Keypoints:
- Africa’s billionaire wealth hits all-time record
- Dangote leads with $23.9bn, refinery boosts gains
- Nigeria and South Africa dominate rich list
AFRICA’S wealthiest individuals have reached an historic milestone. For the first time, the continent’s billionaires collectively hold over $100bn in net worth, according to the March 2025 Forbes Billionaires List.
The latest rankings reveal that Africa’s 22 billionaires now command a combined net worth of $105bn, a sharp rise from $82.4 billion just a year ago. The growth comes amid global economic challenges, but it’s been especially fuelled by surging fortunes in Nigeria—home to four of the top contenders.
Dangote leads with $23.9bn
Topping the list for the 14th year in a row is Nigerian business titan Aliko Dangote, whose net worth soared from $13.9bn to $23.9bn in 2025. The sharp increase is largely credited to the operational ramp-up of his $19bn Dangote Refinery, which was finally factored into Forbes’ valuation.
Located just outside Lagos, the refinery has begun exporting refined petroleum products for the first time in decades—positioning Nigeria as a potential downstream powerhouse.
‘This is a very, very big relief,’ Dangote told Forbes in February. ‘Africa must have the capacity to refine its own crude—this is how we create prosperity for our people.’
His new valuation has also placed him among the world’s top 100 richest individuals, the only African to achieve that distinction this year.
Other Nigerian billionaires make strong showing
Joining Dangote on the list are:
- Femi Otedola, chairman of Geregu Power Plc, with a net worth of $1.5bn, driven
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by a 40 percent surge in Geregu’s stock performance.
- Abdulsamad Rabiu, founder of BUA Group, now valued at $8.1bn, due to strong returns from his cement, sugar, and real estate holdings.
- Mike Adenuga, telecom and oil magnate behind Globacom and Conoil, with a fortune of $6.1bn.
Together, Nigeria’s four billionaires now hold close to $40bn, accounting for nearly 40 percent of all African billionaire wealth.
South Africa dominates in numbers
While Nigerian moguls gained the most in monetary terms, South Africa leads in volume, with seven billionaires on the list. The country’s wealthiest individual, Johann Rupert, saw his fortune climb 39 percent to $14bn, securing second place overall.
Rupert chairs Swiss-based luxury conglomerate Richemont, which owns iconic brands such as Cartier and Montblanc.
Other high-profile South Africans on the list include:
- Nicky Oppenheimer ($9.4bn)
- Patrice Motsepe ($3.2bn)
- Koos Bekker ($2.7bn)
- Michiel Le Roux ($1.7bn)
Billionaires across the continent
Elsewhere on the continent, wealth is also growing:
- Egypt contributes four billionaires, led by Nassef Sawiris ($8.7bn), bolstered by a rise in Adidas stock.
- Morocco features three names, including Anas Sefrioui, who returned to the list thanks to a share price rebound.
- Tanzania’s Mohammed Dewji and Zimbabwe’s Strive Masiyiwa round out the list, though Masiyiwa’s net worth dropped 33 percent due to currency reforms.
Country breakdown of Africa’s billionaires (2025):
- South Africa – 7
- Nigeria – 4
- Egypt – 4
- Morocco – 3
- Algeria – 1
- Tanzania – 1
- Zimbabwe – 1
Wealth surge mirrors global market trends
Forbes based its rankings on global stock market data and exchange rates as of March 7, 2025. Africa’s billionaire surge reflects broader equity market gains, with the MSCI World Index rising 22 percent over the past year.
Importantly, the list only includes individuals whose primary business operations or residence are in Africa—excluding globally-based figures like Mo Ibrahim or Nathan Kirsh.
Nigeria’s wealth influence grows
Nige
ria’s contribution to Africa’s billionaire map is no longer just about numbers—it’s about influence. Dangote alone holds nearly a quarter of all African billionaire wealth, and Nigerian businesses like Geregu Power, BUA Group, and Globacom continue to shape the continent’s private sector trajectory.
As investment in energy, telecoms, and infrastructure grows, Nigeria’s billionaires are emerging not just as symbols of wealth—but as key drivers of Africa’s next economic chapter.
