The 2025 report highlights a significant surge from the previous year’s $82.4 billion, marking a milestone for the continent’s wealthiest individuals despite economic and political uncertainties.
For the first time in history, Africa’s billionaires have collectively amassed a fortune exceeding $100 billion, with their combined net worth reaching $105 billion, according to the latest Forbes rankings.
The 2025 report highlights a significant surge from the previous year’s $82.4 billion, marking a milestone for the continent’s wealthiest individuals despite economic and political uncertainties.
Dangote Leads for 14th Consecutive Year
Nigeria’s Aliko Dangote remains Africa’s richest person for the 14th consecutive year, with an estimated net worth of $23.9 billion. This marks a sharp rise from his $13.9 billion valuation in 2024, largely attributed to the valuation of his long-awaited refinery project near Lagos, which started refining oil in early 2024.
“This is a very, very big relief,” Dangote told Forbes in February. He described the refinery as a “pivotal step in ensuring that Africa has the capacity to refine its own crude oil, thereby creating wealth and prosperity for its vast population.”
The refinery’s operational success has positioned Nigeria to begin exporting refined petroleum products, a significant shift for the major oil-producing nation.
South Africa and Nigeria Dominate the List
South Africa leads in billionaire representation, boasting seven individuals on the list. Nigeria and Egypt follow with four each, while Morocco has three. Other countries with billionaire representation include Algeria, Tanzania, and Zimbabwe.
South African luxury goods tycoon Johann Rupert retains the second spot with a net worth of $14 billion, reflecting a 39% increase from 2024. His growth is second only to Dangote’s. Meanwhile, Nigeria’s Femi Otedola, chairman of Geregu Power Plc, saw his fortune jump over 30% to $1.5 billion, driven by a 40% surge in his company’s stock value.
Returns and Declines
Two former billionaires rejoined the list this year. Moroccan real estate mogul Anas Sefrioui made a comeback following a surge in shares of his real estate company, Douja Promotion Groupe Addoha. South African investor Jannie Mouton also returned, buoyed by a 59% rise in the share price of Capitec Bank Holdings.
However, some fortunes took a hit. Zimbabwe’s Strive Masiyiwa suffered the biggest decline, losing a third of his wealth due to Zimbabwe’s currency shift from the Zimbabwe dollar to the gold-backed ZiG. His net worth now stands at $1.2 billion.
Methodology
The Forbes rankings are based on publicly available data, including stock prices and currency exchange rates as of March 7, 2025. The list tracks billionaires who reside in Africa or have their primary businesses on the continent, excluding figures such as Sudanese-born Mo Ibrahim, a U.K. citizen, and South African Nathan Kirsh, whose business is primarily in the U.S. and U.K.
The growth in the wealth of African billionaires mirrors global trends, with equity markets rising by 22% over the past year. Despite economic volatility, these billionaires continue to expand their wealth, demonstrating resilience in the face of market challenges.
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