Otedola, Adenuga, Abdulsamad only Nigerians on the list
Dangote Tops Forbes’ 2025 Africa Rich List as Continent’s Billionaire Wealth Surpasses $100 Billion
For the first time, the combined wealth of Africa’s billionaires has soared past $100 billion, propelled by the remarkable gains of Nigerian tycoons.
According to Forbes’ latest Billionaire List, released this March, the continent is now home to 22 billionaires with a collective net worth of $105 billion—a significant leap from last year’s $82.4 billion across 20 billionaires. Nigeria stands out with four entries, despite ongoing challenges like currency fluctuations, political uncertainty, and weak consumer markets across Africa.
Dangote’s Refinery Drives Historic Surge
Aliko Dangote, Africa’s wealthiest individual for 14 straight years, continues to reign supreme with a net worth of $23.9 billion, up from $13.9 billion in 2024. The surge is largely attributed to the valuation of his $19 billion Dangote Refinery, which began limited operations in early 2024 and is set to hit full capacity this month.
Located near Lagos, this mega-project marks Nigeria’s entry into exporting refined petroleum products, a milestone decades in the making.
“This is a very, very big relief,” Dangote told Forbes in February, emphasizing its role in boosting Africa’s ability to refine its own crude oil and create prosperity. His wealth now places him among the world’s top 100 richest, a first for an African billionaire this year.
Nigeria’s Elite Hold Strong
Three other Nigerians join Dangote on the list. Femi Otedola, chairman of Geregu Power Plc, secures his spot for the second year with $1.5 billion, fueled by a 40% surge in Geregu’s stock price over the past year. Having pivoted from oil to power generation and financial services—including stakes in First HoldCo Plc, parent of FirstBank—Otedola ranks 16th in Africa and 4th among Nigerians.
Abdulsamad Rabiu, founder of BUA Group, follows with $8.1 billion, placing him 6th in Africa and 2nd in Nigeria. His fortune is rooted in cement, sugar, and real estate. Mike Adenuga, telecom and oil magnate behind Globacom and Conoil, rounds out the Nigerian contingent with $6.1 billion, ranking 5th continent-wide and 3rd domestically. Together, these four command nearly $40 billion, underscoring Nigeria’s heavyweight status in African wealth.
South Africa Leads in Numbers
South Africa boasts the most billionaires—seven—led by Johann Rupert, whose $14 billion fortune (up 39%) makes him Africa’s second-richest. As chairman of Richemont, the luxury goods powerhouse behind Cartier and Montblanc, Rupert has held the No. 2 spot since 2022. Other notable South Africans include Nicky Oppenheimer ($9.4 billion), Patrice Motsepe ($3.2 billion), Koos Bekker ($2.7 billion), and Michiel Le Roux ($1.7 billion).
Beyond Nigeria and South Africa
Egypt claims four billionaires, with Nassef Sawiris leading at $8.7 billion, buoyed by his stake in Adidas. Morocco fields three, including Anas Sefrioui, who rejoins the list after a rally in his real estate firm’s shares. Tanzania’s Mohammed Dewiji and Zimbabwe’s Strive Masiyiwa also feature, though Masiyiwa’s wealth fell 33% to $1.2 billion amid Zimbabwe’s shift to a gold-backed currency, the ZiG.
Billionaires by Country
– South Africa: 7
– Nigeria: 4
– Egypt: 4
– Morocco: 3
– Algeria: 1 (Issad Rebrab)
– Tanzania: 1 (Mohammed Dewiji)
– Zimbabwe: 1 (Strive Masiyiwa)
The Bigger Picture
Forbes calculated these rankings using stock prices and exchange rates as of March 7, 2025, focusing solely on billionaires based in or primarily operating in Africa. The wealth boom aligns with a 22% rise in global equity markets over the past year, per the MSCI World Index.
For Nigeria, the story is one of scale: Dangote alone accounts for nearly a quarter of the continent’s billionaire wealth, and the nation’s four tycoons are shaping Africa’s economic trajectory through transformative ventures like refining, power, telecoms, and more. Read More
