For the first time in history, the combined wealth of Africa’s billionaires has surpassed the $100 billion mark, driven primarily by the soaring fortunes of Nigerian business magnates.
According to the latest Forbes Billionaire List released in March 2025, Africa now boasts 22 billionaires with a collective net worth of $105 billion—an increase from $82.4 billion and 20 billionaires in the previous year.
Nigeria’s Billionaire Influence Grows
Despite persistent economic challenges across the continent, including currency devaluation and political instability, Nigerian billionaires have maintained strong positions in the rankings, with four representatives on the list.
Dangote’s Refinery Fuels Unprecedented Wealth Surge
Aliko Dangote remains Africa’s richest man for the 14th consecutive year, with his net worth soaring from $13.9 billion in 2024 to $23.9 billion in 2025. The significant increase stems largely from the inclusion of the Dangote Refinery’s valuation in Forbes’ calculations.
The $19 billion refinery, which began limited operations in early 2024, is now set to reach full capacity, transforming Nigeria’s oil industry by enabling refined petroleum exports for the first time in decades.
“This is a major breakthrough,” Dangote told Forbes in February. “Africa must have the capacity to refine its crude oil, creating wealth and prosperity for its people.”
His growing fortune also places him among the top 100 richest people in the world, a milestone no other African billionaire has reached this year.
Other Nigerian Billionaires Maintain Strong Positions
For the second consecutive year, Femi Otedola, chairman of Geregu Power Plc, secured a place on the billionaire list with a net worth of $1.5 billion. His resurgence is attributed to Geregu’s stock price surge, which climbed nearly 40% in the past year due to increased revenues and strong earnings.
Otedola, a former oil tycoon, has shifted focus to power generation and financial services, with key investments in First HoldCo Plc, the parent company of FirstBank.
Joining Otedola on the list are:
- Abdulsamad Rabiu (BUA Group) – $8.1 billion
- Mike Adenuga (Globacom, Conoil) – $6.1 billion
Adenuga and Rabiu rank 5th and 6th on the list of Africa’s richest individuals, while Otedola stands at 16th. Rabiu’s fortune is largely tied to cement, sugar, and real estate, while Adenuga’s telecom and oil ventures continue to thrive despite Nigeria’s macroeconomic headwinds.
South Africa Dominates in Numbers
While Nigeria’s billionaires made headlines for their wealth growth, South Africa had the highest number of billionaires on the list, with seven representatives.
The country’s wealthiest man, Johann Rupert, saw his fortune increase by 39% to $14 billion, making him the second-richest African. Rupert, chairman of Swiss luxury goods conglomerate Richemont, has held this position since 2022. Other South African billionaires include Nicky Oppenheimer ($9.4 billion), Patrice Motsepe ($3.2 billion), Koos Bekker ($2.7 billion), and Michiel Le Roux ($1.7 billion).
Egypt, Morocco, and Tanzania Feature Prominently
Egypt contributed four billionaires to the list, led by Nassef Sawiris, whose net worth rose to $8.7 billion following a rally in Adidas shares, where he holds a significant stake.
Morocco had three billionaires, including Anas Sefrioui, who re-entered the list due to a surge in the stock price of his company, Douja Promotion Groupe Addoha.
Tanzania’s lone billionaire, Mohammed Dewiji, remains on the list, alongside Zimbabwe’s Strive Masiyiwa, whose fortune declined sharply after Zimbabwe scrapped its local currency in favor of a new gold-backed currency, the ZiG.
Billionaire Breakdown by Country
- South Africa – 7
- Nigeria – 4
- Egypt – 4
- Morocco – 3
- Algeria – 1 (Issad Rebrab)
- Tanzania – 1 (Mohammed Dewiji)
- Zimbabwe – 1 (Strive Masiyiwa)
How Forbes Compiled the Rankings
Forbes compiled the 2025 billionaire rankings using stock prices and exchange rates as of March 7, 2025. Only billionaires with primary business operations or residence in Africa were considered, meaning Africa-born moguls living abroad, such as Mo Ibrahim (UK-based) and Nathan Kirsh (US/UK-based), were excluded.
The rise in African billionaire wealth mirrors a broader surge in global stock markets, which gained 22% in the past year, according to the MSCI World Index.
Nigeria’s Economic Future Looks Promising
Nigeria’s representation on the list highlights not just the number of billionaires but the scale of wealth they command. Dangote alone accounts for nearly a quarter of Africa’s total billionaire wealth, and combined, Nigeria’s four billionaires hold close to $40 billion in assets.
With the Dangote Refinery scaling up, Geregu Power expanding, and firms like BUA and Globacom remaining influential, Nigerian billionaires continue to shape Africa’s economic future in significant ways.
