For the first time ever, the combined wealth of Africa’s billionaires has crossed the $100 billion mark, driven largely by the surging fortunes of Nigerian business moguls.

According to the latest Forbes Billionaire List released this March, the continent now boasts 22 billionaires with a combined net worth of $105 billion, a significant jump from $82.4 billion and 20 billionaires in the previous year. Nigeria had only four billionaires on the list.

This growth comes despite persistent challenges across Africa, including currency devaluations, political instability, and fragile consumer markets.

— Aliko Dangote – $23.9 billion
Africa’s richest man has once again topped the list for the 14th consecutive year, seeing his fortune skyrocket from $13.9 billion last year.

This remarkable surge is largely due to the inclusion of the Dangote Refinery’s valuation in Forbes’ calculations.

The $19 billion refinery, which began limited operations in early 2024, is expected to reach full refining capacity this month.

Located on the outskirts of Lagos, it is a game-changer for Nigeria’s downstream sector, allowing the country to export refined petroleum products for the first time in decades.

“This is a very, very big relief,” Dangote told Forbes in February.

He added that the refinery was a “pivotal step in ensuring that Africa has the capacity to refine its own crude oil, thereby creating wealth and prosperity for its vast population.”

Dangote also becomes one of the 100 richest people in the world, a milestone no other African billionaire has reached this year.

— Johann Rupert – $14 billion
South Africa’s richest man retains his position as the second-wealthiest person on the continent. Rupert, who chairs Richemont, the Swiss-based luxury goods giant behind Cartier and Montblanc, saw his net worth rise by 39% due to a strong performance in global luxury markets. He has held this spot since 2022.

— Nicky Oppenheimer – $9.4 billion
Another South African billionaire, Oppenheimer, made his fortune in diamonds. The former De Beers chairman continues to see steady returns from his vast investments across various sectors.

— Nassef Sawiris – $8.7 billion
Egypt’s richest man benefited from a rise in Adidas shares, where he owns a significant stake. His wealth has grown as a result of strong market confidence in the global sportswear industry.

— Abdulsamad Rabiu – $8.1 billion
The founder of BUA Group, Rabiu’s wealth stems from his extensive holdings in cement, sugar, and real estate. His business empire continues to expand despite challenges in Nigeria’s industrial sector.

— Mike Adenuga – $6.1 billion
Nigeria’s telecoms and oil mogul remains among Africa’s top billionaires, with his wealth primarily derived from Globacom and Conoil. Despite Nigeria’s economic headwinds, Adenuga’s telecom and energy businesses continue to thrive.

— Patrice Motsepe – $3.2 billion
South Africa’s mining magnate remains one of the continent’s wealthiest individuals. His investments in African Rainbow Minerals have continued to yield steady returns.

— Koos Bekker – $2.7 billion
A South African media tycoon, Bekker made his fortune through Naspers, the company that invested early in Chinese tech giant Tencent.

— Michiel Le Roux – $1.7 billion
Le Roux, also from South Africa, is the founder of Capitec Bank, one of the fastest-growing banks in the country. His fortune saw a modest rise in the past year.

— Femi Otedola – $1.5 billion
The Nigerian businessman made the list for the second year in a row, largely driven by the strong performance of Geregu Power Plc. The company’s share price surged by nearly 40% due to improved revenues and strong earnings. Otedola, once an oil magnate, has shifted his focus to power generation and financial services, with notable investments in First HoldCo Plc, the parent company of FirstBank.

— Mohammed Dewiji – $1.5 billion
Tanzania’s sole billionaire maintains his spot on the list, continuing to expand his business empire across East Africa.

— Anas Sefrioui – $1.4 billion
Morocco’s real estate magnate re-entered the list after a rally in the share price of Douja Promotion Groupe Addoha, his property development company.

— Issad Rebrab – $1.3 billion
The Algerian billionaire, known for his food and industrial ventures, remains a prominent name in Africa’s business world.

— Strive Masiyiwa – $1.2 billion
Zimbabwe’s telecoms mogul saw his net worth drop by 33% after Zimbabwe’s government scrapped the national currency in favor of a new gold-backed system, the ZiG.

— Youssef Mansour – $1 billion
The Egyptian billionaire is one of the major shareholders in Mansour Group, a conglomerate with operations spanning automotive, consumer goods, and industrial equipment.

— Mohamed Mansour – $1 billion
Another key figure in Mansour Group, Mohamed’s wealth is tied to the family’s diversified business empire.

— Onsi Sawiris – $1 billion
A member of the wealthy Sawiris family, Onsi’s fortune is linked to Orascom, a multinational conglomerate with interests in construction, telecoms, and technology.

— Aziz Akhannouch – $1 billion
The Moroccan businessman and current Prime Minister of Morocco built his wealth in petroleum distribution and agriculture.

— Othman Benjelloun – $1 billion
Benjelloun, another Moroccan billionaire, owns BMCE Bank, one of Africa’s largest financial institutions.

— Christoffel Wiese – $1 billion
South Africa’s retail giant, Wiese made his fortune in Shoprite, one of Africa’s largest supermarket chains.

— Stephen Saad – $1 billion
Founder of Aspen Pharmacare, Saad is a South African billionaire who built his wealth in pharmaceuticals.

— Desmond Sacco – $1 billion
Sacco, a South African mining tycoon, heads Assore Group, a company focused on iron ore and manganese mining.

Africa’s billionaire landscape remains largely dominated by South Africa (7 billionaires), followed by Nigeria (4), Egypt (4), Morocco (3), Algeria (1), Tanzania (1), and Zimbabwe (1).

Forbes compiled the rankings using stock prices and exchange rates as of March 7, 2025.

Nigeria’s presence on the list is not just about numbers, it’s about scale.

The country’s four billionaires hold close to $40 billion in wealth, nearly 40% of the total $105 billion among Africa’s billionaires.

Dangote alone accounts for nearly a quarter of the total wealth.

As the Dangote Refinery scales up, Geregu Power continues to perform, and firms like BUA and Globacom remain relevant, Nigerian billionaires are once again shaping Africa’s economic future.