Keypoints:
- Africa now counts 23 billionaires with combined wealth of $126.7bn
- Aliko Dangote remains Africa’s richest person for the 15th year
- Abdulsamad Rabiu records the biggest gain in the ranking
AFRICA’S billionaire class expanded in 2026, with their combined wealth reaching a record $126.7bn, according to the latest ranking published by Forbes on March 9.
The annual report shows the number of African individuals with fortunes exceeding $1bn rose from 22 in 2025 to 23 this year. The increase was driven largely by the return of Egyptian businessman Samih Sawiris to the list after his wealth rebounded.
The findings build on recent trends highlighted in Africa Briefing’s earlier analysis of the continent’s rising billionaire wealth, which showed fortunes among Africa’s richest individuals crossing the $100bn mark for the first time.
Markets rebound lifts African fortunes
The latest edition of the Forbes Africa’s Billionaires ranking shows that the continent’s wealthiest individuals have never been richer.
Combined wealth among the 23 billionaires climbed by 21 percent over the past year, rising by $20.3bn to reach $126.7bn. That figure surpasses the previous record of $105bn reported in 2025.
According to Forbes, the increase was largely driven by the recovery of several African stock markets and improved currency stability across key economies.
Stronger equity valuations in markets such as Nigeria and South Africa helped boost the fortunes of industrialists and investors whose companies dominate sectors like cement, telecoms and luxury goods.
Dangote retains top spot
Nigerian industrialist Aliko Dangote retained his position as Africa’s richest person for the fifteenth consecutive year.
His fortune rose to an estimated $28.5bn, reflecting strong gains in the value of his flagship company, Dangote Cement, and continued momentum around the massive Dangote refinery project near Lagos. Dangote is widely regarded as Africa’s most influential industrial entrepreneur and founder of the Dangote Group.
Africa Briefing recently reported that Dangote has also been reinforcing his domestic distribution network through incentive programmes aimed at strengthening cement supply chains across Nigeria. The billionaire’s wealth rose by roughly $4.6bn over the past year.
Shares of Dangote Cement have surged sharply on the Lagos Stock Exchange since 2025, helping lift the valuation of the conglomerate’s manufacturing empire.
Rupert second as Rabiu surges
South African luxury goods magnate Johann Rupert remained Africa’s second-richest individual, with an estimated fortune of $16.1bn.
Rupert chairs Richemont, the Swiss-based luxury group behind brands such as Cartier and Montblanc, and his wealth has benefited from a rebound in global luxury spending.
Meanwhile Nigerian industrialist Abdulsamad Rabiu, founder of BUA Group, recorded one of the largest gains in the ranking.
Rabiu climbed from sixth to third place after his net worth jumped by about 120 percent, rising by $6.1bn to reach $11.2bn.
Other prominent names in the top ten include South African mining heir Nicky Oppenheimer, Egyptian billionaire Nassef Sawiris, and Nigerian telecoms tycoon Mike Adenuga.
Billionaire wealth concentrated in few countries
The ranking underscores how billionaire wealth in Africa remains concentrated in a small number of countries.
South Africa has the largest number of billionaires on the list with seven, followed by Egypt with six and Nigeria with four. Morocco accounts for three billionaires, while Algeria, Tanzania and Zimbabwe each have one.
These geographic patterns have remained broadly consistent across recent rankings of African wealth.
Only four individuals on the list saw their fortunes decline compared with the previous year.
Among them are Moroccan real estate developer Anas Sefrioui, whose wealth fell by roughly $300m, and Nigerian investor Femi Otedola, whose net worth dropped by about $200m.
Forbes criteria for Africa’s rich list
Forbes includes only billionaires who live on the continent or whose primary business activities are based in Africa.
That rule excludes some wealthy individuals of African origin whose business operations are largely overseas.
Sudan-born British entrepreneur Mo Ibrahim and South African businessman Nathan Kirsh, whose companies operate mainly in the United Kingdom and the United States, are therefore not included.
Zimbabwean telecom entrepreneur Strive Masiyiwa, who lives in London, remains on the list because his major investments continue to focus on Africa’s telecommunications sector.
The 2026 ranking highlights the enduring influence of a small group of industrialists and investors whose fortunes are tied to key sectors such as cement, telecoms, mining and finance—industries that remain central to Africa’s economic transformation.
