The wealth of Africa’s richest individuals has seen a slight increase over the past year and has reversed the previous year’s downturn, even though it still hasn’t reached its peak.
The combined net worth of the 20 billionaires on Forbes’ 2024 list of Africa’s Richest is $82.4 billion, an increase of $900 million from the previous year’s $81.5 billion.
This entire gain can be credited to the comeback of Nigeria’s Femi Otedola, last featured on the Forbes Africa list in 2017 when he had a majority stake in Forte Oil, a fuel distribution company.
Otedola divested from his oil investments during a 2013 government initiative to privatize the nation’s energy sector, acquiring Geregu, a public power generation plant, through a Forte subsidiary.
He held approximately 90% of Geregu when it was listed on the Nigerian exchange’s Main Board in 2022, but has since sold shares to institutional investors, including Afreximbank’s Fund for Export Development in Africa and the State Grid Corporation of China.
His 73% stake in Geregu, valued at over $850 million, constitutes about three-quarters of his $1.1 billion fortune, placing him at No. 20.
Here is the full list of African Billionaires:
Aliko Dangote
Net worth: $13.9 billion
Net worth in 2023: $13.5 billion
Origin of wealth: Cement and Sugar
Age: 66
Country: Nigeria
Johann Rupert and family
Net worth: $10.1 billion
Rank in 2023: 2
Net worth in 2023: $10.7 billion
Origin of wealth: Luxury goods
Age: 73
Country: South Africa
Nicky Oppenheimer & family
Net worth: $9.4 billion
Rank in 2023: 3
Net worth in 2023: $8.4 billion
Origin of wealth: Diamonds
Age: 78
Country: South Africa
Nassef Sawiris
Net worth: $8.7 billion
Rank in 2023: 5
Net worth in 2023: $7.2 billion
Origin of wealth: Construction and Investments
Age: 63
Country: Egypt
Mike Adenuga
Net worth: $6.9 billion
Rank in 2023: 6
Net worth in 2023: $5.6 billion
Origin of wealth: Telecom and Oil
Age: 70
Country: Nigeria
Abdulsamad Rabiu
Net worth: $5.9 billion
Rank in 2023: 4
Net worth in 2023: $7.6 billion
Inherited and growing
Origin of wealth: Cement and Sugar
Age: 63
Country: Nigeria
Naguib Sawiris
Net worth: $3.8 billion
Rank in 2023: 8
Net worth in 2023: $3.3 billion
Inherited and growing
Origin of wealth: Telecom
Age: 69
Country: Egypt
Mohamed Mansour
Net worth: $3.2 billion
Rank in 2023: 10
Net worth in 2023: $2.8 billion
Self-made
Origin of wealth: Diversified
Age: 76
Country: Egypt
Koos Bekker
Net worth: $2.7 billion
Rank in 2023: 11
Net worth in 2023: $2.6 billion
Origin of wealth: Media, Investments
Age: 71
Country: South Africa
Patrice Motsepe
Net worth: $2.7 billion
Rank in 2023: 9
Net worth in 2023: $3.1 billion
Origin of wealth: Mining
Age: 61
Country: South Africa
Issad Rebrab & family
Net worth: $2.5 billion
Rank in 2023: 7
Net worth in 2023: $4.6 billion
Origin of wealth: Food
Age: 80
Country: Algeria
Mohammed Dewji
Net worth: $1.8 billion
Rank in 2023: 15
Net worth in 2023: $1.5 billion
Origin of wealth: Diversified
Age: 48
Country: Tanzania
Strive Masiyiwa
Net worth: $1.8 billion
Rank in 2023: 12
Net worth in 2023: $1.9 billion
Origin of wealth: Telecom
Age: 62
Country: Zimbabwe
Aziz Akhannouch & family
Net worth: $1.7 billion
Rank in 2023: 14
Net worth in 2023: $1.5 billion
Origin of wealth: Petroleum, Diversified
Age: 63
Country: Morocco
Othman Benjelloun & family
Net worth: $1.4 billion
Rank in 2023: 16
Net worth in 2023: $1.3 billion
Origin of wealth: Banking, insurance
Age: 91
Country: Morocco
Youssef Mansour
Net worth: $1.3 billion
Rank in 2023: 13
Net worth in 2023: $1.5 billion
Origin of wealth: Diversified
Age: 78
Country: Egypt
Yasseen Mansour
Net worth: $1.2 billion
Rank in 2023: 19
Net worth in 2023: $1.1 billion
Origin of wealth: Diversified
Age: 62
Country: Egypt
Christoffel Wiese
Net worth: $1.2 billion
Rank in 2023: 18
Net worth in 2023: $1.1 billion
Origin of wealth: Retail
Age: 82
Country: South Africa
Residence: Cape Town
Michiel Le Roux
Net worth: $1.1 billion
Rank in 2023: 17
Net worth in 2023: $1.2 billion
Origin of wealth: Banking
Age: 74
Country: South Africa
20. Femi Otedola
Net worth: $1.1 billion
Origin of wealth: Gas stations, Utilities
Country: Nigeria
