Nearly $20 billion added to the wealth of African billionaires in 2024

Key Points

African billionaires' collective wealth grew by $19.73 billion in 2024, reaching $146.89 billion, reflecting the continent's rising economic influence.
Aliko Dangote's $13 billion net worth increase, driven by his Dangote Oil Refinery, solidified his position as Africa's wealthiest person.
Despite gains, several billionaires, including Issad Rebrab and Ivan Glasenberg, experienced significant losses due to global market challenges.

In a year marked by global wealth growth, African billionaires achieved remarkable financial gains in 2024, underscoring the continent’s increasing economic influence on the global stage.

According to an analysis by Billionaires.Africa, based on data from Bloomberg and Forbes, the collective wealth of African billionaires surged by $19.73 billion, climbing from $127.16 billion at the start of the year to $146.89 billion.

During the year, the list of African billionaires expanded from 25 to 27. This increase was driven by the addition of Adebayo Ogunlesi, chairman of Global Infrastructure Partners, and the re-entry of Nigerian business magnate Femi Otedola.

Bloomberg’s wealth estimates were prioritized in the tracking methodology, ensuring data consistency and accuracy. Additionally, the report includes African-born billionaires who now reside and have their businesses domiciled outside of Africa, bringing the total number to 27.

Wealth drivers: Dangote leads the pack

Nigerian industrialist Aliko Dangote, Africa’s richest person, was a major contributor to this wealth surge. His net worth skyrocketed by $13 billion to reach $28.1 billion, fueled by the valuation of his 92.3 percent stake in the $20 billion Dangote Oil Refinery.

The Dangote Oil Refinery, with a refining capacity of 650,000 barrels per day, stands as the largest single-train refinery in the world and a cornerstone of Nigeria’s economic transformation. The refinery not only reinforces Aliko Dangote’s dominance in Africa’s industrial landscape but also solidifies his standing among the world’s wealthiest individuals.

Despite being Africa’s largest oil producer, Nigeria has long been burdened by costly fuel imports. This landmark project, which began operations in May 2024, is poised to significantly reduce that dependency, enhancing Nigeria’s energy security and driving industrial growth.

South African billionaire Nicky Oppenheimer and Swazi businessman Natie Kirsh also saw significant increases in their fortunes. Oppenheimer’s wealth grew by $1.85 billion, bolstered by robust demand in the diamond industry, while Kirsh gained $1.77 billion thanks to flourishing investments in retail and property markets.

The downside: declines amid gains

Despite overall positive trends for many African billionaires, a few experienced significant setbacks. Issad Rebrab, the Algerian businessman behind the Cevital Group, saw his net worth drop by $2.1 billion as his industrial ventures struggled.

Likewise, Ivan Glasenberg, former CEO of Glencore, faced a $1.58 billion loss in wealth, hurt by ongoing turbulence in the global commodities market.

Nigerian billionaire Abdul Samad Rabiu, who heads one of Africa’s fastest-growing conglomerates, BUA Group, also saw his fortune shrink by $700 million this year, largely due to the naira’s devaluation after the Central Bank of Nigeria adjusted exchange rates.

Snapshot of wealth performance

Out of the 27 billionaires tracked, 17 recorded gains, nine experienced losses, and one, Patrick Soon-Shiong, maintained a stable net worth.

Below is the updated 2024 ranking of African billionaires, reflecting these shifts in fortunes:

	$ Billion	Jan. 1	Dec. 31	Change	Country	Source
1	Aliko Dangote	$15.1 billion	$28.1 billion	$13 billion	Nigeria	Bloomberg
2	Johann Rupert	$12.4 billion	$13.7 billion	$1.3 billion	South Africa	Bloomberg
3	Nicky Oppenheimer	$9.85 billion	$11.7 billion	$1.85 billion	South Africa	Bloomberg
4	Patrick Soon-Shiong	$10.5 billion	$10.5 billion	0.000	South Africa	Bloomberg
5	Natie Kirsh	$7.61 billion	$9.38 billion	$1.77 billion	Eswatini	Bloomberg
6	Mohamed Al-Amoudi	$9.05 billion	$8.73 billion	-$320 million	Ethiopia	Bloomberg
7	Nassef Sawiris	$8.41 billion	$8.72 billion	$310 million	Egypt	Bloomberg
8	Ivan Glasenberg	$8.86 billion	$7.28 billion	-$1.58 billion	South Africa	Bloomberg
9	Naguib Sawiris	$6.48 billion	$6.98 billion	$500 million	Egypt	Bloomberg
10	Mike Adenuga	$6.1 billion	$6.8 billion	$700 million	Nigeria	Forbes
11	Abdul Samad Rabiu	$5.7 billion	$5 billion	-$700 million	Nigeria	Forbes
12	Mohamed Mansour	$3.6 billion	$3.3 billion	-$300 million	Egypt	Forbes
13	Koos Bekker	$2.4 billion	$2.9 billion	$500 million	South Africa	Forbes
14	Patrice Motsepe	$2.7 billion	$2.8 billion	$100 million	South Africa	Forbes
15	Issad Rebrab	$4.6 billion	$2.5 billion	-$2.1 billion	Algeria	Forbes
16	Strive Masiyiwa	$1.9 billion	$1.8 billion	-$100 million	Zimbabwe	Forbes
17	Mohammed Dewji	$1.5 billion	$1.8 billion	$300 million	Tanzania	Forbes
18	Michiel le Roux	$1 billion	$1.8 billion	$800 million	South Africa	Forbes
19	Adebayo Ogunlesi	0	$1.7 billion	0.000	Nigeria	Forbes
20	Aziz Akhannouch	$1.7 billion	$1.6 billion	-$100 million	Morocco	Forbes
21	Femi Otedola	0	$1.6 billion	0.000	Nigeria	Forbes
22	Othman Benjelloun	$1.3 billion	$1.5 billion	$200 million	Morocco	Forbes
23	Christo Wiese	$1.2 billion	$1.5 billion	$300 million	South Africa	Forbes
24	Tope Awotona	$1.2 billion	$1.4 billion	$200 million	Nigeria	Forbes
25	Youssef Mansour	$1.5 billion	$1.3 billion	-$200 million	Egypt	Forbes
26	Mohammed Ibrahim	$1.2 billion	$1.3 billion	$100 million	Sudan	Forbes
27	Yasseen Mansour	$1.3 billion	1.2 billion	-$100 billion	Egypt	Forbes

Africa’s growing billionaire class

The emergence of new billionaires underscores Africa’s evolving economic landscape, where the tech and infrastructure sectors are playing pivotal roles. Among these rising figures is Tope Awotona, whose inclusion in 2023 highlights the global success of African entrepreneurs.

Born in Lagos, Nigeria, Awotona immigrated to the United States as a teenager and has since established himself as one of the richest Black tech entrepreneurs in the U.S. His journey with Calendly reflects resilience and innovation. After years of bootstrapping the scheduling software, Awotona secured a $350 million investment in 2021, driving the firm to a $3 billion valuation.

Similarly, Adebayo Ogunlesi’s achievements emphasize the growing influence of African-born leaders in global finance. Ogunlesi, founder of Global Infrastructure Partners (GIP), saw his wealth surge following a landmark $12.5 billion deal with BlackRock in January 2024.

The transaction, which included a $3 billion cash component and 12 million shares of BlackRock common stock valued at $9.5 billion, established a leading multi-asset class infrastructure investment platform and cemented Ogunlesi’s status among the financial elite.

In Nigeria, Femi Otedola continues to expand his influence as chairman of Geregu Power Plc and FBN Holdings Plc, parent company of Nigeria’s oldest bank. His strategic investments have solidified his position as the third-richest investor on the Nigerian Exchange, trailing only Abdul Samad Rabiu and Aliko Dangote, two of Africa’s most prominent billionaires.

Collectively, these individuals reflect the dynamic and diverse ways African entrepreneurs and investors are reshaping the global economic narrative, driving innovation, and reinforcing Africa’s growing significance on the world stage.

Outlook for 2025

African billionaires are poised for further growth as they continue investing in technology, energy, and industrial sectors. However, challenges such as geopolitical instability and global economic uncertainty present ongoing risks.

These billionaires are not just amassing wealth—they are reshaping industries and redefining Africa’s role in the global economy. Their influence will remain pivotal as the continent’s economic narrative evolves, driven by innovation and strategic investments.

Among those positioned for significant gains in 2025 is Africa’s first Black billionaire, Patrice Motsepe. Through African Rainbow Capital (ARC), Motsepe is diversifying beyond mining, with ARC recently backing NASDAQ-listed Lesaka Technologies in its R1.59 billion ($85 million) acquisition of payments firm Adumo in a cash-and-share deal.

Motsepe’s fintech ventures are also gaining momentum through Tyme Group, in which ARC Investments holds a 40 percent stake. Tyme recently secured $250 million in funding led by Brazil’s Nu Holdings, elevating its valuation to $1.5 billion. TymeBank, its South African unit, now boasts over 10 million customers and is the country’s only Black-owned commercial bank.

This funding signals a recovery in global fintech investment, with African companies leading the charge. Tyme joins Moniepoint, a Nigerian fintech unicorn led by Tosin Eniolorunda, which raised $110 million in October with support from Google, highlighting the growing prominence of African fintech on the global stage.