Top 10 African Billionaires in 2024 

According to Forbes estimates, Africa has produced about 20 billionaires, whose combined net worth exceeded $80 billion as of April 2024. For instance, Femi Otedola’s fortune has increased to $1.8 billion, following a pattern of noteworthy recoveries.

Nonetheless, some argue that the wealthiest levels in Africa are still dominated by deeply ingrained family wealth or tight political ties.

Africa is undoubtedly a challenging market for entrepreneurs. The top 10 billionaires on the continent are still pushing forward in spite of these challenges.

1. Aliko Dangote – $16.1 Billion

The richest man in Africa for 13 years, Aliko Dangote, founded and is still the head of Dangote Cement, the biggest cement producer in the region.

He owns an 85% holding in the publicly traded Dangote Cement through a holding company. Ten African nations are home to Dangote Cement’s 48.6 million metric tonne yearly production capacity. After years of construction, Dangote’s fertiliser plant in Nigeria opened for business in March 2022. Additionally, construction of the Dangote Refinery has been completed.

2. Johan Rupert – $10.5 Billion

Johann Rupert is the man behind, lifestyle brand Compagnie Financiere Richemont, a renowned Swiss luxury goods company recognized for brands like Cartier and Montblanc. 

Richemont was created in 1998 as a spinoff of properties formerly owned by Rembrandt Group Limited, which his father Anton had established in the 1940s. In addition to being chairman of Remgro, a diversified investment company, Rupert owns 7% of the company. In addition, he owns 27 percent of the Luxembourg-based investment holding company Reinet.

3. Nicky Oppenheimer- $9.5 Billion

In 2012, the 78-year-old Nicky Oppenheimer, who inherited the De Beers diamond legacy, made headlines when he sold Anglo American, a mining corporation, his 40% ownership in the company for an astounding $5.1 billion in cash. 

As the third generation to helm De Beers, Oppenheimer orchestrated its transition to private ownership in 2001.

Up until 2012, the Oppenheimer family had a tremendous amount of power in the world diamond market, a remarkable 85 years. Beyond the realm of diamonds, Oppenheimer entered the aviation industry in 2014, establishing Fireblade Aviation in Johannesburg with a focus on chartered flights.

4. Nassef Sawiris – $8.6 Billion

Egypt’s richest billionaire and investor, Nassef Sawiris, made headlines in December 2020 when he bought a noteworthy 5% share in Madison Square Garden Sports, a New York-listed company that owns the NBA Knicks and NHL Rangers clubs. 

Sawiris leads OCI, a prominent nitrogen fertilizer producer with facilities located in Texas and Iowa, trading on the Euronext Amsterdam exchange.

He also oversees Orascom Construction, an engineering and construction company that is listed on the Nasdaq Dubai and Cairo exchanges. Interestingly, he has a sizeable nearly 6% stake in the well-known German sportswear company Adidas in his portfolio. Sawiris created even more ripples in the sports world when he joined forces with Wes Edens of Fortress Investment Group to purchase Aston Villa Football Club, a Premier League team.

5. Abdul Samad Rabiu – $7 Billion

Abdulsamad Rabiu is the chairman of BUA Group, a leading Nigerian conglomerate renowned for its activities in cement production, sugar refining, and real estate, has been making notable strides in the business landscape. 

Early in January 2020, Rabiu made a big move when he coordinated the combination of his privately held Obu Cement company and the publicly traded Cement Co. of Northern Nigeria, in which he had a majority stake.

As a result, BUA Cement Plc was established, and it currently trades on the Nigerian stock exchange as a formidable company with a significant 98.2% ownership interest. In addition, Rabiu is the 95% owner of the well-known publicly traded food giant BUA Foods.

6. Mike Adenuga – $7 Billion

Mike Adenuga is a renowned businessman from Nigeria who operates in the oil and telecommunications industries. Notably, the largest mobile phone network in the country is comprised of Globacom, his brainchild. His company, Conoil Producing, manages six oil blocks in the Niger Delta and makes a substantial contribution to the country’s energy industry. 

Adenuga’s influence in Nigeria’s energy sector is further strengthened by his 74% ownership position in the publicly traded petrol company Conoil.

7. Nathan Kirsh – $6.8 Billion

The main source of Nathan “Natie” Kirsh’s riches is his ownership position in Jetro Holdings, a U.S.-based company that includes well-known restaurant supply stores including Restaurant Depot and Jetro Cash & Carry. With a dominant 70% stake in the company, Kirsh manages its operations, which centre on providing wholesale items to a range of businesses nationwide, such as restaurants, bodegas, and small shops. 

Kirsh’s entrepreneurial adventure begins in Swaziland, where he first established a maize milling firm in 1958, laying the groundwork for his eventual success. Building on this early success, he entered the South African apartheid-era wholesale food distribution market.

8. Naguib Sawiris – 3.8 Billion

Naguib Sawiris comes from one of the wealthiest families in Egypt. Notably, in 2011 he arranged a profitable multibillion-dollar sale of Orascom Telecom to the Russian telecom behemoth VimpelCom (now Veon). 

As the chairman of Orascom TMT Investments at the moment, Sawiris is in charge of the company’s wide-ranging holdings, which include investments in companies like Italiaonline, a well-known Italian internet company, and an asset manager in Egypt. 

Sawiris has expanded his interests outside of telecom to include the hospitality industry. Especially, he oversaw the construction of Silversands, an opulent resort on the Caribbean island of Grenada.

9. Mohamed Mansour – 3.2 Billion

Mohamed Mansour is the leader of the Mansour Group, which was founded in 1952 by his father Loutfy. When Mansour brought General Motors dealerships to Egypt in 1975 and went on to become one of GM’s principal distributors worldwide, his influence grew dramatically. Furthermore, Caterpillar equipment distribution rights are exclusively held by Mansour Group in Egypt and seven other African countries. 

In addition to his commercial pursuits, Mansour has been involved in Egyptian politics. He held the position of transport minister under President Hosni Mubarak’s administration from 2006 to 2009.

10. Koos Bekker – $2.7 Billion

The South African entrepreneur Koos Bekker led the publisher Naspers in 2001 when it paid an estimated $34 million to acquire a substantial portion of the Chinese Internet behemoth Tencent Holdings. This investment is recognised as one of the most profitable venture decisions in history. 

By 2019, Naspers has reorganised its holdings, distributing assets to the publicly listed entertainment company MultiChoice Group and Prosus, which holds the significant Tencent interest. Bekker left Naspers as CEO in March 2014, but he came back in April 2015 as chairman.