The richest men in Africa has seen a modest rebound over the past year, halting the previous decline, though their net worths remain below their all-time highs. The combined fortunes of the 20 billionaires on Forbes’ 2024 list of the richest men in Africa total $82.4 billion, an increase of $900 million from last year’s $81.5 billion.
This gain is largely due to the return of Nigeria’s Femi Otedola, who makes his comeback on the list after his last appearance in 2017. Otedola, known for his significant stake in fuel distributor Forte Oil, shifted his focus to energy generation when he acquired the public power plant Geregu in 2013. By 2022, he had listed Geregu on the Nigerian exchange’s Main Board, retaining a 73% stake valued at over $850 million. This investment accounts for the bulk of his $1.1 billion fortune, placing him at No. 20 on the list.
Despite Otedola’s return, the fortunes of Africa’s billionaires saw only a slight dip this year, faring better than last year’s 4% decline. This recovery is partly due to the late-year global rally that boosted African equities, with the S&P All Africa index rising 10% in the final two months of 2023, though it ended the year down more than 9% as of January 8, 2024.
Africa remains one of the most challenging regions to build and maintain a billion-dollar fortune. Investors continue to be wary of its stock exchanges, while businesses face hurdles such as weak infrastructure, volatile exchange rates, and shifting political landscapes. According to Charles Robertson, head of macro strategy at asset manager FIM Partners, African entrepreneurs often struggle with limited access to capital and a consumer base with little disposable income for investments in new ventures or the stock market.
A tumultuous 2023 further discouraged foreign investment in African equities. “You’ve got two negatives for investors: weakening domestic currencies, which drive up inflation, and tax increases, which hurt the companies they’re investing in,” says Robertson. “Couple that with big rate hikes, currency weakness, and multiple coups across the continent, and you get a very unappealing mix for foreign investors.”
In this challenging environment, entrenched family fortunes or those with strong government ties continue to dominate the list of Africa’s wealthiest. Nigeria’s Aliko Dangote, whose fortune rose by $400 million to $13.9 billion, holds the top spot for the 13th consecutive year, despite political uncertainty and a naira devaluation in 2023. South Africa’s Johann Rupert retains the No. 2 position with $10.1 billion, a drop from $10.7 billion last year due to a decline in shares of his luxury goods company, Compagnie Financiere Richemont. Nicky Oppenheimer, also from South Africa, ranks third with a net worth of $9.4 billion, up $1 billion from 2023.
While 13 billionaires on the list saw their fortunes grow this year, seven experienced a decline. Christoffel Wiese of South Africa, who rejoined the list last year after overcoming an accounting scandal, holds onto his No. 18 position with a $1.2 billion net worth, bolstered by rising shares of his largest holding, Shoprite.
The most significant decline this year belongs to Algerian industrial magnate Issad Rebrab, who was barred from managing his conglomerate Cevital by a court order in May. His net worth dropped by nearly half to $2.5 billion. In contrast, Egypt’s Nassef Sawiris saw the largest gain, adding $1.4 billion to his fortune, now totalling $8.7 billion, due to a rise in Adidas shares and dividends from both the German sneaker company and his family’s conglomerate, OCI.
This year’s list includes six billionaires from South Africa, five from Egypt, and four from Nigeria. Algeria, Tanzania, and Zimbabwe each have one billionaire, while Morocco is represented by two.
Here’s the top 20 richest men in Africa 2024;
1. Aliko Dangote (Net Worth – $13.9 B)
Aliko Dangote, the wealthiest man in Africa, has held the top position for 13 consecutive years. His $13.9 billion fortune is largely derived from his company, Dangote Cement, which is the continent’s largest cement producer. Dangote’s business empire extends beyond cement to include sugar, salt, and flour manufacturing, making him a pivotal figure in Africa’s industrial sector. Despite facing challenges such as political uncertainty following Nigeria’s 2023 presidential election and a significant devaluation of the naira, Dangote’s wealth increased by $400 million over the past year.
Dangote’s success is attributed to his ability to navigate the complex economic and political landscape in Nigeria. His ventures have not only brought him immense wealth but have also contributed significantly to the economy by creating jobs and infrastructure. Dangote’s influence extends beyond business; he is also known for his philanthropic efforts, particularly through the Dangote Foundation, which focuses on health, education, and economic empowerment initiatives across Africa.
2. Johann Rupert & family (Net Worth – $10.1 B)
Johann Rupert, the South African luxury goods magnate, holds the second spot on the list with a net worth of $10.1 billion. Rupert’s wealth primarily comes from his ownership of Compagnie Financiere Richemont, a Swiss luxury goods holding company known for its prestigious brands like Cartier and Montblanc. Despite a drop of $600 million from the previous year due to a decline in Richemont’s shares, Rupert remains a dominant force in the luxury goods market, with a global footprint that underscores the resilience of his business empire.
Rupert’s success in the luxury sector is a testament to his strategic vision and ability to capitalize on global demand for high-end products. Under his leadership, Richemont has expanded its portfolio and maintained its reputation as a leader in the industry. Rupert is also a significant figure in South Africa’s business community, known for his investments in diverse sectors, including media and wine production. His influence extends beyond business, as he is actively involved in conservation efforts and philanthropy.
3. Nicky Oppenheimer & family (Net Worth – $9.4 B)
Nicky Oppenheimer, formerly at the helm of De Beers, the world’s largest diamond producer, is the third richest man in Africa with a net worth of $9.4 billion. His wealth has grown by $1 billion over the past year, reflecting the value of his diversified investments. The Oppenheimer family sold their 40% stake in De Beers to Anglo American in 2012, marking the end of their involvement in the diamond mining industry. Since then, Oppenheimer has focused on philanthropy and investments, particularly through his family office, E. Oppenheimer & Son, which manages a wide range of assets.
Oppenheimer’s legacy in the diamond industry is significant, as his family controlled De Beers for nearly 85 years. Today, his focus is on conservation and social initiatives, particularly in Africa. Through the Oppenheimer Generations Foundation, he supports education, healthcare, and environmental conservation projects. His commitment to Africa’s development and his strategic investments have ensured that his wealth continues to grow, making him a respected figure in both business and philanthropy.
4. Nassef Sawiris (Net Worth – $8.7 B)
Nassef Sawiris, the richest man in Egypt and fourth on the list, has a net worth of $8.7 billion. Sawiris’ wealth surged by $1.4 billion this year, thanks to his substantial stake in Adidas and the family conglomerate, Orascom Construction Industries (OCI). His 6% ownership in Adidas, coupled with dividends from the German sportswear giant, has significantly boosted his fortune. Sawiris is known for his sharp business acumen and strategic investments, which have positioned him as one of the most influential figures in Egypt’s economy.
Beyond his role in OCI, which is one of the leading construction and engineering companies in the Middle East and Africa, Sawiris has diversified his investments across various sectors, including cement, chemicals, and fertilizers. His leadership has helped OCI expand its operations globally, further increasing its profitability. Sawiris is also a prominent philanthropist, focusing on education and social development initiatives through the Sawiris Foundation for Social Development, which aims to improve the quality of life for underprivileged Egyptians.
5. Mike Adenuga (Net Worth – $6.9 B)
Mike Adenuga, Nigeria’s second richest man, has a net worth of $6.9 billion, securing the fifth spot on the list. Adenuga’s fortune is primarily derived from his telecommunications company, Globacom, and his oil exploration company, Conoil. Globacom, also known as Glo, is one of Nigeria’s largest mobile network providers, known for its extensive coverage across West Africa. Adenuga’s business interests span multiple industries, and his diversified portfolio has made him one of Africa’s most successful entrepreneurs.
Adenuga is renowned for his business acumen and his ability to capitalise on opportunities in Nigeria’s rapidly growing economy. His success in the telecommunications sector, in particular, has had a profound impact on connectivity in West Africa. Beyond his business ventures, Adenuga is also a major philanthropist, supporting various initiatives in education, health, and the arts. His contributions to society, coupled with his business achievements, have earned him recognition both within Africa and globally.
6. Abdulsamad Rabiu (Net Worth – $5.9 B)
Abdulsamad Rabiu, the chairman of BUA Group, ranks sixth with a net worth of $5.9 billion. Rabiu’s wealth comes from his diversified business interests in manufacturing, infrastructure, and agriculture. BUA Group is one of Nigeria’s largest conglomerates, with operations spanning cement production, sugar refining, and real estate. Rabiu’s business empire has expanded rapidly in recent years, positioning him as a key player in Africa’s industrial sector.
Rabiu’s success is a result of his strategic vision and commitment to building industries that are vital to Nigeria’s economy. Under his leadership, BUA Group has grown to become a major contributor to the country’s infrastructure development. Rabiu is also known for his philanthropic efforts, particularly in education and healthcare. Through the BUA Foundation, he has funded numerous projects aimed at improving the quality of life for Nigerians, further solidifying his reputation as both a successful entrepreneur and a dedicated philanthropist.
7. Naguib Sawiris (Net Worth – $3.8 B)
Naguib Sawiris, the brother of Nassef Sawiris, is the seventh richest man in Africa, with a net worth of $3.8 billion. His wealth primarily comes from his investments in telecommunications, having built Orascom Telecom into one of the largest mobile phone networks in the Middle East and Africa before selling the company to VEON (formerly VimpelCom) in 2011. Sawiris remains active in the business world through his investments in various sectors, including media and technology.
Sawiris is also known for his political involvement in Egypt, particularly during the Arab Spring, where he played a significant role in supporting democratic movements. Beyond his business and political engagements, Sawiris is a philanthropist, focusing on initiatives that promote economic development, education, and freedom of expression. His diverse portfolio and commitment to social causes make him one of the most influential figures in Egypt and across Africa.
8. Mohamed Mansour (Net Worth – $3.2 B)
Mohamed Mansour, another prominent Egyptian billionaire, has a net worth of $3.2 billion, placing him eighth on the list. Mansour oversees the Mansour Group, a family-owned conglomerate with interests in automotive, retail, and industrial equipment. The group is one of Egypt’s largest companies, and under Mansour’s leadership, it has expanded its operations internationally, securing exclusive distribution rights for major brands like General Motors and Caterpillar in multiple countries.
Mansour’s business acumen and ability to forge strategic partnerships have been key to the success of the Mansour Group. Beyond his business ventures, he is known for his philanthropy, particularly in education and healthcare. The Mansour Foundation for Development, which he established, supports various social initiatives aimed at improving the lives of underprivileged communities in Egypt. Mansour’s contributions to business and society have earned him recognition as one of Africa’s leading entrepreneurs.
9. Koos Bekker (Net Worth – $2.7 B)
Koos Bekker, a South African media mogul, is ninth on the list with a net worth of $2.7 billion. Bekker is best known for transforming Naspers, a South African newspaper publisher, into a global e-commerce and media giant. Under his leadership, Naspers made a groundbreaking investment in China’s Tencent in 2001, which has since become one of the most profitable tech investments in history. Bekker’s vision and strategic investments have made Naspers a dominant player in the global media landscape.
Bekker’s influence extends beyond his role at Naspers, as he has also been instrumental in shaping the media and entertainment industry in South Africa and beyond. His success in identifying and capitalizing on emerging markets has made him one of the most respected figures in the global business community. Bekker is also a philanthropist, supporting education and arts initiatives in South Africa, further solidifying his legacy as both a business leader and a benefactor.
9. Patrice Motsepe (Net Worth – $2.7 B)
Patrice Motsepe, a South African mining magnate, shares the ninth spot on the list with Koos Bekker, with a net worth of $2.7 billion. Motsepe’s wealth comes from his mining company, African Rainbow Minerals, which he founded in 1997. The company has interests in gold, platinum, and other minerals,
making it one of the leading mining companies in Africa. Motsepe was also the first black African to become a billionaire, and his success has inspired many entrepreneurs across the continent.
Motsepe is known for his commitment to social development and empowerment, particularly in South Africa. Through the Motsepe Foundation, which he founded with his wife, he supports initiatives in education, healthcare, and social entrepreneurship. Motsepe’s philanthropic efforts, combined with his business achievements, have earned him recognition as one of Africa’s most influential and respected figures. His dedication to improving the lives of others has made him a role model for aspiring entrepreneurs in Africa and beyond.
11. Issad Rebrab & family (Net Worth – $2.5 B)
Issad Rebrab, an Algerian entrepreneur, has built a substantial fortune in the food and beverage industry, with a net worth of $2.5 billion. He is the founder and CEO of Cevital, Algeria’s largest privately-owned company, which operates in diverse sectors, including agribusiness, steel, and electronics. Under Rebrab’s leadership, Cevital has grown into a multinational conglomerate, exporting sugar, cooking oil, and margarine across Africa and Europe. His commitment to industrial development has not only positioned Cevital as a key player in the global market but has also contributed significantly to Algeria’s economic growth.
Rebrab’s entrepreneurial journey is a testament to his resilience and vision. Despite facing numerous challenges, including political and economic hurdles, he has succeeded in transforming Cevital into a powerhouse. His efforts have led to job creation and industrial advancement in Algeria, making him a pivotal figure in the country’s economic landscape. Beyond his business ventures, Rebrab is also known for his philanthropic work, particularly in education and social development, which further solidifies his legacy as one of Africa’s most influential businessmen.
12. Mohammed Dewji (Net Worth – $1.8 B)
Mohammed Dewji, a Tanzanian billionaire, has a net worth of $1.8 billion, making him the youngest billionaire in Africa. Dewji is the CEO of MeTL Group, a Tanzanian conglomerate founded by his father that operates in various sectors, including manufacturing, agriculture, and trading. Under Dewji’s leadership, MeTL has expanded its operations across Africa, employing tens of thousands of people and becoming one of the continent’s most successful companies. Dewji’s strategic vision and dedication to business excellence have played a crucial role in the growth and diversification of MeTL Group.
Dewji’s influence extends beyond the business world, as he is also known for his philanthropic activities. Through the Mo Dewji Foundation, he has contributed to various causes, including education, health, and community development. His commitment to giving back to society has earned him widespread respect and admiration across Africa. Dewji’s story is one of ambition, hard work, and a deep desire to make a positive impact on the lives of others.
12. Strive Masiyiwa (Net Worth – $1.8 B)
Strive Masiyiwa, a Zimbabwean entrepreneur and philanthropist, has amassed a net worth of $1.8 billion through his telecom ventures. He is the founder of Econet Wireless, a telecommunications company that has operations in multiple African countries. Masiyiwa’s determination and innovative spirit led him to overcome numerous obstacles, including legal battles in Zimbabwe, to establish Econet as one of Africa’s leading telecom companies. His success has had a transformative impact on the continent, providing millions of people with access to mobile communication and financial services.
Masiyiwa’s influence goes beyond his business achievements; he is also a dedicated philanthropist. Through his foundation, he supports education, health, and entrepreneurship initiatives across Africa. Masiyiwa’s work has earned him global recognition, including a place on the boards of several international organizations. His commitment to using technology to address social challenges and his philanthropic efforts have made him one of Africa’s most respected and admired business leaders.
14. Aziz Akhannouch & family (Net Worth – $1.7 B)
Aziz Akhannouch, a Moroccan businessman and politician, has a net worth of $1.7 billion, making him one of the wealthiest individuals in Morocco. Akhannouch’s fortune comes from his ownership of Akwa Group, a Moroccan conglomerate with interests in petroleum, gas, and chemicals. Under his leadership, Akwa Group has grown to become one of Morocco’s largest companies, playing a significant role in the country’s energy sector. In addition to his business success, Akhannouch serves as Morocco’s Prime Minister, highlighting his influence in both the economic and political spheres.
Akhannouch’s dual role as a businessman and politician has positioned him as a key figure in shaping Morocco’s future. His leadership in Akwa Group has driven the company’s expansion, while his political career has focused on improving the country’s economic conditions. Beyond his professional achievements, Akhannouch is known for his philanthropic efforts, particularly in education and rural development. His contributions to both business and society have made him one of Morocco’s most powerful and respected figures.
15. Othman Benjelloun & family (Net Worth – $1.4 B)
Othman Benjelloun, a prominent Moroccan banker, and businessman, has a net worth of $1.4 billion. He is the CEO of BMCE Bank, one of Morocco’s largest banks, and the owner of the insurance company RMA Watanya. Under Benjelloun’s leadership, BMCE Bank has expanded its operations across Africa, becoming a significant player in the continent’s financial industry. His success in banking and insurance has made him one of the most influential figures in Morocco’s business community, contributing to the modernization of the country’s financial sector.
Benjelloun’s business acumen and strategic vision have been instrumental in driving BMCE Bank’s growth and success. His efforts have positioned the bank as a leader in the African financial market, while his investments in various sectors have further solidified his status as a top entrepreneur. In addition to his business ventures, Benjelloun is also involved in philanthropy, particularly in education and social development. His contributions to improving the financial services industry and his commitment to social causes have earned him widespread respect and recognition.
16. Youssef Mansour (Net Worth – $1.3 B)
Youssef Mansour, a member of Egypt’s influential Mansour family, has a net worth of $1.3 billion. As a prominent figure in the family-owned Mansour Group, Youssef Mansour oversees the group’s consumer goods division, which includes the largest supermarket chain in Egypt. His leadership has been key to the growth and success of the Mansour Group, which operates in various sectors including automotive, industrial equipment, and real estate. Mansour’s strategic vision and ability to adapt to market changes have been crucial in expanding the group’s operations both locally and internationally.
In addition to his business achievements, Youssef Mansour is known for his philanthropic activities. He has been actively involved in initiatives aimed at improving education and social development in Egypt. His efforts to enhance the quality of life for Egyptians through various charitable endeavors have earned him respect and admiration in the business community and beyond. Mansour’s commitment to both business excellence and social responsibility makes him a prominent figure in Egypt’s economic landscape.
17. Yasseen Mansour (Net Worth – $1.2 B)
Yasseen Mansour, another key member of the Mansour family, has a net worth of $1.2 billion. He is the chairman of Palm Hills Developments, one of Egypt’s leading real estate companies. Under his leadership, Palm Hills has developed numerous high-end residential and commercial properties, making it a major player in the country’s real estate market. Yasseen Mansour is also a significant shareholder in the family-owned Mansour Group, which has diversified interests in automotive, consumer goods, and industrial equipment.
Yasseen Mansour’s success in real estate is a result of his strategic vision and ability to identify and capitalize on market opportunities. His leadership has been crucial in expanding the Mansour Group’s operations and ensuring its continued growth. Beyond his business ventures, Yasseen is also involved in philanthropy, particularly in the areas of education and healthcare. His contributions to business and society have earned him recognition as one of Egypt’s leading entrepreneurs.
17. Christoffel Wiese (Net Worth – $1.2 B)
Christoffel Wiese, a South African retail magnate, has a net worth of $1.2 billion. Wiese made his fortune in the fashion and retail industry, primarily through his ownership of Pepkor, a retail group specializing in clothing, footwear, and homeware. He also held significant stakes in other major retail companies, including Shoprite, one of Africa’s largest supermarket chains. Wiese’s business acumen and strategic investments have made him one of the most influential figures in South Africa’s retail industry.
Wiese’s journey in the business world has been marked by both triumphs and challenges. Despite facing financial setbacks in recent years, he remains a key player in the retail sector. His entrepreneurial spirit and ability to identify profitable opportunities have been instrumental in building his fortune. In addition to his business activities, Wiese is also known for his philanthropic efforts, particularly in education and social development. His contributions to the retail industry and his commitment to giving back to society have earned him respect and admiration in South Africa.
19. Michiel Le Roux (Net Worth – $1.1 B)
Michiel Le Roux, a South African banker, has a net worth of $1.1 billion. Le Roux is the founder of Capitec Bank, one of South Africa’s leading retail banks. Capitec was established in 2001 with the aim of providing accessible and affordable banking services to the South African population. Under Le Roux’s leadership, Capitec has grown rapidly, becoming one of the most successful banks in the country with millions of customers. His success in the banking sector has earned him recognition as one of South Africa’s most innovative entrepreneurs.
Le Roux’s approach to banking, focused on simplicity and customer-centricity, has revolutionized the industry in South Africa. Capitec’s success is a testament to his vision and ability to identify and meet the needs of underserved populations. Beyond banking, Le Roux is also involved in philanthropy, particularly in education and community development. His contributions to improving access to financial services and his commitment to social causes have made him a respected figure in the South African business community.
19. Femi Otedola (Net Worth – $1.1 B)
Femi Otedola, a Nigerian businessman, has a net worth of $1.1 billion. Otedola made his fortune in the energy sector, primarily through his company Forte Oil, which is one of Nigeria’s largest petroleum marketing companies. He has also invested in power generation and other sectors, contributing to Nigeria’s energy infrastructure development. Otedola’s strategic investments and business acumen have positioned him as one of Nigeria’s most successful entrepreneurs, with a significant influence on the country’s economic landscape.
Otedola’s success in the energy sector is a result of his keen business sense and ability to navigate the complexities of the Nigerian market. In addition to his business ventures, he is known for his philanthropic activities, particularly in education, healthcare, and poverty alleviation. Through the Femi Otedola Foundation, he has made significant contributions to improving the lives of Nigerians. Otedola’s commitment to business excellence and social responsibility has earned him widespread respect and admiration.
The 20 Richest Men in Africa 2024: Ranked
| Rank | Name | Net Worth | Industry |
|---|---|---|---|
| 1 | Aliko Dangote | $13.9 B | Manufacturing |
| 2 | Johann Rupert & family | $10.1 B | Fashion & Retail |
| 3 | Nicky Oppenheimer & family | $9.4 B | Metals & Mining |
| 4 | Nassef Sawiris | $8.7 B | Construction & Engineering |
| 5 | Mike Adenuga | $6.9 B | Diversified |
| 6 | Abdulsamad Rabiu | $5.9 B | Diversified |
| 7 | Naguib Sawiris | $3.8 B | Telecom |
| 8 | Mohamed Mansour | $3.2 B | Diversified |
| 9 | Koos Bekker | $2.7 B | Media & Entertainment |
| 9 | Patrice Motsepe | $2.7 B | Metals & Mining |
| 11 | Issad Rebrab & family | $2.5 B | Food & Beverage |
| 12 | Mohammed Dewji | $1.8 B | Diversified |
| 12 | Strive Masiyiwa | $1.8 B | Telecom |
| 14 | Aziz Akhannouch & family | $1.7 B | Diversified |
| 15 | Othman Benjelloun & family | $1.4 B | Finance & Investments |
| 16 | Youssef Mansour | $1.3 B | Diversified |
| 17 | Yasseen Mansour | $1.2 B | Diversified |
| 17 | Christoffel Wiese | $1.2 B | Fashion & Retail |
| 19 | Michiel Le Roux | $1.1 B | Finance & Investments |
| 19 | Femi Otedola | $1.1 B | Energy |
In closing, the richest men in Africa showcase the remarkable diversity and resilience of entrepreneurs shaping the continent’s future. From tech innovators to retail magnates, their stories of success and contribution not only highlight their individual achievements but also reflect the growing opportunities in Africa. As these influential figures continue to drive change and growth, they inspire others and underscore Africa’s potential on the global stage.
