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After a challenging year for Africa’s billionaires, marked by significant losses in their net worth, the region’s ultra-wealthy are bouncing back in 2023.
Since the start of the year, the total collective net worth of the 19 billionaires on Africa’s billionaires list has risen to $87.3 billion, up from $81.5 billion in 2022.
Recall that these billionaires suffered a significant blow in 2022, as their total collective net worth declined from $84.9 billion in 2021 to $81.5 billion due to the slump in global equity values.
However, the recent bounce-back comes as global equity values gradually recover, with several companies owned by African billionaires experiencing impressive increases in their share prices since the beginning of the year.
As a result, some of the continent’s wealthiest individuals have seen significant gains in their net worth, leading to changes in the ranking of the ultra-rich on the continent.
This resurgence of wealth marks a return to form for Africa’s billionaires, who suffered a significant blow in 2022 due to the decline in global equity values.
As Africa’s billionaires rebound from last year’s net worth losses, their evolving fortunes will be closely monitored in the months and years ahead.
Given the recent fluctuations in their net worth, it’s crucial to analyze their wealth using data tracked by Bloomberg and Forbes, as appropriate, to get a comprehensive understanding of their financial standing.
This report will go beyond the billionaires who primarily reside on the African continent and include those who have a significant presence in the region, regardless of their primary residence.
#1 Aliko Dangote
Net worth: $19.4 billion
Nationality: Nigerian
Aliko Dangote, the Nigerian billionaire, has retained his position as Africa’s wealthiest man for the twelfth consecutive year, with a net worth of $19.4 billion, based on data from the Bloomberg Billionaires Index.
His immense fortune is primarily derived from his top-performing assets, including an 86-percent stake in Dangote Cement Plc, Africa’s largest cement company, a share in his recently established fertilizer complex, Dangote Fertilizer Plant, and a 72.3-percent stake in Dangote Sugar Refinery.
As of the time of writing this report, his net worth has risen by $690 million since Jan. 1, from $18.7 billion to $19.4 billion.
#2 Johann Rupert
Net worth: $12.1 billion
Nationality: South African
Johann Rupert, South Africa’s wealthiest man, has a net worth of $12.1 billion, primarily derived from his investments in Compagnie Financiere Richemont, Reinet Investments, and Remgro.
Since the start of the year, his net worth has increased by $1.19 billion, largely attributed to the growth of his 9.14-percent stake in Richemont.
Richemont is a Swiss luxury goods company known for its premium brands, including Chloe, Dunhill, Alaa, Cartier, and Delvaux.
#3 Nicky Oppenheimer
Net worth: $8.45 billion
Nationality: South African
Nicky Oppenheimer, the second-richest billionaire in South Africa and the third-richest in Africa, boasts a net worth of approximately $8.5 billion.
His fortune is held in private equity investments in Africa, Asia, the United States, and Europe through the London-based Stockdale Street and Johannesburg-based Tana Africa Capital.
Since the start of 2023, Oppenheimer’s net worth has increased by $425 million.
#4 Abdul Samad Rabiu
Net worth: $8 billion
Nationality: Nigerian
Nigerian business magnate, Abdul Samad Rabiu, has achieved significant financial success in recent years, elevating him to become the fourth-wealthiest individual in Africa.
His continued accomplishments have resulted in a recent surge in net worth, which has risen from $7.6 billion earlier this year to more than $8 billion.
This notable increase can be attributed to the exceptional performance of his integrated food company, BUA Foods Plc, on the Nigerian Exchange, as well as his 96-percent stake in BUA Cement.
#5 Nassef Sawiris
Net worth: $7.22 billion
Nationality: Egyptian
Nassef Sawiris, the wealthiest individual in Egypt and the Arab world, holds a prominent position as the fifth-richest man in Africa, with an impressive net worth estimated at $7.22 billion.
The majority of Sawiris’ immense fortune can be attributed to his stake in the Dutch fertilizer producer, OCI N.V., and his 3.72-percent stake in the German sportswear giant, Adidas.
Since the start of the year, Sawiris’ net worth has surged by $198 million, from $7 billion to its current level.
#6 Natie Kirsh
Net worth: $7.26 billion
Nationality: Emaswati
#7 Mike Adenuga
Net worth: $6.1 billion
Nationality: Nigerian
#8 Mohammed Al Amoudi
Net worth: $5.62 billion
Nationality: Saudi, Ethiopian
#9 Issad Rebrab
Net worth: $4.3 billion
Nationality: Algerian
#10 Naguib Sawiris
Net worth: $3.3 billion
Nationality: Egyptian
