by According to the latest Forbes rankings, Africa’s 22 billionaires have collectively amassed a record-breaking fortune of $105 billion for the first time in history. Nigeria and South Africa emerge as the powerhouses, contributing to nearly half of the continent’s ultra-wealthy individuals.
South Africa Leads in Numbers, Nigeria in Wealth
South Africa boasts seven of Africa’s 22 billionaires, the highest number on the list, driven by its diversified economy spanning mining, retail, and financial services. Johann Rupert, chairman of luxury goods giant Richemont, ranks second with a net worth of $14 billion, while Nicky Oppenheimer and Patrice Motsepe also feature prominently.
Nigeria, though trailing in numbers with four billionaires, dominates in individual wealth. Aliko Dangote, Africa’s richest man for the 14th consecutive year, leads the pack with a staggering $23.9 billion fortune, largely fuelled by the success of his $19 billion refinery project.
Egypt matches Nigeria with four billionaires, led by Nassef Sawiris ($9.6 billion), while Morocco contributes three. Tanzania, Algeria, and Zimbabwe each have one representative, highlighting the continent’s growing economic diversity.
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Dangote’s Refinery Fuels Nigeria’s Wealth Surge
Dangote’s refinery, operational since early 2024, has transformed Nigeria’s oil sector, enabling the country to export refined petroleum products for the first time in decades. This strategic investment has significantly boosted his net worth, which surged by 72% from $13.9 billion in 2024.
Other Nigerian billionaires include Mike Adenuga ($6.8 billion), Abdulsamad Rabiu ($5.1 billion), and Femi Otedola ($1.5 billion), all of whom have maintained their positions on the Forbes list.
A Milestone for Africa’s Wealth Landscape
The combined wealth of Africa’s 22 billionaires underscores the continent’s resilience amid economic and political challenges. With Nigeria and South Africa leading the charge, this milestone reflects the potential for wealth creation and industrial growth across Africa.
As these billionaires continue to shape Africa’s economic future, their success stories serve as a testament to the continent’s untapped potential and the transformative power of strategic investments.
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