Recently, Forbes published its annual “Africa’s Billionaires” list, which revealed a mixed bag of results. While the number of African billionaires rose from 18 to 19, their collective wealth took a significant hit, losing $3.4 billion in 2022.
The list only includes businessmen who are currently residing in Africa, excluding prominent tycoons who have relocated to other countries, such as Mo Ibrahim, Nathan Kirsh, Mohamed Al-Fayed, Mohammed Al-Amoudi, and Tope Awotona, despite their substantial global impact
During the year, Africa’s richest individuals saw a decline in their wealth in 2022, with a loss of $3.4 billion over the past 12 months, bringing their net worth from $84.9 billion to $81.5 billion as global equity values dropped.
Although some individuals experienced growth, the financial outcomes of others closely paralleled the fluctuations of the S&P All Africa Index.
During the first three quarters of 2022, the index experienced a significant decrease of 20 percent.
However, by the start of 2023, the decline had only moderated to three percent.
Here is their present ranking at the time of writing this report:
#1 Aliko Dangote
Net worth: $13.5 billion
Nationality: Nigerian
For the twelfth year in a row, Nigerian billionaire Aliko Dangote remains the richest man in Africa, with a net worth of $13.5 billion derived from his stake in Dangote Cement Plc, Africa’s largest cement manufacturer (Bloomberg values his wealth at $19 billion). In 2022, Dangote’s net worth slumped by $400 million due to a decrease in the share price of his flagship company, Dangote Cement.
#2 Johann Rupert
Net worth: $10.7 billion
Nationality: South African
South Africa’s richest man Johann Rupert ranks as the continent’s second-richest man, with a net worth of $11.4 billion (Bloomberg values his wealth at $12.3 billion). The billionaire businessman derives the majority of his wealth from his luxury goods holding company, Richemont.
#3 Nicky Oppenheimer
Net worth: $8.4 billion
Nationality: South African
Nicky Oppenheimer, the former CEO of the renowned diamond mining company DeBeers, has amassed a staggering net worth of $8.4 billion, solidifying his position as the third-richest individual on the continent of Africa and the second-richest in South Africa.
His wealth is primarily derived from a diverse portfolio of private equity investments spanning across continents, including Africa, Asia, Europe, and the United States, through Stockdale Street and Tana Africa Capital, both based in London and Johannesburg, respectively.
#4 Abdul Samad Rabiu
Net worth: $7.6 billion
Nationality: Nigerian
Nigerian tycoon Abdul Samad Rabiu made substantial gains in 2022, elevating him to the position of the fourth-wealthiest individual in Africa. This success can be attributed to the successful public listing of BUA Foods Plc, on the Nigerian Exchange on Jan. 5, 2022, combined with the impressive performance of his investment in BUA Cement.
#5 Nassef Sawiris
Net worth: $7.3 billion
Nationality: Egyptian
As the wealthiest individual in Egypt and a member of the country’s most affluent family, Nassef Sawiris stands as the fifth-wealthiest man in Africa with an estimated net worth of $7.3 billion. The lion’s share of Sawiris’ immense wealth originates from his substantial investment in Dutch fertilizer producer, OCI N.V., and his substantial stake of 3.72 percent in German sportswear giant, Adidas.
#6 Mike Adenuga
Net worth: $6.3 billion
Nationality: Nigerian
Nigerian telecom billionaire and oil mogul Mike Adenuga derives the majority of his $6.3 billion wealth from his interests in the Nigerian telecom company Globacom Limited, and in the Nigerian oil industry through Conoil Producing and Conpetro Limited.
He also owns 74.4 percent of Conoil Plc, a leading petroleum marketing company that manufactures and sells lubricants under the “Quarto” brand in addition to founding Globacom, one of Nigeria’s largest telecom service providers.
#7 Issad Rebrab
Net worth: $4.3 billion
Nationality: Algerian
Algeria’s top tycoon, Issad Rebrab, the visionary behind the establishment of Cevital Group, the nation’s biggest privately held firm, boasts a net worth of $4.6 billion, as per the latest report, albeit a decrease from his previous valuation of $5.1 billion in 2022.
Rebrab’s immense wealth is the result of his interest in Cevital Group, a renowned conglomerate that is the proprietor of one of the world’s largest sugar refineries with a yearly capacity of producing 2 million metric tonnes of refined sugar.
#8 Naguib Sawiris
Net worth: $3.3 billion
Nationality: Egyptian
With a fortune of $3.4 billion, Naguib Sawiris, the elder brother of Egypt’s richest man, Nassef Sawiris, is the second-richest man in Egypt and the tenth-wealthiest man in Africa.
The billionaire amassed his fortune after selling Orascom Telecom to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction in 2011.
He is presently a shareholder in Orascom TMT Investments and Ora Developers, a real estate developer.
#9 Patrice Motsepe
Net worth: $3.2 billion
Nationality: South African
With a net worth of $2.3 billion, Motsepe is the richest Black South African.
The majority of his wealth is derived from his 40-percent stake in African Rainbow Minerals (ARM), a South African diversified mining and minerals company.
#10 Mohammed Mansour
Net worth: $2.9 billion
Nationality: Egyptian
Mohamed Mansour, an Egyptian billionaire businessman, is the chairman of Mansour Group, a family conglomerate worth more than $6 billion, according to Forbes.
Mansour derives the majority of his $2.9-billion net worth from the company, alongside his brothers Yasseen and Youssef Sawiris, who are also billionaires.
#11 Koos Bekker
Net worth: $2.6 billion
Nationality: South African
#12 Strive Masiyiwa
Net worth: $1.9 billion
Nationality: Zimbabwean
#13 Aziz Akhannouch
Net worth: $1.5 billion
Nationality: Moroccan
#14 Mohammed Dewji
Net worth: $1.5 billion
Nationality: Tanzanian
#15 Youssef Mansour
Net worth: $1.5 billion
Nationality: Egyptian
#16 Othman Benjelloun
Net worth: $1.3 billion
Nationality: Moroccan
#17 Michiel Le Roux
Net worth: $1.2 billion
Nationality: South African
#18 Yasseen Mansour
Net worth: $1.1 billion
Nationality: Egyptian
#19 Christo Wiese
Net worth: $1.1 billion
Nationality: South African
