Who are the billionaires in Africa in 2023? Here’s a full list of the 18 billionaires in Africa by Forbes in 2023.
Nigerian billionaire Aliko Dangote has topped the 2023 list of Africa’s richest persons for the 12th year in a row, Forbes magazine said in a report.
According to an article by Africa Business Insider, Dangote saw an increase in his wealth in 2022.
Forbes attributed the growth to a 30% increase in the stock price of Dangote Cement, his most valuable asset.
“A surge in housing developments in Nigeria and growth in government infrastructure spending drove higher demand in the first nine months of 2021,” the magazine said.
Two other Nigerian billionaires – Abdulsamad Rabiu and Mike Adenuga – ranked 4th and 6th richest persons on the continent with estimated values of $8 billion and $6.7 billion respectively.
The report added that Africa’s billionaires were richer than they had been in years, despite the global pandemic.
As a group, the continent’s 18 billionaires were worth an estimated $84.9 billion – a 15 percent increase from twelve months ago and the most since 2014, when a larger number of billionaires–28–were worth a combined $96.5 billion.
On average, the continent’s billionaires were worth $4.7 billion now, worth $3.4 billion in 2014 with soaring stock prices from Nigeria to Zimbabwe lifting the fortunes of these tycoons, as demand for products from cement to luxury goods ticked up.
Jumping into number two from the list, spot–up from number four last year–was luxury goods magnate, Johann Rupert of South Africa.
More than a 60 percent surge in the share price of his Compagnie Financiere Richemont–maker of Cartier watches and Montblanc pens–pushed his fortune to $10.1 billion, up from $7.2 billion two years ago, making him the biggest dollar gainer on the list.
South African Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo American a decade ago, ranked number three, worth an estimated $8.5 billion.
Nigeria’s Abdulsamad Rabiu is $1.5 billion richer after taking yet another of his companies public. In early January 2022, Rabiu listed his sugar and food firm BUA Foods on the Nigerian stock exchange.
He and his son retained a 96% stake in the company, which recently had a market capitalisation of nearly $2.8 billion. (Forbes discounts the values of stakes when the public float is less than 5 percent). BUA Cement, in which he and his son had a 96% stake, was listed in January 2020.
According to the report, only two of the 18 billionaires are worth less than in 2021: Koos Bekker of South Africa, who dropped to $2.7 billion from $2.8 billion as the share prices of consumer Internet firms Naspers and Prosus fell more than 20 percent each.
The 18 billionaires from Africa, who was not new to the ranks, also hailed from seven different countries, South Africa and Egypt each had five billionaires, followed by Nigeria with three and Morocco with two.
All of the continent’s billionaires were men; the last woman to appear in the ranks, Isabel dos Santos of Angola, fell off the Forbes list in January 2021.
Forbes noted that the list tracked the wealth of African billionaires who resided in Africa or had their primary business there, thus excluding Sudanese-born billionaire, Mo Ibrahim, who is a U.K. citizen.
The billionaire London resident, Mohamed Al-Fayed, is an Egyptian citizen. Strive Masiyiwa, a citizen of Zimbabwe and a London resident appeared on the list due to his telecom holdings in Africa.
It added that the Net worth was calculated using stock prices and currency exchange rates from the close of business on Wednesday, Jan.19.
“To value privately-held businesses, we start with estimates of revenues or profits and apply prevailing price-to-sale or price-to-earnings ratios for similar public companies. Some list members grow richer or poorer within weeks or days of our measurement date,” Forbes said.
Forbes is owned by Integrated Whale Media Investments and the Forbes family and it features original articles on finance, industry, investing, and marketing topics. It also reports on related subjects such as technology, communications, science, politics, and law.
The Top 18 Richest People In Africa By Forbes
As you will see from the list of entrepreneurs in Africa, the most exciting thing is that they don’t have a single source of income but invest in multiple businesses. So, who are the wealthiest?
Here are the richest business moguls and where they rank on the list of Forbe’s African billionaires.
1. Aliko Dangote – $12.5 Billion
- Net Worth: $12.5 Billion
- Age: 65 Years Old
- Industry: Manufacturing
- Country: Nigeria
Aliko Dangote, Africa’s richest person, founded and chairs Dangote Cement, the continent’s largest cement producer. He was born in 1957, and his birthplace is Kano State.
Aliko Dangote owns the eponymous Dangote Group, which operates in the commodities field. Dangote is based in Nigeria and also does business in other African countries, including Benin, Cameroon, Ghana, South Africa, Togo, and Zambia.
The Dangote Group employs more than 11,000 people in industries such as sugar refining, flour mills, food distribution, and cement. In fact, The Dangote Group’s businesses account for one-fourth of all businesses on the Nigerian Stock Exchange.
In 1977, when he was only 20 years old, the young man started the Dangote Business Group. To start him off, he got a generous loan of N500,000 from his grandfather, Alhaji Sanusi Dantata. Aliko Dangote’s firm started as a tiny company that specialised in trading. It is now a substantial multi-billion corporation with branches in Nigeria and other African countries like Ghana, Benin Republic, and Togo.
The Dangote Group is famous for being the most influential industrial group in the Western Africa region. It has about 30,000 employees.
What is Aliko Dangote’s net worth? Dangote is the 114th richest person in the world with a current net worth of $12.5 billion according to Forbes. other reputable sites have different estimations of Aliko Dangote’s fortune. For example, Bloomberg pegs his fortune at $18.7 billion, Celebrity Net Worth places his net worth at $21 billion.
2. Johann Rupert – $10.1 Billion
- Net Worth: $10.1 Billion
- Age: 72 Years Old
- Industry: Fashion & Retail
- Country: South Africa
Johann Rupert is chairman of Swiss luxury goods firm Compagnie Financiere Richemont.
The company is best known for the brands Cartier and Montblanc.
It was formed in 1998 through a spinoff of assets owned by Rembrandt Group Limited (now Remgro Limited), which his father Anton formed in the 1940s.
He owns 7% of the diversified investment firm Remgro, which he chairs, as well as 25% of Reinet, an investment holding company based in Luxembourg.
In recent years, Rupert has been a vocal opponent of plans to allow fracking in the Karoo, a region of South Africa where he owns the land.
What is Johann Rupert’s net worth? Johann Peter Rupert is a South African billionaire and the second richest man in Africa. According to Forbes, Johann Rupert has a current net worth of $10.1 billion making him the 175h richest man in the world. Bloomberg places Johann Rupert’s net worth at $11.5 billion whereas Celebrity Net Worth pegs his fortune at $9 billion.
3. Nicky Oppenheimer – $8.5 Billion
- Net Worth: $8.5 Billion
- Age: 77 Years Old
- Industry: Metals & Mining
- Country: South Africa
Nicholas F. Oppenheimer is a South African billionaire businessman. He was formerly the chairman of De Beers diamond mining company and of its subsidiary, the Diamond Trading Company, and former deputy chairman of Anglo American. He is the third richest man in Africa.
Nicky Oppenheimer, the heir to the DeBeers diamond fortune, sold his 40% of the firm to mining group Anglo American for $5.1 billion in cash in 2012.
He was the third generation of his family to run DeBeers and took the company private in 2001.
For 85 years until 2012, the Oppenheimer family occupied a controlling spot in the world’s diamond trade.
In 2014, Oppenheimer started Fireblade Aviation in Johannesburg, which operates chartered flights.
He owns at least 720 square miles of conservation land across South Africa, Botswana, and Zimbabwe.
What is Nicky Oppenheimer’s net worth? Nicky Oppenheimer is the third richest person in Africa with a fortune worth billions. Per Forbes, he is the 224th richest man in the world with a current net worth of $8.5 billion. Bloomberg places his fortune at $8.08 billion, whereas Celebrity Net Worth pegs his fortune at $8 billion.
4. Abdulsamad Rabiu – $8 Billion
- Net Worth: $8 Billion
- Age: 62 Years Old
- Industry: Diversified
- Country: Nigeria
Abdul Samad Rabiu is one of the most successful entrepreneurs in Nigeria. He was born in 1960 in Kano to Khalifah Isyaku Rabiu, who was also a businessman. He studied at Capital University in Ohio, United States. When he was 24, he returned to the country to run the family business.
In 1988, Abdul established BUA International Limited for commodity trading, importing rice, flour, oil, and iron. Eventually, the company grew and expanded into steel, the production of billets, and construction rolling mills.
Currently, there are 5 subsidiaries of BUA Group, including BUA Ports & Terminals, BUA Estates, BUA Oil Mills Ltd, BUA Sugar Refinery Ltd, and BUA Cement.
What is Abdulsamad Rabiu’s net worth? Abdulsamad Rabi is a Nigerian businessman who has a net worth of $8 billion and is the 251st richest man in the world, per Forbes.
5. Nassef Sawiris – $6.9 Billion
- Net Worth: $6.9 Billion
- Age: 62 Years Old
- Industry: Construction & Engineering
- Country: Egypt
Nassef Onsi Sawiris is an Egyptian billionaire businessman and the youngest of Onsi Sawiris’ three sons. Nassef Sawiris is an investor and a scion of Egypt’s wealthiest family. His most valuable asset is a nearly 6% stake in sportswear maker Adidas.
In December 2020, he acquired a 5% stake in New York-listed firm Madison Square Garden Sports, owner of the NBA Knicks and the NHL Rangers teams.
He runs OCI, one of the world’s largest nitrogen fertilizer producers, with plants in Texas and Iowa; it trades on the Euronext Amsterdam exchange.
Orascom Construction, an engineering and building firm, trades on the Cairo exchange and Nasdaq Dubai.
His holdings include stakes in cement giant Lafarge Holcim and Adidas; he sits on the supervisory board of Adidas.
What is Nassef Sawiris’s net worth? As of 2023, Nassef Sawiris has a current net worth estimated at US$6.9 billion, making him the richest Arab and the fifth richest African according to Forbes. Per Bloomberg, Nassef Sawiris has a fortune of $6.93 billion
6. Mike Adenuga – $6.7 Billion
- Net Worth: $5.6 Billion
- Age: 69 Years Old
- Industry: Diversified
- Country: Nigeria
Born in 1953, Mike Adenuga is the third richest Nigerian entrepreneur with a fortune worth billions. He received his higher education at Northwestern Oklahoma State University and Pace University.
Mike Adenuga built his enormous fortune in mobile telecommunications and oil production. In 2006, he founded Globacom, the second-largest mobile phone network in Nigeria.
The company founded by Mike Adenuga, called Globacom, is the second-largest telecommunication operator in the West African nation.
With over 24 million customers in Nigeria, the company also operates in the Republic of Benin, where it recently acquired licenses to start businesses in Ghana and the Ivory Coast. What’s more, Conoil Producing is considered to be one of the largest independent exploration companies in Nigeria, with a production capacity of 100,000 barrels of oil per day.
Apart from this, the businessman is the owner of Conoil Producing Limited, one of the country’s biggest oil companies.
What is Mike Adenuga’s net worth? Mike Adenuga is a Nigerian billionaire who has a net worth of $5.6 billion. He is the 450th richest man in the world, per Forbes.
7. Issad Rebrab – $5.1 Billion
- Net Worth: $5.1 Billion
- Age: 79 Years Old
- Industry: Food & Beverage
- Country: Algeria
Issad Rebrab is an Algerian billionaire businessman, and CEO of the Cevital industrial group, the largest private company in Algeria, active in steel, food, agribusiness, and electronics.
Cevital owns one of the largest sugar refineries in the world, with the capacity to produce 2 million tons a year.
Cevital owns European companies, including French home appliances maker Groupe Brandt, an Italian steel mill, and a German water purification company.
In 2019, he was sentenced to six months for tax, banking, and customs offenses. After serving 8 months in jail on charges of corruption, Rebrab was released on January 1, 2020. He denies any wrongdoing.
What is Issad Rebrab’s net worth? Issad Rebrab is an Algerian businessman who has a net worth of $5.1 billion, the 7th richest African, and the 499th billionaire in the world, per Forbes.
8. Naguib Sawiris – $3.4 Billion
- Net Worth: $3.4 Billion
- Age: 67 Years Old
- Industry: Telecom
- Country: Egypt
Naguib Onsi Sawiris is an Egyptian billionaire businessman. Sawiris is chairman of Weather Investments’s parent company, and the former chairman and CEO of Orascom Telecom Holding.
Naguib Sawiris is a scion of Egypt’s wealthiest family. His brother Nassef is also a billionaire.
He built a fortune in telecom, selling Orascom Telecom in 2011 to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction.
He’s chairman of Orascom TMT Investments, which has stakes in an asset manager in Egypt and Italian internet company Italiaonline, among others.
Through his Media Globe Holdings, Sawiris owns 88% of the pan-European pay-TV and video news network Euronews.
He also developed a luxury resort called Silversands on the Caribbean island of Grenada.
What is Naguib Sawiris’ net worth? Naguib Sawiris is an Egyptian businessman and politician who has a net worth of $3.4 billion.
9. Patrice Motsepe – $2.9 Billion
- Net Worth: $2.9 Billion
- Age: 61 Years Old
- Industry: Metals & Mining
- Country: South Africa
Patrice Tlhopane Motsepe is a South African mining billionaire businessman. Since 12 March 2021, he has been serving as the President of the Confederation of African Football. He is the founder and executive chairman of African Rainbow Minerals, which has interests in gold, ferrous metals, base metals, and platinum.
Patrice Motsepe, the founder and chairman of African Rainbow Minerals, became a billionaire in 2008 – the first black African on the Forbes list.
In 2016, he launched a private equity firm, African Rainbow Capital, focused on investing in Africa.
Motsepe also has a stake in Sanlam, a listed financial services firm, and is the president and owner of the Mamelodi Sundowns Football Club.
In March 2021, Motsepe was elected president of the Confederation of African Football, the sport’s governing body on the continent.
In 1994, he became the first black partner at the law firm Bowman Gilfillan in Johannesburg and then started a mining service contracting business.
In 1997, he bought low-producing gold mine shafts and later turned them profitable.
What is Patrice Motsepe’s net worth? Patrice Motsepe is a South African mining magnate who has a current net worth of $2.9 billion.
10. Koos Bekker – $2.7 Billion
- Net Worth: $2.7 Billion
- Age: 69 Years Old
- Industry: Media & Entertainment
- Country: South Africa
Jacobus Petrus “Koos” Bekker is a South African billionaire businessman and the chairman of the media group Naspers. The company operates in 130 countries and is listed on the London Stock Exchange and Johannesburg Stock Exchange.
Koos Bekker is revered for transforming South African newspaper publisher Naspers into an e-commerce investor and cable TV powerhouse.
He led Naspers to pay a reported $34 million for a third of Chinese Internet firm Tencent Holdings in 2001–perhaps the greatest venture investment ever.
In 2019, Naspers put some assets into two publicly-traded companies, entertainment firm MultiChoice Group and Prosus, which contains the Tencent stake
Naspers sold a 2% stake in Tencent in 2018; in April 2021 Prosus sold nearly $15 billion worth of Tencent, taking its stake to 29%.
Bekker, who retired as the CEO of Naspers in March 2014, returned as chairman in April 2015.
What is Koos Bekker’s net worth? Koos Bekker is a South African businessman who has a net worth of $2.7 billion.
11. Mohamed Mansour – $2.5 Billion
- Net Worth: $2.5 Billion
- Age: 75 Years Old
- Industry: Diversified
- Country: Egypt
Mohamed Mansour is an Egyptian billionaire businessman and former politician. He is the chairman of Mansour Group, a US$6 billion conglomerate that is the second-largest company in Egypt by revenue.
Mohamed Mansour oversees the family conglomerate Mansour Group, which was founded by his father Loutfy (D.1976) in 1952 and has 60,000 employees.
Mansour established General Motors dealerships in Egypt in 1975, later becoming one of GM’s biggest distributors worldwide.
Mansour Group also has exclusive distribution rights for Caterpillar equipment in Egypt and seven other African countries.
He served as Egypt’s Minister of Transportation from 2006 to 2009 under the Hosni Mubarak regime.
His brothers Yasseen and Youssef, who share ownership in the family group, are also billionaires; his son Loutfy heads the private equity arm of Man Capital.
What is Mohamed Mansour’s net worth? Mohamed Mansour is an Egyptian businessman who has a net worth of $2.5 billion. In November 2019, Forbes estimated his wealth at $2.3 billion, and in February 2022, he was worth $2.5 billion.
12. Aziz Akhannouch – $1.8 Billion
- Net Worth: $1.8 Billion
- Age: 62 Years Old
- Industry: Diversified
- Country: Morocco
Aziz Akhannouch is a Moroccan politician, businessman, and billionaire who is currently the Prime Minister of Morocco since his government took office on 7 October 2021, and also served as Minister of Agriculture from 2007 to 2021.
Aziz Akhannouch is the majority owner of Akwa Group, a multibillion-dollar conglomerate founded by his father and a partner, Ahmed Wakrim, in 1932.
It has interests in petroleum, gas, and chemicals through publicly-traded Afriquia Gaz and Maghreb Oxygene.
What is Aziz Akhannouch’s net worth? Aziz Akhannouch is a Moroccan businessman who shares a net worth of $1.8 billion with his family.
13. Mohammed Dewji – $1.5 Billion
- Net Worth: $1.5 Billion
- Age: 47 Years Old
- Industry: Diversified
- Country: Tanzania
Mohammed “Mo” Gulamabbas Dewji is a Tanzanian billionaire businessman and former politician.
Dewji served as a Member of the Tanzanian Parliament for Chama Cha Mapinduzi from 2005 to 2015 for his hometown of Singida.
He is the owner of MeTL Group, a Tanzanian conglomerate founded by his father in the 1970s.
METL is active in textile manufacturing, flour milling, beverages, and edible oils in eastern, southern, and central Africa.
METL operates in at least six African countries and has ambitions to expand to several more.
Dewji, Tanzania’s only billionaire, signed the Giving Pledge in 2016, promising to donate at least half his fortune to philanthropic causes.
Dewji was reportedly kidnapped at gunpoint in Dar es Salaam, Tanzania in October 2018 and released after nine days.
What is Mohammed Dewji’s net worth? As of 2023, Dewji has an estimated net worth of US$1.5 billion and is Africa’s youngest billionaire. Dewji was the first Tanzanian on the cover of Forbes magazine, in 2013.
14. Youssef Mansour – $1.5 Billion
- Net Worth: $1.5 Billion
- Age: 76 Years Old
- Industry: Diversified
- Country: Egypt
Youssef Mansour is chairman of the family-owned conglomerate Mansour Group, which was founded by his father Loutfy (d.1976) in 1952.
Mansour Group is the exclusive distributor of GM vehicles and Caterpillar equipment in Egypt and several other countries.
He oversees the consumer goods division, which includes supermarket chain Metro, and sole distribution rights for L’Oreal in Egypt.
Younger brothers Mohamed and Yasseen are also billionaires and part owners of the Mansour Group.
What is Youssef Mansour’s net worth? Youssef Mansour is an Egyptian businessman who has a net worth of $1.5 billion.
15. Michiel Le Roux – $1.4 Billion
- Net Worth: $1.4 Billion
- Age: 73 Years Old
- Industry: Finance & Investments
- Country: South Africa
Michiel Le Roux of South Africa founded Capitec Bank in 2001 and owns about an 11% stake.
The bank, which trades on the Johannesburg Stock Exchange, targets South Africa’s emerging middle class.
He served as chairman of the board of Capitec from 2007 to 2016 and has continued on as a board member.
Le Roux previously ran Boland Bank, a small regional bank in Cape Town’s hinterland.
What is Michiel Le Roux’s net worth? The director of Capitec Bank Michiel Le Roux has an estimated current net worth of $1.4 billion, according to Forbes.
16. Strive Masiyiwa – $1.3 Billion
- Net Worth: $1.3 Billion
- Age: 62 Years Old
- Industry: Telecom
- Country: Zimbabwe
Strive Masiyiwa is a London-based Zimbabwean billionaire businessman and philanthropist. He is the founder and executive chairman of the international technology group Econet Global. Masiyiwa has provided scholarships to more than 250,000 young Africans over the past 20 years through his family foundation.
Strive Masiyiwa overcame protracted government opposition to launch the mobile phone network Econet Wireless Zimbabwe in his country of birth in 1998.
He owns just over 50% of the publicly-traded Econet Wireless Zimbabwe, which is one part of his larger Econet Group.
Masiyiwa also owns just over half of the private company Liquid Telecom, which provides fiber optic and satellite services to telecom firms across Africa.
His other assets include stakes in mobile phone networks in Burundi and Lesotho and investments in fintech and power distribution firms in Africa.
He and his wife Tsitsi founded the Higherlife Foundation, which supports orphaned and poor children in Zimbabwe, South Africa, Burundi, and Lesotho.
What is Strive Masiyiwa’s net worth? Strive Masiyiwa is a Zimbabwean businessman who has a net worth of $1.3 billion.
17. Othman Benjelloun – $1.3 Billion
- Net Worth: $1.3 Billion
- Age: 90 Years Old Old
- Industry: Finance & Investments
- Country: Morocco
Othman Benjelloun is a Moroccan banker and billionaire businessman. Othman Benjelloun is CEO of BMCE Bank of Africa, which has a presence in more than 20 African countries.
His father was a shareholder in RMA, a Moroccan insurance company; Benjelloun built it into a leading insurer.
Through his holding company FinanceCom, he has a stake in the Moroccan arm of French telecom firm Orange.
He inaugurated 2014 a $500 million plan to build the 55-story Mohammed VI Tower in Rabat. It will be one of the tallest buildings in Africa.
FinanceCom is part of a project to develop a multibillion-dollar tech city in Tangiers that is expected to host 200 Chinese companies.
What is Othman Benjelloun’s net worth? Othman Benjelloun is a Moroccan businessman who has a current net worth of $1.3 billion. In 2021, his net worth was estimated by Forbes at US$1.3 billion, and in 2022, it has increased to $1.5 billion.
18. Yasseen Mansour – $1.1 Billion
- Net Worth: $1.1 Billion
- Age: 61 Years Old
- Industry: Diversified
- Country: Egypt
Yasseen Mansour is an Egyptian billionaire businessman, part-owner of the Mansour Group, and chairman of Palm Hills Developments, one of Egypt’s largest real estate developers.
Yasseen Mansour is a shareholder in the family-owned conglomerate Mansour Group, which was founded by his father Loutfy (d.1976) in 1952.
Mansour Group is the exclusive distributor of GM vehicles and Caterpillar equipment in Egypt and several other countries.
His brothers Mohamed and Youssef are also billionaires and part owners of the Mansour Group.
He’s chairman of Palm Hills Developments, one of Egypt’s biggest real estate developers.
What is Yasseen Mansour’s net worth? Yasseen Mansour is an Egyptian businessman who has a net worth of $1.1 billion.
Summary
Below is the full list of Forbes‘ richest and most successful entrepreneurs (business moguls) in Africa in 2023, including their rank, name, age, net worth, and business interests.
| Rank | Name | Age | Net Worth | Industry |
| 1 | Aliko Dangote | 65 Years Old | $12.5 Billion | Manufacturing |
| 2 | Johann Rupert & family | 72 Years Old | $10.1 Billion | Fashion & Retail |
| 3 | Nicky Oppenheimer & family | 77 Years Old | $8.5 Billion | Metals & Mining |
| 4 | Abdulsamad Rabiu | 62 Years Old | $8 Billion | Diversified |
| 5 | Nassef Sawiris | 61 Years Old | $6.9 Billion | Construction & Engineering |
| 6 | Mike Adenuga | 69 Years Old | $6.7 Billion | Diversified |
| 7 | Issad Rebrab & family | 79 Years Old | $5.1 Billion | Food & Beverage |
| 8 | Naguib Sawiris | 67 Years Old | $3.4 Billion | Telecom |
| 9 | Patrice Motsepe | 61 Years Old | $2.9 Billion | Metals & Mining |
| 10 | Koos Bekker | 69Years Old | $2.7 Billion | Media & Entertainment |
| 11 | Mohamed Mansour | 75 Years Old | $2.5 Billion | Diversified |
| 12 | Aziz Akhannouch & family | 62 Years Old | $1.8 Billion | Diversified |
| 13 | Mohammed Dewji | 47 Years Old | $1.5 Billion | Diversified |
| 14 | Youssef Mansour | 76 Years Old | $1.5 Billion | Diversified |
| 15 | Michiel Le Roux | 73 Years Old | $1.4 Billion | Finance & Investments |
| 16 | Strive Masiyiwa | 62 Years Old | $1.3 Billion | Telecom |
| 15 | Othman Benjelloun & family | 90 Years Old | $1.3 Billion | Finance & Investments |
| 18 | Yasseen Mansour | 61 Years Old | $1.1 Billion | Diversified |