Top 20 Richest Billionaires in Nigeria and Africa 2024

As of 2024, Africa’s 20 wealthiest individuals have a combined net worth of $82.4 billion, marking a modest increase of $900 million from the previous year. This showcases the continent’s economic potential and the resilience of its wealthiest individuals.

Despite facing numerous challenges such as fluctuating markets, political instability, and infrastructure deficiencies, these billionaires continue to navigate and thrive in Africa’s business landscape. Here are some of the standout figures in Nigeria and across the Africa continent:

Richest Billionaires in Nigeria 2024

Forbes Magazine’s recent release of the 38th edition of its World Billionaires List for 2024 showcases the economic prowess of Nigeria through its four prominent figures: Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola.

1. Aliko Dangote

Net Worth: $13.4 billion
Position: Africa’s richest man

Aliko Dangote retains his status as Africa’s wealthiest individual, boasting a substantial net worth of $13.4 billion as of April 2, 2024. Dangote, aged 66, commands the helm of Dangote Cement, the largest cement producer on the continent. His empire spans across 10 African countries, with operations encompassing a capacity to produce 48.6 million metric tons annually. Additionally, Dangote’s ventures extend into fertilizer production and petroleum refining, with his refinery gradually scaling up operations in 2024.

2. Mike Adenuga

Net Worth: $6.7 billion
Position: Nigeria’s second richest man

Securing the title of Nigeria’s second richest person, Mike Adenuga, aged 70, has amassed a formidable fortune of $6.7 billion. Adenuga’s wealth originates from his prowess in telecommunications and oil production. Notably, his telecommunications company, Globacom, stands as one of Nigeria’s leading network operators, boasting over 60 million subscribers. Further bolstering his portfolio, Adenuga’s Conoil Producing ventures operate six oil blocks in the Niger Delta region.

3. Abdulsamad Rabiu

Net Worth: $5.2 billion
Position: Nigeria’s third richest man

Abdulsamad Rabiu, aged 63, commands a substantial fortune estimated at $5.2 billion, solidifying his position as Nigeria’s third richest individual. Founding the BUA Group, Rabiu’s conglomerate spans cement production, sugar refining, and real estate. Notably, BUA Cement Plc, a combined entity listed on the Nigerian stock exchange, stands as a cornerstone of Rabiu’s empire, with the entrepreneur retaining 98.2 percent ownership.

4. Femi Otedola

Net Worth: $1.7 billion
Position: Renowned Nigerian billionaire

Femi Otedola, aged 61, rounds off the quartet of Nigeria’s wealthiest, boasting a net worth of $1.7 billion. Otedola’s initial fortune stemmed from commodities trading, with a subsequent foray into the energy sector. Notably, he holds the chairmanship of Geregu Power, a prominent player in power generation. Beyond this, Otedola’s diverse investments include properties in Lagos, Dubai, London, and Monaco, along with strategic holdings in prominent Nigerian banks.

These billionaires epitomize Nigeria’s economic dynamism, contributing significantly to the country’s wealth and representing its entrepreneurial spirit on the global stage.

Richest Billionaires in Africa 2024

The African continent boasts a select group of individuals whose wealth not only symbolizes prosperity but also reflects the economic landscape of the region. Here is the list of the richest billionaires in Africa in 2024 according to Forbes

1. Aliko Dangote – Nigeria

Net Worth: $13.9 billion
Industry: Manufacturing (Cement and Sugar)
Origin of Wealth: Self-made
Key Highlights: At 66 years old, Aliko Dangote stands as the founder and chairman of Dangote Cement, the leading cement producer across Africa, operating in 10 countries. Beyond cement, Dangote has expanded his ventures into a diversified portfolio, encompassing a fertilizer plant and a refinery. These strategic moves have cemented his status as Africa’s wealthiest individual.

2. Johann Rupert and Family – South Africa

Net Worth: $10.1 billion
Industry: Fashion and Retail (Luxury Goods)
Origin of Wealth: Inherited and growing
Key Highlights: Chairman of Compagnie Financiere Richemont, known for prestigious brands like Cartier and Montblanc. Rupert’s influence extends beyond business, as he advocates against environmental threats such as fracking in South Africa’s Karoo region.

3. Nicky Oppenheimer & Family – South Africa

Net Worth: $9.4 billion
Industry: Metals and Mining (Diamonds)
Origin of Wealth: Inherited
Key Highlights: At the age of 78, Nicky Oppenheimer, who inherited the DeBeers diamond fortune, sold 40% of the company to Anglo American, a mining group, for $5.1 billion in cash back in 2012. He comes from a long line of family members who ran DeBeers, and in 2001, he took the company private. For 85 years leading up to 2012, the Oppenheimer family held a significant position in the global diamond trade. In 2014, Oppenheimer launched Fireblade Aviation in Johannesburg, providing chartered flight services. Additionally, he owns a substantial area of conservation land spanning 720 square miles across South Africa, Botswana, Zimbabwe, and Mozambique.

4. Nassef Sawiris – Egypt

Net Worth: $8.7 billion
Industry: Construction and Engineering
Origin of Wealth: Inherited and growing
Key Highlights: At 63 years old, Nassef Sawiris is an investor and comes from one of Egypt’s wealthiest families. In December 2020, he bought a 5% share in Madison Square Garden Sports, a company listed in New York that owns NBA’s Knicks and NHL’s Rangers teams. Sawiris also manages OCI, which is one of the world’s largest producers of nitrogen fertilizer, with plants located in Texas and Iowa. OCI trades on the Euronext Amsterdam exchange. Furthermore, he oversees Orascom Construction, an engineering and construction firm, which is listed on the Cairo exchange and Nasdaq Dubai. Sawiris’s investment portfolio also includes a nearly 6% stake in the renowned German sportswear company, Adidas. Additionally, he collaborated with Wes Edens from Fortress Investment Group to acquire the Premier League’s Aston Villa Football Club.

5. Mike Adenuga – Nigeria

Net Worth: $6.9 billion
Industry: Diversified (Telecom and Oil)
Origin of Wealth: Self-made
Key Highlights: At 70 years old, Mike Adenuga’s wealth derives from his ventures in telecommunications and oil production. He founded Globacom, one of Nigeria’s top three telecom operators, serving over 60 million subscribers. Adenuga’s Conoil Producing operates six oil blocks in the Niger Delta. Notably, Globacom spearheaded the construction of Glo-1, a submarine internet cable linking Nigeria to the UK, Ghana, and Portugal.

6. Abdulsamad Rabiu – Nigeria

Net Worth: $5.9 billion
Industry: Diversified (Cement and Sugar)
Origin of Wealth: Self-made
Key Highlights: At 63 years old, Abdulsamad Rabiu, founder of BUA Group, boasts investments in cement production, sugar refining, and real estate. BUA Cement Plc, a conglomerate on the Nigerian stock exchange, is predominantly owned by Rabiu. Moreover, he holds a significant stake in BUA Foods, a publicly-traded food conglomerate. Rabiu’s entrepreneurial journey began in 1988 with ventures in importing iron, steel, and chemicals.

7. Naguib Sawiris – Egypt

Net Worth: $3.8 billion
Industry: Telecom
Origin of Wealth: Inherited and growing
Key Highlights: At 69 years old, Naguib Sawiris, Notable for his telecom ventures, including the sale of Orascom Telecom and investments in international assets. Sawiris’ diverse portfolio extends to luxury hospitality, with projects like the Silversands resort in Grenada.

8. Mohamed Mansour – Egypt

Net Worth: $3.2 billion
Industry: Diversified
Origin of Wealth: Self-made
Key Highlights: At 76 years old, Mohamed Mansour oversees the Mansour Group, a diversified conglomerate with interests in automotive distribution and Caterpillar equipment. Mansour’s contributions to transportation and commerce in Egypt underscore his family’s legacy in business.

9. Koos Bekker – South Africa

Net Worth: $2.7 billion
Industry: Media and Entertainment
Origin of Wealth: Self-made
Key Highlights: 71 years Koos Bekker is known for his remarkable transformation of Naspers into a major player in global e-commerce and media. He achieved this by making strategic investments in Tencent Holdings. Bekker’s vision has not only changed the tech scene in South Africa but has also fueled innovation and expansion in the industry.

10. Patrice Motsepe – South Africa

Net Worth: $2.7 billion
Industry: Metals and Mining
Origin of Wealth: Self-made
Key Highlights: 61 years old Patrice Motsepe, the founder of African Rainbow Minerals, stands out as the first black African billionaire as far back as 2008. Motsepe’s dedication to philanthropy and his leadership in sports, particularly as the president of the Confederation of African Football, highlight his significant impact extending beyond the realm of business.

11. Issad Rebrab & Family – Algeria

Net Worth: $2.5 billion
Industry: Food and Beverage
Origin of Wealth: Self-made
Key Highlights: 80 years old Issad Rebrab is the founder of Cevital, Algeria’s largest privately-held company, with interests in food production and European acquisitions. Rebrab’s entrepreneurial journey has been marked by challenges, including legal disputes, yet his resilience has sustained Cevital’s growth trajectory.

12. Mohammed Dewji – Tanzania

Net Worth: $1.8 billion
Industry: Diversified
Origin of Wealth: Inherited and growing
Key Highlights: At 48 years old, Mohammed Dewji serves as the CEO of MeTL Group, a prominent Tanzanian conglomerate involved in various sectors such as manufacturing, agriculture, and distribution. Dewji’s dedication to philanthropy is evident through initiatives like signing the Giving Pledge, showcasing his commitment to making a positive social impact alongside his achievements in business.

13. Strive Masiyiwa – Zimbabwe

Net Worth: $1.8 billion
Industry: Telecom
Origin of Wealth: Self-made
Key Highlights: 62 years Strive Masiyiwa is the founder of Econet Wireless, a pioneering mobile network operator in Zimbabwe, and investor in tech and infrastructure across Africa. Masiyiwa’s advocacy for education and healthcare, through initiatives like the Higherlife Foundation, demonstrates his dedication to community development.

14. Aziz Akhannouch & Family – Morocco

Net Worth: $1.7 billion
Industry: Diversified (Petroleum)
Origin of Wealth: Inherited and growing
Key Highlights: 63 years old Aziz Akhannouch is the majority owner of Akwa Group, a Moroccan conglomerate with interests in petroleum, gas, and chemicals. Akhannouch’s recent appointment as prime minister underscores his political influence alongside his family’s business legacy.

15. Othman Benjelloun & Family – Morocco

Net Worth: $1.4 billion
Industry: Finance and Investments (Banking and Insurance)
Origin of Wealth: Inherited and growing
Key Highlights: Othman Benjelloun, age 91, is the CEO of BMCE Bank of Africa, a leading financial institution with a presence across the continent. Benjelloun’s commitment to innovation is evident in projects like the Mohammed VI Tower, reflecting his vision for modernization in Morocco.

16. Youssef Mansour – Egypt

Net Worth: $1.3 billion
Industry: Diversified
Origin of Wealth: Self-made
Key Highlights: Youssef Mansour, age 78, is the Chairman of Mansour Group, a family-owned conglomerate with diverse interests in automotive distribution, retail, and consumer goods. Mansour’s leadership has propelled the group’s expansion and solidified its position as a key player in Egypt’s economy.

17. Yasseen Mansour – Egypt

Net Worth: $1.2 billion
Industry: Diversified
Origin of Wealth: Self-made
Key Highlights: Yasseen Mansour, age 62, is the Shareholder in Mansour Group, alongside his brothers, contributing to the conglomerate’s success in automotive distribution and consumer goods. Mansour’s leadership at Palm Hills Developments reflects his involvement in Egypt’s real estate sector.

18. Christoffel Wiese – South Africa

Net Worth: $1.2 billion
Industry: Fashion and Retail (Retail)
Origin of Wealth: Self-made
Key Highlights: 82 years old Christoffel Wiese is the founder of Pepkor, a retail empire known for offering affordable goods across South Africa and beyond. Wiese’s resilience amidst corporate challenges underscores his enduring impact on the retail landscape.

19. Michiel Le Roux – South Africa

Net Worth: $1.1 billion
Industry: Finance and Investments (Banking)
Origin of Wealth: Self-made
Key Highlights: Michiel Le Roux, age 74, Founder of Capitec Bank, a leading financial institution targeting South Africa’s emerging middle class. Le Roux’s entrepreneurial journey has reshaped the banking sector, providing accessible financial services to millions.

20. Femi Otedola – Nigeria

Net Worth: $1.1 billion
Industry: Energy (Gas Stations and Utilities)
Origin of Wealth: Self-made
Key Highlights: 61 years old, Femi Otedola is notable for investments in the energy sector, including gas stations and utilities, contributing to Nigeria’s infrastructure development. Otedola’s entrepreneurial ventures reflect a commitment to driving economic growth and innovation in Nigeria.

According to Forbes’ list of Africa’s Richest billionaires for 2024, South Africa boasts the highest number of billionaires, claiming six spots on the ranking. Egypt follows closely with five billionaires, while Nigeria holds four spots on the list.

But generally, these individuals represent the resilience and ingenuity driving Africa’s economic progress, navigating challenges while seizing opportunities for growth and innovation.

Despite the dynamic landscape of the continent, their enduring influence underscores their significance in shaping Africa’s future.

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Top 20 Richest Billionaires in Nigeria and Africa 2024

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