Africa’s Billionaires Amass Record $105bn, Dangote Retains Top Spot for 14th Year—but the Continent Still Lags Behind Global Wealth Trends

For the first time in history, Africa’s billionaires have collectively amassed a fortune exceeding $100 billion, with their combined net worth reaching $105 billion, according to Forbes’ 2025 rankings.

The new milestone represents a significant increase from $82.4 billion in 2024, marking a major moment for Africa’s wealthiest individuals. The surge in fortunes underlines the business growth of Africa’s ultra-rich, particularly in industries like energy, consumer goods, banking, and real estate, which have benefited from rising equity markets and currency gains.

Nigeria’s Aliko Dangote continues his reign as Africa’s richest person for the 14th consecutive year, with his net worth surging to $23.9 billion, up from $13.9 billion in 2024. The sharp increase is attributed to his long-awaited refinery project near Lagos, which finally began operations in early 2024 after years of setbacks.

Speaking to Forbes in February, Dangote described the refinery as a pivotal step in ensuring that Africa refines its own crude oil, thereby creating wealth and prosperity for its vast population. The refinery’s successful launch has positioned Nigeria to begin exporting refined petroleum products, a historic shift for the continent’s largest oil producer, which has long been dependent on fuel imports. The development has not only increased Dangote’s personal wealth but has also boosted investor confidence in Nigeria’s industrial and energy sectors.

South Africa, Egypt, and Nigeria Dominate the Billionaire Rankings

South Africa leads the continent in billionaire representation, with seven individuals making the list. Nigeria and Egypt follow with four billionaires each, while Morocco boasts three. Other countries represented include Algeria, Tanzania, and Zimbabwe. South African luxury goods magnate Johann Rupert, owner of Richemont, remains Africa’s second-richest individual, with a net worth of $14 billion, marking a 39 percent increase from 2024. His growth is second only to Dangote’s, reflecting strong global demand for luxury brands.

Meanwhile, Nigeria’s Femi Otedola, chairman of Geregu Power Plc, saw his fortune rise by over 30 percent to $1.5 billion, driven by a 40 percent surge in Geregu Power’s stock price amid rising energy demand. Despite these gains, Africa’s billionaire list remains dominated by a small group of individuals, with few new entrants. In contrast, Asia and the U.S. add dozens of new billionaires each year, underscoring Africa’s slow pace of wealth creation.

This year’s rankings saw the return of two former billionaires who had previously dropped off the list. Moroccan real estate mogul Anas Sefrioui reentered the rankings following a major surge in shares of his real estate company, Douja Promotion Groupe Addoha. South African investor Jannie Mouton also made a comeback after a 59 percent jump in Capitec Bank Holdings’ stock price, reflecting renewed investor confidence in South Africa’s banking sector.

However, not all billionaires saw gains. Zimbabwe’s Strive Masiyiwa suffered the biggest decline, losing a third of his wealth due to Zimbabwe’s shift from the Zimbabwe dollar to the gold-backed ZiG currency. His net worth now stands at $1.2 billion, a sharp drop that highlights the instability of African financial systems.

Africa’s Billionaires Lag Behind Global Peers

While the Forbes rankings show that African billionaires are growing richer, the continent as a whole continues to struggle to produce new ultra-wealthy individuals. The rankings, based on publicly available financial data, including stock prices and currency exchange rates as of March 7, 2025, show that global billionaire wealth has risen by 22 percent over the past year.

Africa continues to fall significantly behind other regions in billionaire representation, highlighting the continent’s economic challenges.

While Africa’s wealthiest individuals have seen substantial gains, the total number of billionaires on the continent remains disproportionately low compared to other regions. The United States leads the world with 870 billionaires, whose combined wealth exceeds $5.5 trillion. Asia follows with 951 billionaires, reflecting the region’s booming economies, particularly in China, India, and Southeast Asia. Europe ranks third, with 536 billionaires, largely due to its well-established financial markets and industrial giants. In stark contrast, Africa has only a little over 20 billionaires, exposing the continent’s struggles in wealth creation and economic growth.

Africa’s underperformance in the global billionaire index is a direct reflection of the continent’s economic strength—or lack thereof. Unlike the U.S. and Asia, where billionaires emerge from technology, finance, and advanced manufacturing, Africa’s wealth remains heavily concentrated in traditional sectors like oil, commodities, and retail. The continent’s inability to diversify its economy, attract major tech investments, and develop strong financial markets has kept its billionaire count alarmingly low.

Moreover, Africa’s economic trajectory is deeply tied to governance and leadership. While countries like China, India, and Brazil have implemented pro-business policies, industrialization strategies, and financial reforms, many African nations continue to struggle with corruption, weak institutions, and regulatory hurdles that stifle large-scale wealth creation. The few billionaires that exist on the continent often have close ties to governments or operate in monopolistic industries, making it difficult for new entrepreneurs to amass significant wealth.