Cement exemplifies Dangote’s commitment to industrial excellence and economic empowerment.
2. Johann Rupert – Crafting luxury
- Net Worth: $10.1 billion
- Industry: Fashion and retail
- Country: South Africa
Johann Rupert, chairman of Compagnie Financiere Richemont, oversees an empire synonymous with luxury, boasting iconic brands like Cartier and Montblanc. Rupert’s steadfast dedication to craftsmanship and quality underscores his position as a stalwart in the luxury goods sector.
3. Nicky Oppenheimer – Diamonds in the rough
- Net Worth: $9.4 billion
- Industry: Metals and mining
- Country: South Africa
Nicky Oppenheimer’s legacy in the diamond industry resonates through generations, epitomizing the enduring allure of precious gems. As the steward of the DeBeers diamond fortune, Oppenheimer’s contributions transcend mere business, encompassing conservation and aviation ventures.
4. Nassef Sawiris – Engineering success
- Net Worth: $8.7 billion
- Industry: Construction and engineering
- Country: Egypt
Nassef Sawiris, the scion of Egypt’s wealthiest family, exemplifies astute investment acumen with ventures like OCI, a global nitrogen fertilizer producer. His foray into sports ownership, including the Premier League’s Aston Villa Football Club (55 percent), underscores Sawiris’s diversified portfolio and strategic vision.
5. Mike Adenuga – Connecting nations
- Net Worth: $6.9 billion
- Industry: Telecommunications and Oil
- Country: Nigeria
Mike Adenuga’s entrepreneurial journey epitomises resilience and innovation, as evidenced by the success of Globacom, Nigeria’s second-largest telecom operator. Adenuga’s pioneering spirit extends to oil exploration, showcasing his commitment to driving economic progress and connectivity across Nigeria.
6. Abdulsamad Rabiu – Building Legacies
- Net Worth: $5.9 billion
- Industry: Diversified
- Country: Nigeria
Abdulsamad Rabiu’s entrepreneurial trajectory reflects a commitment to nation-building through ventures like BUA Group, a conglomerate with interests in cement production and sugar refining. Rabiu’s legacy as a trailblazer in Nigerian industry underscores his enduring impact on the nation’s economic landscape.
7. Naguib Sawiris – Spearheading innovation
- Net Worth: $3.8 billion
- Industry: Telecommunications
- Country: Egypt
Naguib Sawiris’s entrepreneurial spirit resonates through transformative ventures like Orascom Telecom, embodying a commitment to technological advancement and connectivity. Sawiris’s global vision extends to luxury resort development, showcasing his multifaceted approach to business and innovation.
8. Mohamed Mansour – Pioneering excellence
- Net Worth: $3.2 billion
- Industry: Diversified
- Country: Egypt
Mohamed Mansour’s stewardship of the Mansour Group reflects a legacy of excellence in automotive distribution and beyond. Mansour’s commitment to innovation and social impact underscores his status as a pioneering figure in Egypt’s business landscape.
9a. Koos Bekker – Empowering Digital Frontiers
- Net Worth: $2.7 billion
- Industry: Media and Entertainment
- Country: South Africa
Koos Bekker’s transformative leadership at Naspers propelled the company into a global e-commerce powerhouse, shaping the digital landscape of Africa and beyond. Bekker’s strategic vision and investment acumen underscore his role as a trailblazer in the media and technology sectors.
9b. Patrice Motsepe – Mining magnate
- Net Worth: $2.7 billion
- Industry: Metals and Mining
- Country: South Africa
Patrice Motsepe’s ascent as a mining magnate symbolizes the transformative potential of African entrepreneurship. Motsepe’s commitment to economic empowerment and sports development underscores his multifaceted impact on South Africa’s social and economic fabric.
10. Issad Rebrab & Family – Cultivating global ventures
- Net Worth: $2.5 billion
- Industry: Food and Beverage
- Country: Algeria
Issad Rebrab’s entrepreneurial journey exemplifies resilience and global ambition, underscored by the success of Cevital, Algeria’s largest privately-held company.
Rebrab’s leadership in food production and diversification into European markets reflects a commitment to innovation and sustainable growth. Despite facing challenges, Rebrab’s vision continues to drive Cevital’s expansion, cementing his legacy as a pioneering force in Algeria’s business landscape.
As Africa’s business landscape evolves, these visionary leaders stand at the forefront, shaping the continent’s economic destiny through innovation, investment, and a steadfast commitment to excellence. Their stories inspire a new generation of entrepreneurs, charting a path towards sustainable growth and prosperity across Africa’s diverse industries.
