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Despite no African billionaires ranking among the world’s 100 wealthiest individuals, the absence of any African families on the list of the world’s 25 richest families underscores the stark wealth disparity between the global elite and those atop the African wealth pyramid.
At the time of drafting this report, Egypt’s Sawiris family ranked as the richest family on the African continent, with a combined fortune of $14.5 billion. This figure includes the wealth of Egyptian billionaires Nassef Sawiris ($7.46 billion), Naguib Sawiris ($6.06 billion), and Samih Sawiris ($1 billion).
The Nigerian Dangote family, followed by the Rupert and Oppenheimer families, respectively, claim the second, third, and fourth spots on the continent’s list, boasting fortunes of $16.1 billion, $11.5 billion, and $9.38 billion.
Bloomberg’s rich list: Abu Dhabi’s Al Nahyan family makes history, surpassing Waltons for top spot
According to Bloomberg’s recently released list of the world’s wealthiest families, comprising the 25 richest families globally, a staggering $32 billion is now needed to join their ranks. This represents a significant increase from $26.2 billion in 2022 — when the Walton family secured the top position for the fourth consecutive year, boasting a net worth of $224.5 billion.
This year, however, another family has emerged as the world’s richest dynasty. For the first time, the Al Nahyan family of Abu Dhabi has joined Bloomberg’s annual ranking of family fortunes, entering at the very top with a staggering $305 billion fortune, eclipsing the Waltons of Walmart Inc. by $45 billion.
Trillion-dollar wealth boom: Family fortunes explode
Collectively, the world’s richest families have added a staggering $1.5 trillion to their wealth since the last ranking, according to Bloomberg’s annual family fortunes list — this year’s edition witnessed significant shifts, not just in the Middle East.
Among the most notable gainers was a unique kind of royal house—the sixth-generation dynasty behind the luxury brand Hermès. Shunning fads and cultivating customer loyalty, they have amassed an additional $56 billion, propelling them to the world’s third-richest position.
While no African billionaire family made the cut for the global top 25, the continent’s wealthiest families continue to accumulate impressive fortunes. A recent addition to this exclusive group is the Elsewedy family from Egypt. Renowned for their investment in Elsewedy Electric, a major player in the electrical equipment manufacturing industry, they have joined the ranks of Africa’s most affluent families.
